Every person should have a will. This is because any person can die at any time and it’s important that every person has a way to get their possessions into the hands of those they want to send it to. Otherwise, it goes to the government, as there has been nobody stated that the possessions will go to.
A will is living document, in that it has all the person’s wishes in it, in terms of who they want their possessions or “assets” to go to. The will can list out various “beneficiaries” to receive the possessions or “assets” and it is a positive thing in many families as it designates what goes where.
A will often has to be looked at by a lawyer, someone who is skilled in dealing with legal matters. The person who is making the will might want to meet with the lawyer so that the lawyer can help them draft the document, which will help them get it done so that their possessions can be sent to the right people.
In many cases, a will is not just about material possessions. There are certainly objects which a person will want to give away, maybe a television to a family member or a house to a friend. There are many options here. But the will isn’t just about the literal and the physical. It can often mean financial assets.
Those assets may total in the tens of thousands, hundreds of thousands, or millions of dollars, depending on the wealth of the individual that is making the will. They could have tons of money that they are leaving for their children and their children’s children, a way to pass wealth down to other generations.
There are some statistics about wills that are worth noting in the course of this article. As wills are important, the statistics are helpful in helping someone understanding the different components of a will and the process that goes into making it. The statistics are:
- If you have assets in the six figures or higher, you probably ought to have a trust in addition to a will.
- For 2015 you can leave bequests worth up to $5.43 million free of any federal estate tax.
- While 20% is often considered a rule of thumb, you can buy a house with as little as 3.5% down with a Federal Housing Administration mortgage.
- Medicaid eligibility for non-disabled adults is limited to parents with incomes below 16% of poverty, or about $3,800 a year for a family of four.
- There are few comprehensive statistics tracking power-of-attorney abuse, but the MetLife Mature Market Institute put the annual financial loss suffered by victims of elder financial abuse, at $2.6 billion.
- A national survey found that a majority of respondents had difficulty obtaining acceptance of powers of attorney. 63% reported occasional difficulty and 17% reported frequent difficulty, as per the Alabama Uniform Power of Attorney Act.
- Unless you are exempt under a Will, you are required to file an inventory with the Court within 60 days after you appointment, and same must be sworn to.
A will is an important tool for people, as show in the statistics and, in some cases, case studies in the examples above. There are many issues for people with wills, including issues of power of abuse, which can come from another family member or even an attorney. There are, of course, issues with people.
There is the old movie trope about people getting ready for the reading of a will with some people clearly expected money or assets to come in. It can sometimes cause strife within a family, depending if the will is handled well. There are many issues to consider with wills and there are some terms that are important.
They are real estate, real estate attorney, writing a will, will lawyer, special needs trust, real estate lawyer, real estate lawyers, power of attorney requirements, medicaid planning, living will, legal help, legal services, lawyers, homemade wills, and more.
Elder law is an important part of the law to remember. Elder law has to do with the elderly and how they factor into making wills. Elder law denotes certain things about the process of making wills and the authority of some people in the making of wills. Elder law is important.