What Legal Documents Seniors Need

Apr 12, 2016 by

Death is seldom a pleasant topic to discuss, as nobody is really comfortable talking about their death. However, failing to plan ahead can burden your loved ones with financial and legal problems, as settling such issues can be costly and stressful for your estate. There are a number of legal documents that need to be set up in which many elders or seniors are not aware what these documents are for or even understand the legalese terms that are used, nevertheless seniors should still find help with arranging these necessary documents so as to avoid legal and financial issues in the future.

One of the most important legal documents that seniors should prepare is their will. This document contains the instruction and wishes on how you would want your estate, assets, and properties that will be given after your death. The beneficiaries will be listed on your will along with the items that you leave them with. On the other hand, a living will provides instructions on the manner with which you wish your health care during your end-of-life will be, and will only take effect if you become terminally ill. A living trust is a legal arrangement where you appoint a trustee (either you in the form of a living trust or a different person) that permit that person to have full control of your funds and properties.

Other important legal documents for seniors are the durable Power of Attorney for Health Care and Finances, which would give your lawyer the authority to execute legal ad financial decisions in your stead should you be unable or incapacitated to make you own decisions. If you wish to further understand the needs of seniors in matter such as health care, SeniorAdvice.com is one resource you can look into.

Planning for your death is never an easy issue, but it should not discourage you from making sure that the people you leave behind are well taken care of and free from legal and financial troubles that will follow. If you wish to be independent until the end of your life, you might want to consider living in senior assisted living, but you can only have peace of mind in your sunset years if you have prepared yourself legally and financially.

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Where Did Golf Come From?

Jul 17, 2014 by

cavemanModern golf as we know it has not obviously not always existed, but has grown into what it is today over hundreds of years.

There are numerous games dating back centuries that have the same general concept as golf: use a tool of some kind to hit a round object into a faraway hole. These original games range wildly in terms of their geography. One came to Europe from as faraway as China, but the most widely held theory is that modern golf was derived from a Roman game called paganica. The idea is that conquering Romans spread the game throughout the empire as it grew.

So if you didn’t know, now you know!

 

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Estate Planning: The Consequences of Making and Failing to Make One

Apr 12, 2014 by

No matter what each individual’s wealth level is, estate planning is necessary, especially for those who are married and have financially-dependent children. Estate planning is, primarily, a plan or a will that allows people to identify whoever they want to inherit their assets or properties, and when heirs can actually have their share. Though not everyone may have large estates or a huge sum of money to leave behind, surely many have cars, jewelry, furniture, a house, a life insurance, pension plans, investments, retirement savings, and other things of value that they may want to pass on to someone, such as their spouse and children.

Making an estate plan involves different elements, including a will, a living will or medical power of attorney (also called health-care proxy) and an assignment of power of attorney. A will allows a person to name his/her inheritors, determine which of his/her assets will actually be given to whom upon his/her death, as well as name a guardian for his/her children, while a health-care proxy would be the person (chosen by the testator, that is, the one who makes a will) who shall make medical decisions in the event that the testator becomes incapacitated. Before starting an estate plan, though, the testator should first make sure that he/she is aware of the estate laws of both the federal government and the state where he/she resides.

In the event that a person fails to draft a will until his/her death, the state, through the Law of Intestacy, will be the sole authority in deciding who shall inherit his/her assets (and what percent of asset shall be inherited by a particular heir). This, of course, is no longer based on who the owner of the asset actually wants to be his/her heirs – such choice is considered waived due to the failure to make a will. The common decision, though, despite differences in each state’s intestacy laws, is to divide all assets equally between the spouse and children left behind. In the case of those who die without ever getting married and without having any child, his/her properties will probably be divided by the state among his/her blood relatives.

Peck Ritchey, LLC, a firm based in Chicago, recognizes the importance of estate planning through an article posted in its website. The firm mentions that aside from ensuring provisions for minor children, estate planning can also greatly reduce exposure to inheritance tax – a big relief to those who will inherit your properties and assets.

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