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Just
about everyone leaves something behind, even if it's only a
small bank account, a car, or a few personal possessions. If you
don't have a will, and it has been estimated that as many as
two-thirds of Americans don't, then a judge in a probate court
somewhere will make the decision about what happens to your
estate. The judge has to stick to specific guidelines that might
be not at all what you would have wanted.
If
you have minor children, your will designates who you want to
care for them. Without a will, the judge must appoint a guardian
according to the rules rather than your wishes.
If
a judge should give part or all of your estate to an older
person you have been caring for, and if your care recipient is
receiving assistance such as SSI, Medicaid/MediCal, or other
means-tested support, he or she could be disqualified from
receiving assistance for a relatively small amount of money.
On
the other hand, if you want your estate to be used to provide
for a loved one, if you don't have a will that says so it may
instead go to relatives who have no intention of spending it
that way.
If
you die "intestate", or without a will, the judge will
also appoint someone to oversee your estate until everything has
been finalized and closed. This administrator may or may not be
a complete stranger. For completing these duties this person
will probably be paid a percentage of your estate's value.
Your
Will doesn't have to be an elaborate document if you have an
uncomplicated life. It's important, though, that your Will be
written according to the requirements of your state. There are
fill-in-the-blank documents available in stores or on computer
software, or even on the internet. Unless you're a lawyer,
you're not likely to know if these are really appropriate for
your state or your what you want to accomplish.
Consulting
a lawyer will give you the opportunity to learn about options
you might not have considered that can save on estate taxes or
help avoid unnecessary legal tangles. The relatively small
amount you'll pay an attorney to give you good advice and the
proper legal documents will be well worth the investment.
If
you don't know an attorney, and you aren't able to get a
referral from someone you trust, check with the local Bar
Association or attorney referral service in your telephone book.
If you are near or over 65, you might find that an elder law
attorney can be especially helpful. The
National Academy of
Elder Law Attorneys has a lot of excellent information,
including a roster of member attorneys on their website.
Follow
these links to learn more about the basic legal and financial
documents you should have:
Last
Will & Testament,
Power of Attorney for Health Care,
Financial Power of Attorney,
Living
Will,
Medicaid
More articles on this
subject:
When Your Medical Power of Attorney Isn't Enough
Long-Term Plans Aren't Wine, and They Don't Always Age Well
Planning For Assisted Living Costs
Low Income Senior Housing: How It Works and How To Find It
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