subject: A Will Is Only The Beginning Of Your Headaches [print this page] A Will Is Only The Beginning Of Your Headaches
Just because a will exists, it does not mean that the work has been done. Unfortunately, there is much more to handling an estate, than dividing up belongings according to the will.
First of all, I am not an attorney. In fact, I am not even in the legal field. However, I do know, from experience, that a will is not enough, nor is it the end of all of the problems, which may occur, when our loved one passes away. I am not implying, in any way, that a will is not necessary. In fact,a will can help avoid a lot of problems. This article is about what happens, or could happen when our loved one passes away. Why would someone write an article on this topic if they are not an attorney you ask! Why? I am writing this article because my loved one passed away suddenly. We had documents such as power of attorney, medical power of attorney, and the will already written, signed, sealed, and delivered. But, I have found out, those documents are only the beginning, not the end of potential headaches, and the work that is needed, after a loved one passes away.
Secondly, a will should designate someone who is to be the executor, as well as the administrator of the will. The executor is the one who is in charge of carrying out the wishes, as stated, in the will by the deceased. However, there is another person, which is called the "administrator of the will, who, once the will is registered, has to go through a legal process, which gives them the responsibility to make sure creditors are notified, debts are paid, and that the estate is settled. Now, suppose there is not any great wealth to be had by anyone. The estate needs to be settled. In some states, the banks, even if there is another person named on the bank account, that partnership ends, when one dies. More than likely, the bank is going to require you to jump through hoops, place the old account into a new account, "estate account" which cannot be touched until the estate is settled.
The next few things involve taxes. Yes taxes. There is an Inheritance Tax, the filing of taxes with IRS, and maybe the state where the resident presided. Every person who benefits from the will, needs to know if they are going to be required to pay any tax on what they inherited, and how much. If there is a pending lawsuit, this is another headache as well. The will should also designate as to who will receive the settlement from this case, if it is won.
I have a few suggestions to make, which should be done prior to death:
Designate a Power of Attorney. Designate a Medical Power of Attorney even if you have a living will. A living will is only a document which expresses your wishes,in event you are unable to make medical decisions on your own. Unless there is a medical power of attorney, those taking care of you, etc, will not have a leg to stand on with doctors or the hospital. According to HIPPA, they are not entitled to your medical information, to make decisions for you.
Be prepared for greedy relatives, who instantly develop the "I Am Entitled Syndrome". Although it is expensive to contest a will, remember, greed does funny things to people. Keep the original will in a safe place, such as a bank safety deposit box. Keep a copy hidden away at home. Give another copy to a trusted friend, or your clergyman.
When the will is written and signed, have someone video tape the process, including the conversation between you and your attorney, to show others, such as a judge, that your will is written exactly as you intended it to be written. But most of all, nobody can argue whether or not you were coherent at the time, with a video, which proves that you had your mental faculties, when you signed your will.
Upon death, every person that is to be dealt with is going to want a copy of the will, and the death certificate. They are also going to want proof, as to who the administrator of the will is. Keep receipts for every expense, funeral, cremation, urns, headstones, bills paid on behalf of the decedent, etc.
Finally, you will need the assistance of an "Estate" attorney to help you with the handling of the estate. Call your local Bar Association, who can refer you to a qualified attorney. This will save you time and money. The consultation, about 30 minutes long, will cost less than $50 in most cases. It might be a good idea, to have an attorney who does wills, and who does "estate law" as well. So if you think a living will, and a will is enough, and that an attorney is not needed, think again; you may end up making the most costliest mistake in your life. In the meantime, you will have to figure out how you are going to pay the bills, such as the mortgage, and keep food on your table.
