How to Write and Update a Will – The Process You Need to Know While you can’t take your property with you when you die, you can direct how your assets will be distributed by making a will. Unfortunately, some people never get around to the task, and instead die “intestate” – a legal term dictating how all property greater than the sum of your enforceable debts and funeral expenses, in the absence of a will, is distributed. Surprisingly, almost half of all adults die without a will, according to a 2012 Rocket Lawyer survey. In such cases, state law determines who gets what – including custody of minor children. It is not just the poor and uneducated who die intestate. Celebrities such as Howard Hughes, Pablo Picasso, and Sonny Bono all failed to have wills, as did Swedish author Stieg Larsson, best known for “The Girl With the Dragon Tattoo” series of novels. As a consequence, distribution of their property to loved ones and business partners was delayed and expensive. Unfortunately, even those with the foresight to prepare a will often forget to update its provisions as their circumstances
change over the years – the birth and maturity of children, accumulation or divestiture of assets, or changes in personal responsibilities, for example. Therefore, the transfer of their assets may be inconsistent with their final wishes, overly expensive, and a source of emotional pain and frustration for their loved ones. In the worst circumstances, the estate passes (escheats) to the government, an undesirable result for almost all people. Creating a Will Some people elect to postpone or avoid writing a will because they falsely believe that taxes and administrative expenses may reduce the amount of funds (what lawyers call the “corpus” of the estate) that will be distributed to their heirs. However, a will does not complicate the distribution of an estate, but is intended to facilitate the passage of assets and maximize the benefits of the parties. Failing to write one only complicates matters for those who will be left to pick up the pieces. There are three primary ways to go about creating a will. 1. Do-It-Yourself The assumption that preparing a will requires the use of an attorney and attendant expenses
is incorrect. Creating a will can be as simple as writing or typing out how you want your assets to be distributed, naming the guardian or guardians of your minor children, and signing the document in front of witnesses. In some states, a completely handwritten will – legally known as a “holographic will” – does not even require witnesses. In the majority of states, the requirements of a valid will are as follows: You must be eighteen years or older. You must be of sound mind, with mental capacity to understand and express your desires. The language of the document must clearly state it is your will. An executor must be named. The will must be signed in the presence of two witnesses who must also sign and date the will. In lieu of witnesses, the signature of the maker can be witnessed and authenticated by a state licensed notary public. While there is no legal requirement that a will be notarized or recorded with authorities, doing so may safeguard against any claims that it is invalid and
generally ease the probate process. 2. Prepaid Legal Forms Rather than rely upon your own ability to correctly decipher the law and properly use legal language, many people use prepaid legal services and standardized, fill-in-the-blanks forms. Lawyers have historically used “boilerplate” language whose meaning is commonly accepted as the result of years of use and litigation. Designed to have limited flexibility in order to save legal fees, such options can be beneficial if your estate is modest and the transfer of your property at death is not likely to be contested. 3. Professional Advice Many people rely upon the advice of an attorney to cr eate or review a will’s details. Here are some reasons to seek professional advice: The size of your estate is significant, or taxes may be due. Management of distributed assets is complex or extensive, especially if assets are located in several states. Your will is likely to be contested. Children and guardianships are involved. ….Read More
Medicare Advantage Plans Cleared To Go Beyond Medical Coverage — Even Groceries Air conditioners for people with asthma, healthy groceries, rides to medical appointments and homedelivered meals may be among the new benefits added to Medicare Advantage coverage when new federal rules take effect next year. On Monday, the Centers for Medicare & Medicaid Services (CMS) expandedhow it defines the “primarily health-related” benefits that insurers are allowed to include in their Medicare
Advantage policies. And insurers would include these extras on top of providing the benefits traditional Medicare offers. “Medicare Advantage beneficiaries will have more supplemental benefits making it easier for them to lead healthier, more independent lives,” said CMS Administrator Seema Verma. Of the 61 million people enrolled in Medicare last year, 20 million have opted for
Medicare Advantage, a privately run alternative to the traditional government program. Advantage plans limit members to a network of providers. Similar restrictions may apply to the new benefits. Many Medicare Advantage plans already offer some health benefits not covered by traditional Medicare, such as eyeglasses, hearing aids, dental care and gym memberships. But the new rules, which the industry sought, will expand that
significantly to items and services that may not be directly considered medical treatment. CMS said the insurers will be permitted to provide care and devices that prevent or treat illness or injuries, compensate for physical impairments, address the psychological effects of illness or injuries, or reduce emergency medical care. ...Read More
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