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The Basics of a Will for Estate Planning

lfsuser • Jul 24, 2019

Many people consider estate plans as a need for the wealthy, but the truth is that everyone who has any property at least needs an established will to be used as an advanced directive in case of an untimely death. Distribution of property and information regarding health care are best controlled with an official valid document explaining your wishes. Of course, anyone with extended assets of any amount will need a comprehensive estate plan that is structured in a manner that protects as many assets as possible. Individuals who die intestate will have their property distributed according to state law through the probate process, and an effectively structured will can actually be used to bypass the probate process completely when your situation is evaluated by a legal professional like those at Faloni & Associates Fairfield NJ estate planning attorneys.

What Can Be Included in a Will

The most practical will be relatively simple and to the point. Typical directives begin with disposition of personal property to whomever you choose, including real estate, automobiles, and bank accounts. These items are often automatically distributed to a surviving spouse, but single individuals will need their wishes known in many cases. A will can also include a directive for guardianship of minor dependent children, an assignment of an executor to your estate, and assigning a power of attorney for both finances and health issues. The latter can actually be two different people.

Avoiding Probate

One of the best advantages of a good will is that it can position an estate for bypassing the probate process, which can be a problem when children can be positioned according to state law. Another basic problem with the probate process is possible tax implications and vulnerability to outstanding creditor claims. These issues can all be sidestepped with a will that is designed by a legal estate planning professional.

While many people do not want to address their own mortality, it is still important for those left behind to have your wishes known and legally valid before the eventual happens. Contact the estate professionals at Faloni & Associates Fairfield NJ estate planning attorneys for more information on the importance of a basic will.

Dementia Can Put Financial Wellbeing at Risk

By David Faloni • 09 Dec, 2021
Reduced brain function may be indicative of dementia and can result in poor financial decisions. If you are age 50 or older, easy access to your financial assets like stocks and bonds, checking and savings accounts, money market accounts, and other assets can lead to loss of these funds if an unauthorized person gains access… The post Dementia Can Put Financial Wellbeing at Risk appeared first on Faloni Law Group.

How Diet and Exercise Affect Alzheimer’s Disease

By David Faloni • 02 Dec, 2021
Symptoms such as memory issues should never be dismissed.  There are many resources available through a simple internet search, and professional associations that provide education and guidance through a maze of questions you may have regarding how to approach someone you suspect may be experiencing memory loss, or how to ask for help if that… The post How Diet and Exercise Affect Alzheimer’s Disease appeared first on Faloni Law Group.

Assisted Living Communities of the Future

By David Faloni • 26 Nov, 2021
Assisted living is changing for seniors with new advancements in medicine, technology, and socioeconomics. The rising cost of assisted living means that some families are looking for new alternatives, while those who consider traditional assisted living have new options to consider. Alternatives to assisted living include multigenerational housing and in-home care. As these options become… The post Assisted Living Communities of the Future appeared first on Faloni Law Group.

Considerations for Choosing Co-Agents

By David Faloni • 18 Nov, 2021
I have to decide between my two children, who should be my power of attorney when I need help communicating with doctors and handling my financial matters. Can’t I just name them both? You can, but please don’t. You risk creating conflict or chaos if you name more than one child to serve simultaneously. Instead,… The post Considerations for Choosing Co-Agents appeared first on Faloni Law Group.

The Benefits of Having a Family Caregiving Meeting

By David Faloni • 11 Nov, 2021
When caring for an aging family member, a family caregiving meeting can be a great way to coordinate communications and activities. These meetings are beneficial for helping to keep all family members abreast of decisions that need to be made, changes in diagnosis or prognosis, and help to ensure that all family members feel that… The post The Benefits of Having a Family Caregiving Meeting appeared first on Faloni Law Group.

The Importance of Clear End-of-Life Care Instructions

By David Faloni • 04 Nov, 2021
You would hope your living will is properly prepared and your resuscitation instructions or DNR (do not resuscitate) are in order. While your wishes in a living will may be appropriately documented, that does not guarantee the instructions will be carried out as you stated. The frightening truth is that mistakes about your end-of-life instructions… The post The Importance of Clear End-of-Life Care Instructions appeared first on Faloni Law Group.

The Effects of a Second Marriage on Medicaid

By David Faloni • 28 Oct, 2021
When you embark on a second marriage, you should be aware of how this will affect you and your new spouses’ Medicaid benefits. Current costs for long-term care facilities can run between $70,000 – $150,000 annually. Studies show that 70% of Americans will need that kind of care, perhaps for three years or longer. If… The post The Effects of a Second Marriage on Medicaid appeared first on Faloni Law Group.

Apply These Five Lifestyle Habits to Lengthen Your Life Span

By editor • 21 Oct, 2021
A healthy lifestyle can increase your longevity significantly. Your lifespan can be increased by as much as 14 years for a woman and 12.2 years for a man according to the American Heart Association’s journal Circulation study. The United States is one of the wealthiest countries in the world, but according to the World Health… The post Apply These Five Lifestyle Habits to Lengthen Your Life Span appeared first on Faloni Law Group.

The Potential Outcomes of Disinheriting a Child

By editor • 14 Oct, 2021
In estate planning, it is common that parents divide the inheritance equally among the children. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a child who is more financially successful than the others and the parent doesn’t feel… The post The Potential Outcomes of Disinheriting a Child appeared first on Faloni Law Group.

Short-Term Disability Insurance and Its Many Benefits

By editor • 07 Oct, 2021
Imagine this scenario, an unwed middle-aged lady, Sandy, being the sole caretaker for her 85-year-old mother. Sandy still worked full time and would help her mom in the evenings and weekends. Unfortunately, Sandy was in a serious car accident and would be out of work for at least 8 weeks. She now faced the challenge… The post Short-Term Disability Insurance and Its Many Benefits appeared first on Faloni Law Group.
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