It is amazing to us that the more people we reach through this blog, the more we realize that vast amount of people who still have this archaic preconceived misconception that estate planning and living will planning is only for people named Gates, Buffett, and Zuckerberg. The reality is clear and as a reknowned former US president once said, “Make No Mistake” in that estate planning is something everyone needs to not only consider but take action-especially as we grow older and enter our middle age years. It is easy to be 20 or 30 years old and take on whatever life throws at you but as you get older the odds of demise become less and less in your favor- the best document we could every recommend in gross, sheer terms of importance is without question-a Living Will.

Living Wills basically allow those who may be experiencing the catastrophic effects of some type terminal illness to get down on paper their wishes and how they prefer the treatment to be handled in regards to the medical application and procedures to extend their lives. There my be cases where someone does not want to be placed on a breathing apparatus or somehow kept alive by means of a feeding tube or other medical procedures. The Terry Schiavo case comes to mind. A living will allows the wishes of that person to decide on their own terms how they would like their medical wishes to be granted as well as giving their family a blueprint on how to proceed should the unthinkable occur.

A living will is indeed a legally binding document, as opposed to wills that discuss nothing more then land,bank accounts and business holdings; creating a living will’s only requirement is that the person in question to write down their desires and wishes in the presence of a witness or witnesses. Having a living will spares your loved one the terrible process that is making the final, oftentimes tragic decision on how to proceed in a medical emergency. Imagine for a moment what your family may be put through when faced with making this decision? Isn’t getting your wishes in writing now a far better alternative then forcing loved ones into a difficult decision when they are the most vulnerable emotionally?

It is ironic that living wills are generally not associated with typical estate planning forms but we always advocated that they should be. For all other types of will and estate planning documents, such as traditional wills, CreateAWill.com and EasyAgreements.com are always a button click away from helping you get started on all of you estate planning needs.

No matter how rich or poor you are, having basic estate plans in place is important for you and your family. Estate plans and Living Wills Downloads ensure that the financial goals for you and your family are met after you die in a direct, clear cut fashion. Estate plans contain several pieces such as a will, assignment of power of attorney. and a living will or medical power of attorney. For some,trusts may be an option that make good sense. When devising your estate plan strategy, considering the financial impact of state and federal laws is of utmost importance.

The marathon starts with the first step and taking a good look and compiling your assets is the best way to get started. Assets include everything from varied investments, retirement savings plans(IRAs,401Ks), and life insurance policies, as well as any real estate and business holdings. Ask yourself three questions regarding your Last Will and Testament Form: Whom do you want to inherit your assets? Whom do you want making the decisions in your absence and whom do you want making medical decisions for you if you become unable to make them for yourself?

Don’t kid yourself- Everyone needs some type of will. A will is a guide that explains to all where and how you want the assets distributed when you die. It also names guardians for your offspring. Without making these wishes known and in writing; the cost of will forms and probate can be expensive and in effect depriving your loved ones from attaining your assets and worse- giving you no say whatsoever over who gets your assets.

Trusts aren’t just for the rich. Trusts are the legal means that let you put the who, what, whens, and hows on what happens to your estate and those assets will be assigned and distributed upon your death. More importantly, they also allow the maximum value of the estate to go loved ones while reducing the amount assessed give to state and federal government regarding estate and gift taxes.

Discuss your estate plan and living will with your heirs to ensure no disputes or confusion over your aims and wishes. Inheritance battles can bring out the worst intentions in people and by being concise and specific with your intentions in you living will and last testament; you can help minimize the chances of conflict when you’re gone. Want to know how many cousins you have? Leave a multimillion dollar estate up for grabs when you die.

Federal estate tax exemptions change frequently; the amount you may leave to your heirs tax free of changes regularly. While the estate tax was $3.5 million in 2009, it was phased out entirely in 2010, but only for a year. The victory was short lived though as the tax has not only been reinstated in 2011 but also lowered to $1 million.

While leaving an unlimited amount of money to your spouse is a taxfree option with your living will and testament forms, you will also increase your surviving spouse’s taxable estate. Basically it means your children are far more likely to pay more in estate taxes if the event your spouse leaves them the money when he or she dies. Better to share the wealth equally amongst all loved ones. Trusts are good option in this case.

Createawill.com exists simply for the fact that most people

want to leave some type of legacy for their loved ones after death. This is the deceased’s final act of love to their family members as having those resources and assets to the surviving members of the family can ease their financial burden or simply improving their life. After a lifetime of blood, sweat, and tears it is only natural to want to leave as much of your money,property, and other assets with the people whom you loved and cared for during your lifetime.

But as with all things regulated the process is never clear cut nor simply, the probate process itself can gobble up a good portion of that money through simple fees alone. Think about it- is the last thing that you want for your family when completing your last will and testament to be legally forced to give some of the proceeds to the government with the potential of them being forced to wait for months or years to see any of your assets that you wanted to give them?
Some tips to help detour the nastiness and inherent unfairness of the probate process can be found below and are listed as follows:
Look into the idea of creating a living will and trust as opposed to a simple will. Living trusts distribute your assets and property into an trust that will then be managed and overseen by a trustee with whom you can name or appoint. Why a Trust? It allows your estate to avoid probate entirely since assets and property you owned are now held in trust as opposed to simply being listed in a will. This also avoids all probate costs as there are no court fees or costs occurred that will be taken from the estate.
Another idea is to add your selected beneficiaries to all of your bank accounts, savings accounts, as well as any retirement accounts that may be in your name. NOTE-even if you do elect to create a last will and testament online, your assets do not have to go through the probate process; your retirement and bank account will allow you to name a beneficiary and then it also does not have to be included in full or as part of probate process. We at CreateaWill.com suggest that you should go through your accounts and determine which accounts will allow you to utilize the beneficiary option that in turn can save both time and money for your loved ones. Ensuring that common financial staples like savings accounts, pension plans, life insurance policies, 401(k) plans, IRA accounts, stocks and bonds, and other financial accounts are all wise decisions.
And lastly, ensure that any of your property held is listed and documents as being held with joint tenancy with right of survivorship. Keep in mind this option will only apply in the instances in which you are holding property jointly with a spouse or a significant other. This process thus allows the property to pass automatically to the person designated without the time consumption required of having to enter and go through the probate process.  All of these should be considered when completing a living will and trust.

Its one aspect of life no one wants to think about. While we enjoy the holidays and look forward to the joy we get from seeing our childrens smiling faces; the facts are very few people like or want to think about what would happen to them in the event of you meeting an untimely death. Are you prepared to meet the needs of your children or at least have some type of blue print for them? Taking a bit of time to prepare for their needs should be considered every bit the part of being a good parent as teaching your child to read or ride a bike. Createawill.com can make it easy!
The First basic rule to get started is to create a simple list of relatives and friends with whom you must trust. You have drawn up your list and slimmed down the candidates with whom you must trust and even took the foresight to make your final choice by creating a basic last will and testament that included the wishes with whom you chose to be a legal guardian. That is all and well but consider these additional factors when making your decisions as they are the extra step of insurance making sure your wishes can be granted in a straight forward easy to understand manner and while state have different laws; most can be found easily online as this example of a California last will and testament.

Update Annually. Lets be honest-circumstances change. Whom you felt was the best 2 years ago may no longer be the best choice for you now. Make a note on your calendar to review your will and legal guardian wishes every 2 years. Also consider the age of your children as older children have different needs than younger children. The needs of a teenager will be vastly different then the needs of a child in grade school or younger. For a teen, factoring location is important in that you may feel that keeping your teen in the same location and school district may be more important then the teen to remain with blood relatives. Based on this decision some parents may choose close and trusted family friends over blood relatives. Having a Last will and testament checklist can be a beneficial aide.

Make Provisions to assist those you have chosen to become the Legal Guardian.  Ensure that you have created support tools like life insurance, as well as all trusts and estate planning documents in place. Double check to ensure that they are set up in the manner that allows your legal guardian as many options to control your money as they need to raise your children according to your wishes. Choosing one person to handle finances with another handling guardian duties can be a slippery slope that may compromise both parties to handle those duties impartially. It may sound obvious but do not leave anything to chance.

Expect the Unexpected. If you line in a precarious and volatile family situation this issue is of critical importance in the event of divorce and other family conflicts. Consider the numerous situations and possibilities. Do you fear your ex-spouse could potentially deny your side of the family (your parents and/or siblings) from visiting your children if you die and the ex becomes sole legal guardian? If so, talk to an attorney about your options now. Otherwise, your family could face a lengthy and costly court battle. Createawill.com is your complete online resource for all last will and testament  and estate planning needs.

If you still don’t have a last will at all, beware the risks of not choosing a guardian yourself.

Wrongful death claims can be potential windfalls for revenue and typically when both parents die at the same time, it’s due to some type of tragic and horrific accident. A wrongful death suit could follow, with any resulting payment awarded to the children/child of the deceased. This lawsuit could possibly bring far and above the estate amounts cumulative value. In light of this and the flashing of dollar signs; relatives who otherwise could care less may suddenly change their minds and decide to fight for guardianship. Its not an attractive possibility-but a possibility none the less and one that must be accounted for. A last will and testament and estate plan should take all of these factors into account.

Anyone of legal age and sound mind can make a Will.

If you have property that you wish to distribute at the time of your death, you should have a Will.

When you make out your Will, you’ll need to designate beneficiaries and an executor. The beneficiaries are the people or organizations who receive your property. The executor is the one you designate to see that your wishes are carried out. All of these decisions need to be made when creating a last will and testament.

If you have minor children, you should also nominate a guardian to provide for the physical welfare of your children.

In most states, a minor becomes an adult at the age of 18. Once he or she reaches that legal age, certain rights and privileges are granted. This is true for most states when it comes to making a Will. Forty-seven states currently require the Will maker to be at least 18 years of age. South Dakota is the only state that requires the Will maker to be older than 18. Louisiana sets the minimum age at 16, while in Georgia; you can make a Will as early as 14 years of age. Several states may allow for those younger than 18 years of age to write a Will if they are married, economically independent, or a member of the military.

Division of Property

The main purpose of a Will is to make provisions for the division of your property after your death. In general, you can designate anyone you wish to be your beneficiaries and you can distribute your assets in any fashion, but there are a few exceptions. Many states have provisions that provide the surviving spouse with the ability to elect to take a defined portion of the estate regardless of the provisions in the Will.

Leaving Property to Spouses

Most of the time, spouses are the major beneficiary in a  Will. Even so, there are laws in all states that protect the surviving spouse from being disinherited. Some allow the spouse to take an elective share of the estate, usually one-half or one-third, regardless of the provisions in the Will. One method to disinherit a spouse may be through the use of a premarital agreement, but the courts are apt to closely scrutinize such agreements to make sure that the agreement was signed in good faith and with full disclosure of assets.

It’s possible to put limitations on the property that you leave to a spouse through the establishment of living trusts for the benefit of your spouse that come into existence after you die. You should consider the following factors in deciding what kind of trust is best for your circumstances:

• the possibility that your spouse’s needs may increase in the future
• the manner of living to which your spouse is accustomed
• the ability of your spouse to provide for his or her own needs
• the ability of your spouse to manage the trust assets
• the possibility that your spouse may remarry and the affect the marriage may have on your children or other beneficiaries.

Providing for Minor Children

Many times a spouse is given the entire estate with the expectation that he or she will provide for minor children. That expectation is not always sound however, especially when the surviving spouse is not the parent of the children, or if the spouse is not available to care for the children at the time of your death.

One of the most common practices under these circumstances is the establishment in the Will of a minor children’s trust. The trust provides financial support for the children until they become adults, at which time the remaining assets of the trust are distributed to them. It is important to carefully select the trustee, who will manage the trust and make the distributions to your children. The trustee will work closely with the person you’ve named as guardian to raise your children. In many cases, the trustee and the guardian are the same person.

Leaving Property to Adult Children

It’s common for adult children to receive a significant portion of their parent’s property. On the other hand, in every state except Louisiana, it is legally permissible to disinherit a child, regardless of his or her needs or age. Louisiana law provides that no child under the age of 23 at the time of the parent’s death can bedisinherited.

Leaving Property to Grandchildren

Grandparents often leave portions of their estates to their grandchildren to help pay for special needs or educational expenses. Grandparents may also leave property to grandchildren because their parents already have sufficient assets.

Written Requirements

Most Wills are documented with the written word. These are usually formatted with typewriters or word processors. If properly signed and witnessed according to the requirements of the state where signed, these are legally valid in all states. However, there are other types of Wills and Living Trusts.

Some states recognize Holographic Wills. These are handwritten, unwitnessed Wills, signed only by the Will maker. A few states still recognize Oral Wills, under certain conditions. Others offer a standard Will form, where you just fill in the blanks.

A relatively new type of Will is the Video Will, where the Will maker usually reads his or her Will out loud before a video camera. Videotaping a Will can help avoid a Will contest by showing that the Will maker was competent and following proper signing formalities. Keep in mind that many states will not recognize a video Wills as a substitute for a written Will; the Will maker should do both.

Signing Requirements

In order to make your Estate Plan or Living Will valid, you must sign the document in the presence of at least two witnesses. They, in turn, must sign it as well, in your presence and in the presence of each other. At the time of the signing, most state require that you be mentally competent and at least 18 years of age.

Witnesses

Witnesses are very important to the validity of a Will. The signature of at least two witnesses is required in order to affirm that you were mentally competent and under no duress at the time you executed the Will. Each witness must understand that they are witnessing a the signing of a Living Will and they must be competent to testify in court. Witnesses should sign in the presence of each other.

In many states, a witness cannot be a beneficiary of the estate. States have adopted these laws to prevent any conflict of interest from those who may be in line for gifts, or who may benefit from your death. Some states will allow for a beneficiary to act as a witness, but in doing so, that witness may lose some or all of the property that he or she would have to inherited.

Do I really Need a Will?

When it comes to creating a Will.  Some people say well if you are not going to be around any longer, what is the point of a Will?  There are many different reasons why you should have a Will.  Let’s start with the reasoning behind a Will first.  A Will is a legal document that states the  stating the wants of a person with regard to the nature of the properties or assets after the death of a person.   A Will can protect your assets and help minimize the battles over your property.  If you die without one, your assets may not be distributed as you may want them to be. Attached are a few ideas on why you may want to create a will.

· To provide for your family.

· Specify whom you would like to receive your property.

· Request specifics at your funeral and burial.

· Create a trust for your children.

· Disinherit a person(s)

· Name a guardian for minor children

A Living Will is a legal document that explains the desires of a person with regard to medical decisions in the event where the person is unable to act on his/her own behalf.

What are the Legal Requirements of a Living Will?

Any person over the age of 18 can draft his/her own will without the help of an attorney. Additional requirements may vary depending on the jurisdiction but every will must contain the following:

• The owner of the Will must clearly identify himself as the maker of the will and that a will is being made; this is commonly called “publication” of the will and is typically satisfied by the words “last will and testament” on the face of the document.
• The owner must also declare that he or she cancels all previously-made wills and codicils.  Otherwise a previous made will revokes earlier wills and codicils only to the extent that they are inconsistent. However, if a following will is completely inconsistent with a previous one, it will be considered completely revoked by implication.
• The author must demonstrate that he has the capacity to dispose of his property and does so freely and willingly.
• The author must sign and date the will usually in the presence of at least two witnesses (persons who are not beneficiaries).
• The author’s signature must be placed at the end of the will. If this is not followed, any text following the signature will be ignored or the entire will may be invalidated if what comes after the signature is so material that ignoring it would defeat the person’s intentions.

After the author has passed, a proceeding will take place in court to determine the validity of the will. If the Will is ruled invalid then the inheritance will occur under the laws of intestacy, as if a will were never created.  You may find more information and resources by your local library or courthouse as well as the internet for your specific state.  Keep in mind that every state varies.

A Will is a matter of crucial importance and is able to be done yourself by simply going to www.createawill.com. We offer state specific downloadable forms and kit to not only save you money but time and a  peace of mind as well.

A Living Will is the last written testament given by the deceased person telling their survivors what to do with their property & assets. In most states for a will to be valid it must abide by specific guidelines as to, signing, witnessing and notarizing. The requirements all vary from state to state.

You are able to make a will if you are of legal age and sound mind. All states consider legal age, eighteen years old. To determine if the person has a sound mind the law uses these guidelines: the person must understand the nature of his property the people who he would normally leave the property to, and the reasons in which he is leaving it. A person does not need to be very smart to understand these things, or be in perfect mental health. The only people who could not write a will under these circumstances are those that are moderately to severely mentally ill or deranged.

A will won’t be accepted as valid unless it meets all requirements. All wills must be in writing. Any type of photograph or video tape is not considered a valid will. Any language is valid. It must be written on a legible surface paper or anything as long as it can be read and is a fairly permanent record is acceptable.

The Will must contain the signature of the testator to be valid. It does not matter if the signature is not legible or even spelled correctly. The important aspect of the signature is that the signer intended it to be their “mark” So, an X or a dot or even a line would be valid as long as the testator meant it as their signature. This is an important concept in the matter of wills, because a person who is illiterate or paralyzed may only be able to put a dot or an X. Normally the signature should be at the end of the will, but some states will allow it to be anywhere in the will. Be sure to educate yourself on your specific state.

Most states require that the signature of the testator be witnessed by at least two witnesses. There is no need for the witnesses to know what is inside the will, only that they know it is being signed by the testator. Some states require that the witnesses be adults, others do not. But all states require that the witnesses be competent enough to understand that they may need to testify or verify they saw or know of the will being signed by the testator. The witnesses should not be in the will as beneficiaries. Nor, should the witnesses be spouses of any of the beneficiaries. The witnesses must sign that they saw the testator sign the will, or that the testator states.

All of these signatures need to take place in the presence of each other. In other words, the witnesses need to see, or confirm, the testator’s signature, and the testator must see, or affirm, the witness’s signatures. Many states provide for a “self-proving affidavit” to be included in the will. What this does is make it unnecessary for the witnesses to go to court to testify that the testator signed the will. To include a “self-proving affidavit” in the will a notary will need to be present at the time of signature to notarize the affidavit properly. Keep in mind that all states vary and you should find out which steps you need to take before preparing your last will & testament.

On this note if you are ready to take your first step to making your last will & testament to protect your assets, simply go www.createawill.com and begin your specific state low cost do it yourself will process today.

Everyone should have a will, which should cover at least the following seven essential guidelines to avoid difficulties in the future:

· Be sure that only one Will is created and exists.

· Determine who you want to serve as your executor.

· Carefully plan for your dependents’ future.

· Designate a guardian for any or all young children.

· Assign specific assets or gifts to relatives, friends, or charities.

· Decide which people or organizations should receive the assets of your estate.

· Put in writing the details of your funeral arrangements.

After following the bulleted basics above, you may wish to consider a few other points.

A Will is much more than a simple outline of the final distribution of your property and effects.  It’s also an occasion to explain your plans for the continued financial support of the people and projects that you have actively supported during your lifetime.

It can also be the time to finally help those people and groups that you always wanted to help out but simply didn’t have the resources to do so.

Be Sure to Update your Will whenever Necessary

If your financial situation has changed significantly as a result of purchases, investments, inheritances, inflationary increases, business growth, etc., you need to reflect these changes in your Will.

How often you do this will depend on the wording of your original Will and how significant the changes in your circumstances are.

Certainly, anything that is not already specifically detailed in your existing Will should be added now.

Reflecting lifestyle and interest changes in your will

If you haven’t examined your Will in several years, you may need to consider whether it adequately covers your current lifestyle, attitudes, and interests.

People realize that if they have retired, changed occupations, or even if their family situation has changed, they may need to reconsider the terms of their Wills.

Many people who were unable financially to help support groups or causes during their lifetimes use the opportunity provided by their Wills to leave a legacy for future generations.

Consider everything carefully – It is YOUR WILL!

While everyone involved in estate planning agrees with the urgent need to create a Will, remember that it is, in fact, you’re Will. Consider your own wishes and feelings.

Quite simply, your Will is a very important document, but if it doesn’t accurately express your wishes, it isn’t well done.

Talk it over with your loved ones. Consider the future. Make a draft. Think again. Your Will is one of the most important, and personal, documents you will ever prepare!

Consult an attorney if necessary

Estate planning experts strongly recommend that you seek the advice of an attorney when making out your Will.

Laws about Will-making and taxes can vary from place to place and the specific wording needed to ensure that your wishes are carried out may require the help of a lawyer.

Other Options!

Consulting an attorney can help you hugely but keep in mind that you have the choice to pay an attorney or you are able to do it yourself. You can simply begin this low cost downloadable specific state do it yourself create a will process now by going to www.createawill.com now.

What is a Will and its Preparations?

A Will is a legal document stating the desires of a person with regard to the nature of property after the person’s death.  A Will can protect your assets and help minimize the chances of a contest over your estate. If you die without one, your assets may not be distributed as you may want them to be. You may use a Will for the following purposes.

· Provide for your family

· Specify whom you would like to receive your property

· State your funeral and burial instructions

· Create a trust for minor children

· Disinherit a person(s)

· Name a guardian for minor children

A Living Will is a legal document expressing the desires of a person with regard to medical decisions in the event that the person is incapacitated and unable to act on his/her own behalf.

Legal requirements for the creation of a will are as follows:

Any person over the age of 18 can draft his/her own will without the help of an attorney. Additional requirements may vary depending on the jurisdiction but every will must contain the following:

• The author must clearly identify himself as the maker of the will and that a will is being made; this is commonly called “publication” of the will and is typically satisfied by the words “last will and testament” on the face of the document.
• The author must declare that he cancels all previously-made wills and codicils.  Otherwise a previous made will revokes earlier wills and codicils only to the extent that they are inconsistent. However, if a following will is completely inconsistent with a previous one, it will be considered completely revoked by implication.
• The author must demonstrate that he has the capacity to dispose of his property and does so freely and willingly.
• The author must sign and date the will usually in the presence of at least two witnesses (persons who are not beneficiaries).
• The author’s signature must be placed at the end of the will. If this is not followed, any text following the signature will be ignored or the entire will may be invalidated if what comes after the signature is so material that ignoring it would defeat the person’s intentions.

After the author has died, a proceeding will take place in court to determine the validity of the will. If the Will is ruled invalid then the inheritance will occur under the laws of intestacy, as if a will were never drafted. You may find other information and resources by your local library or courthouse as well as the internet for your specific state. Every state may vary in its own way.

A Will is a matter of crucial importance and is able to be done yourself by simply going to www.createawill.com. We offer state specific downloadable forms and kit to not only save you money but time and peace of mind as well.

A Living Will is a document which allows an individual who is terminally ill and is unable to make a responsible decision regarding medical care to request that life supporting actions be withdrawn. Although sometimes controversial, the right to make a living will really amounts to nothing more than the basic legal right that each person has to decide what may be done to his or her body. This also includes the right to refuse medical care or treatment even though the care or treatment may be necessary to continue life.

The initial form of Living Will varies on a state-by-state basis. In some states, a living will only takes effect when two physicians confirm that a patient is terminally ill and is unable to make any decisions regarding care. When these conditions are met, the patient has the right to direct all life sustaining procedures to be withdrawn. With this, the living will represents a clear communication of the patient’s desires regarding the use of advanced medical technology to sustain life in such circumstances.

Durable Healthcare Power of Attorney

A power of attorney is a written document by which one person allows another as his or her agent, and it gives the agent authority to act in place for the stated purpose. A Durable Healthcare Power of Attorney is a document through which an agent is appointed to make healthcare decisions for the principal in circumstances in which the principal is otherwise unable to make such decisions. If the principal has a terminal condition or illness, a Durable Healthcare Power of Attorney may serve as a supplement to his or her Living Will, and it may allow the agent to reinforce the personal decisions of the principal reflected in the Living Will. However, a Durable Healthcare Power of Attorney also authorizes the agent to make healthcare decisions for the principal in circumstances in which the principal is temporarily or permanently incapacitated, but is not terminal. A Durable Healthcare Power of Attorney may be applicable in circumstances in which a Living Will is not effective.

The person appointed in a Durable Healthcare Power of Attorney may be given great discretion to make decisions for the principal using his or her best judgment as to the desires of the principal in any particular set of circumstances. However, if one of the options available to the person is intended to be the right to decline medical treatment on behalf of the principal in certain circumstances, a better alternative to the use of a Durable Healthcare Power of Attorney would be to use the Durable Healthcare Power of Attorney as a form of “Medical Directive.” In such a document, the principal may state specific wishes and directions regarding the use of various types of medical treatment in several different situations, and request that the agent follow those wishes and directions if the circumstances described in one of those situations actually arise. The agent could then be given authority to make independent judgment if circumstances fall outside those described in the fact situations.

Durable Power of Attorney

Another Living Will is called “Durable Power of Attorney”; the principal authorizes the agent to act on behalf of the person dealing with financial agreements or affairs. The keys with such a document are that it is prepared and signed at a time when the principal has the necessary mental capacity to understand its nature and significance and that it contains the necessary language to allow it to continue to be valid and effective during any period of time that the principal is incapacitated.

A Durable Power of Attorney may be made effective immediately, or if the principal is concerned about the possibility of  losing control of his or her financial affairs at a time when he or she is not incapacitated.  Also, the powers given to the agent to deal with financial matters may be narrow, such as the authority to act on behalf of the person at a real estate closing, or broad, including the authority to handle all of the financial affairs of the principal. Every scenario varies.

Revocable Living Trust

A Revocable Living Trust is a trust entity created by a competent person (the “grantor”), during his or her lifetime, which may be amended or revoked by the grantor at any time.  Typically, the grantor of such a trust would also be its initial trustee, with provisions in the trust agreement designating a successor or alternate trustee in the event that the grantor becomes incapacitated, or is otherwise unable to act.  Ownership of all or some portion of, the assets of the grantor is transferred to the trust, subject to instructions contained in the trust agreement regarding management and disposition of such property, both during the life of the grantor and following his or her death. In most cases, the grantor is the primary beneficiary of the trust during his or her lifetime, and the trust agreement contains instructions for distribution of the trust assets to other beneficiaries only following the death of the grantor.

A Revocable Living Trust is a useful document for allowing the grantor to retain control of his or her assets while competent, yet provide for management of such assets by the successor or alternate trustee in the event of the grantor’s incapacity. It also may have some benefit in protecting assets of the grantor from creditors, and upon the death of the grantor, it serves as a will substitute, allowing the trust assets to be transferred to the grantor’s beneficiaries in a simple and private fashion, outside of the probate process.

In some circumstances, it may be appropriate to use both a Revocable Living Trust and a Durable Power of Attorney. A trust is created, but the grantor either transfers no assets or only a nominal amount of assets to the trust. Provision is then made in the trust agreement for the transfer of all of the assets of the grantor to the trust in the event of the grantor’s disability. The transfer upon disability is accomplished through a Durable Power of Attorney executed at the time the trust is created.

In this case if you were interested in creating your own Living Will, you can simply go to www.createawill.com and find your own specific state Do it Yourself Living Will & Testament Forms and Kit.