Importance Of Living Wills And Record Standards  

According to statistics more than 70 percent of Americans die without making plans for their death. They do not take the time out to draw up a will and they do not take any time out to do any estate planning.

The reason for this is very simple. People do not want to think about death and dying. They rather pretend that this is something that will not happen to them.

Unfortunately death is a reality that we all have to face at some time or the other. And, that is why we should not underestimate the importance of living wills and record standards. People have to realize that if they die without leaving a will, they die intestate. This is extremely expensive not only for your estate but also for your family, who will end up spending thousands of dollars for a thing that could have been avoided.

When a person dies intestate, the state court takes over the matter and ensures that a will is drawn as per the law of the state. Therefore, a surviving spouse may or may not get all the assets depending upon the law and the property may end up getting divided between the surviving spouse and children. And, while the course is drawing up your will, your assets get frozen and your surviving family may not have enough money for your burial and daily expenses. This usually happens when bank accounts and other financial accounts are only in your name.

The other scenario that you should think about is if you become incapable of making any decisions about your health, your family make take a step that you do not want. However, with a living will, they would know what your wishes are and act accordingly.

This clearly shows the importance of living wills and record statements; and you should not procrastinate about drawing up a living will and keeping your family informed about where you are keeping it stored in case of an eventuality.

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Importance Of Living Wills And Record Standards

Law-That-Required-A-Tax-To-Have-A-Official-Seal-Put-On-Wills      Today we can draw up wills without attracting any tax. All we have to worry about is paying the attorney's fees for making the will. However, this was not always the case. There used to be a law that required a tax to have an official seal put on wills. This was the infamous Stamp Act of 1765, officially known as Duties in American Colonies Act 1765. More..




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