Planning ahead saves time and money
- Remember that passing away without a will can be very
costly. Also, problems often arise when someone passes away
without updating their will.
- Wills should name one executor/personal representative and include a successor.
- To be valid, a will must have two witnesses and be properly notarized. If the will is not valid, it should be redone.
- To avoid problems between beneficiaries, ensure that your will has a clear explanation on how assets are to be divided.
- Remember to provide for disabled adult children through a Special Needs Trust.
- In addition to a will, an advance directive (living will)
and a durable power of attorney are advisable for any person over the
age of nineteen.
- An advance directive (living will) sets out the wishes of
the person in the event a catastrophe occurs which leaves the person
terminally ill/injured or permanently unconscious. It also
appoints at least one person as a health care proxy.
- A durable power of attorney allows someone to act on behalf
of another person without the necessity and cost of having a
conservator or guardian appointed by the Probate Court.
