Having a will is for everyone — not just the super rich.
They don’t have wealth like Bill Gates or Jeff Bezos, they don’t think of their belongings as an “estate.” And they might not even have much in the way of assets save an insurance policy, a retirement account or two, and maybe a house.
A durable financial power of attorney can either be effective immediately or a spring power of attorney, which means it is only effective upon incapacity, said Michael Burns, an attorney with Scroggin & Burns. State laws vary on this as some states, such as Florida, require the financial power of attorney to be effective immediately, he said.Health care directive or medical power of attorney
In the absence of a healthcare directive, Margolis said your family may have to go to court to have someone appointed as guardian with the same costs and delays as having a conservator appointed for financial and legal matters. According to Burns, the will names an individual to administer the estate — often referred to as the executor or personal representative; dictates how the probate assets are distributed; provides for simplified administration of the estate; and, where applicable, names a guardian for any minor children.
What’s more, as part of the will, Burns said some states permit a tangible personal property memorandum, which is a method for an individual to dispose of tangible personal property without the formalities of a will signing, which is often two witnesses and a notary public though it varies by state. “This helps to minimize conflict among family members,” he said.Depending on state law, probate can be a time-consuming and expensive process, said Burns.
Margolis also noted another benefit of a revocable trust. “While a guardianship for a minor child ends at age 18, you can set out whatever ground rules you choose for distributions to or on behalf of your children,” he said. “Many parents keep funds in trust for their children completely until age 25, and often after that making partial distributions over a number of years.
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