One of the unavoidable truths about life is that eventually it will end. Many individuals are unprepared when they pass on. While it may not seem important to have your affairs appropriated for after your passing, it can save unnecessary strife for your loved ones in the future. It is important to make sure you properly take care of your loved ones in the event of your death. There are essential actions, which you must take to help your family in the event of your passing.
Last Will and Testament
Your last will and testament is essential for the conflict-free appropriation of your assets after your death. No person wants to have their will written up, but it is unavoidable for the sake of your loved ones. The appropriation of assets has the potential to be a gruesome battle among family members. Arguments over the assets of a deceased loved one have the potential to cause permanent rifts in family relationships. In order to prevent this from happening to your family, you must have a detailed will written up by probate solicitors.
The last will and testament should be a detailed document. It should specify the distribution of your total estate to your beneficiaries. There is also the need to take care of your inheritance tax. This tax comes out of your total estate value above a certain amount. The laws change frequently, so it is important to do frequent revisions at least every couple of years.
Another important factor to account for in your will is the guardianship of your children. If you are the only legal parent, or the other parental figure is unfit, it is important to specify whom you want to take custody of your children. If they are underage when you die, you do not want your children to end up in state care for the rest of their childhood.
If during your lifetime you do not have a will written up, a probate layer according to the present Rules of Intestacy will distribute your estate. This can often be a less optimal approach to what you can do in a will. Since there is nothing written from you, your loved ones can argue about what they think you would have wanted. This is how lengthy legal battles ensue.
The executor of the estate also called a probate solicitor. It is their responsibility to handle any legal aspect of your death. It is important to select your probate solicitor yourself while you are still alive. You want to be sure that the individual is someone you trust. Who will do what is best for you surviving family members.
The probate solicitor will take care of the gathering of your estate. They will gather your outstanding accounts and assets, and prepare them for distribution to your family. The probate solicitor will also take care of all of your outstanding debts along with the inheritance tax. This will come out of your asset value. After these costs are resolved, the solicitor handles the distribution of your assets to the beneficiaries, according to what you entail in your will.
Power of Attorney
There are two sorts of power of attorney. There is the financial power of attorney. This person is someone that you named to handle your financial affairs in the case that you become incapable of doing so. If you fail to designate a person with financial power of attorney, then your family can wind up in a costly legal battle.
In a situation where you are concerned you will not be able to handle your own affairs due to failing mental state, it is possible to designate a person to have medical power of attorney over your affairs. This person will take care of any arrangements for you including care and living arrangements if you fall ill or become incapable of making decisions for yourself. They will also make medical treatment decisions on your behalf as well.
When you choose designees that will have power of attorneys over your affairs, it is also important to have a living will. Your living will details your preferences for medical treatment. It also specifies any measures you do not want to be taken. If you do, want to be kept alive by a ventilator, for example, then you would specify this in your living will. You medical power of attorney will be responsible for following through with these measures for you.
There is also the HIPAA agreement. In the event of your death, your medical records will remain sealed unless you specify individuals in your HIPAA agreement. Should you want your medical records to be open to family or the named power of attorney, it is vital that you name them on the HIPAA form. Otherwise, in the case that malpractice is the cause of your death, your family will be unable to take legal action towards retribution.
Letter of Instruction
Your letter of instruction is where you will lay out any specific arrangements regarding your remains. The letter of instruction will detail if you want a cemetery burial or cremation. It will also describe any particular funeral arrangements you would like. If you want an Irish funeral, or a party celebrating your life rather than mourning your death, you declare these decisions in your letter of instruction.
You death will be a trying time for your family and friends. They will want to have a chance to grieve without being needlessly burden with legal requirements. You can take the unnecessary stress off them by making your own arrangements and handling your affairs. This will help all of your loved ones in the end to be able to focus on their mourning. Taking care of your affairs can also protect them from any legal issues that may come up in the case of a jealous relative. You can be sure that your estate appropriation is exactly the way you want it to be, and your family can be at peace.