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Why Having a Will is Essential

editor • Dec 23, 2020

Though crafting your will can make you face some uncomfortable topics, like mortality, it does not compare to the difficulty your loved ones will face trying to handle the logistics problems in the absence of your will. Your last will and testament is a set of legal instructions that communicates your wishes regarding your dependents and how to dispose of your property when you die. If you have people who you love and care for, then creating a will for your peace of mind and their protection is the right thing to do.

Do You Have a Will?

Curiously, while many people have experienced the death of their parent and the fallout that occurs if the parent had no will, the number of Americans making wills is dropping. Recently, a study by Caring.com identifies that in 2020, 25 percent fewer people have a will than in 2017. Surprisingly, older and middle-aged adults make up a substantial part of this group even though 30 percent of the people in the study believe you should have a will by the age of 35.

What Assets Are Protected by a Will?

Many Americans feel they do not have enough assets to deem a will necessary, but unless you are destitute, you probably own a lot more than you think. Property ownership includes things like an individual as well as jointly owned bank accounts, stocks and bonds, retirement accounts, real estate, jewelry, vehicles, your online digital footprint, and even pets, are all part of your estate. You do not have to be wealthy, or even close to it, to benefit from having a will. Your will also protects your family and loved ones at a time when their focus should be on grieving your loss, not administering to legal issues because you did not have a will.

What Happens If I Don’t Have a Will?

Wills are subject to state law. When you die without a will, it is known as dying intestate , and the determination of the distribution of your assets becomes the responsibility of a probate court. The probate court appoints an administrator who will act as your executor, identifying legal claims against your estate, paying off outstanding debts, and locating your legal heirs. Locating heirs only occurs in the case where your property is worth more than your outstanding debts.

If you have an existing will we would be happy to review it to make sure it still reflects your wishes. If you don’t have a will we would be happy to help you create one that makes sense for your situation. Taking these steps now will bring you peace of mind, save your estate money, and protect your family and loved ones.

The post Why Having a Will is Essential appeared first on Faloni Law Group.

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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