What is a living trust? A living trust is an arrangement that designates a “trustee” to hold legal title of property for another person or beneficiary. When creating a living trust, you can designate yourself as the trustee in order to keep full control of the property placed in trust. The living trust is just what it sounds like: a trust you put in place when you are still alive instead of one that is created according to the terms of your Will upon your death. When the topic of a living trust comes up, the most common response from most clients is, “But I don’t have enough money to need a trust.” This brings to light a major misconception about estate planning. Equating the need for legal documentation/protection to the amount of money and
Throughout the book, Patrick Kelly explain the benefits of tax-free retirement. He laid down the foundation of having a joyful and peaceful retirement. He explains two great products for “Tax-Free Retirement”: Roth IRA and Universal Life Insurance. Depending on income and how long a person will take to retire, one may be more suitable than the other. The Roth IRA is suitable for individuals that want to save less than $4000 per year, is not looking for life insurance, or someone that is close to retirement. The Roth IRA has no required contribution and the premium is always accessible making it perfect for people with unstable income or close to retirement. Furthermore, another solution that Kelley provides for “Tax-Free Retirement” is Universal
Turning tragedy into triumph is easier said than done, but somehow while facing unimaginable loss, the Trautwein family did just that. On October 15, 2010, John and Susie Trautwein lost their teenage son Will to suicide. In the midst of their grief, they made a decision to honor the memory of their son’s life by committing to save the lives of other teens. The Will to Live (WTL) Foundation was founded and they have been dedicated to their mission of preventing teen suicide ever since.
As we get older and delve into the real world, it is important to start thinking about end-of-life care and advance directives. Although it is something no one wants to imagine, there is an absolute necessity for living wills and a power of attorney. Learning about the Patient Self-Determination Act and the different legal basis in where you live is important because it will help people understand why advance care directives are so important. Although there are several barriers in implementing advance care directives, there are also several actions that healthcare professionals can take to overcome these obstacles. These are also important to know about, especially for someone going into the medical field.
Two examples of Advance Care Directives, which are living wills that allow a person to document end of life medical treatment, are the FiveWishes and MyDirectives in the United States. The FiveWishes directive is described as living with a heart and soul and follows five wishes. These wishes include: the person which will make decisions regarding the patient’s health when the patient is not able to, the kind of medical treatment wanted and not wanted, the level of comfortability of the patient, how the patient is treated, and the amount of information that the patient’s loved ones know. The MyDirec...
If I name two or more primary beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving primary beneficiaries shall equally divide the deceased primary beneficiary's share unless I have specifically provided otherwise. If I name two or more alternate beneficiaries to receive a specific gift of property and any of them do not survive me, all surviving alternate beneficiaries shall equally divide the deceased alternate beneficiary's
It is a concealed arrangement made between a testator and the trustee and is made to come into force after death. A justification for ST is the ‘dehors the will’ theory which means the trusts arise outside of the will - a inter vivos trust. Its purpose is to benefit another individual that hasn’t been written in the formal will. The testator will leave property to the trustee under the will with the understanding that they will hold the property as a gift for which they will then later on be expected to pas...
While navigating the abundant and sometimes confusing legal language of advance directives can be time consuming, it would benefit every person to consider their end of life wishes and have some form of written statement available for their doctor and family to understand those wishes. Doing this in advance can prevent emotional anguish, suffering and expensive litigation. In the end, clearly and when possible, written, documentation of a medical directive, a living will, or a chosen health care power of attorney will lessen the burden for the medical professionals and family of a dying or incapacitated person.
Prior to discussing why Advanced Directives are so essential the definition of Advanced Directives is crucial. An Advanced Directive is made up of several legal components which ultimately online the patient’s wishes if one was to be incapacitated or unable to verbally make wishes know regarding healthcare. The understanding of what a living will and a durable power of attorney both need to be discussed before one is able to compare and contrast. A living will ensures that anyone reading this paper will understand how the patient wanted to continue their form of treatment. With a living will anyone ranging from patients to healthcare professions should be able to determine the specific actions the patients would want taken if they are unable to make said wishes known. A
It can also be quite stressful for the dying individual if the family members are attempting to plan their funeral and they are unable to communicate their wishes (Callanan & Kelley, 1992: 42-43). This issue of miscommunication occurs closer to death, so if the planning process starts soon enough the dying individual should be able to effectively communicate their wishes (Callanan & Kelley, 1992: 42-43). It has also impacted the dying individual in positive ways. Because of this, there are now places that individuals can transition into before the actual dying process begins. For example, in past decades, individuals with dementia would have to stay at home and be cared for by their friends and family, who while trying their best, may not have been able to cope with the demands of that individual along with their own personal lives (Dosa, 2010). Now, these individuals, when money and resources allow, are able to access special institutions and sectors in hospitals that are specially equipped to deal with those demands (Dosa, 2010). But this transition has plenty of financial challenges that go along with
Completely constituted trusts are segmented into executory and executed trusts. Executory trust is when a declaration or instrument requires the successive execution of further instruments while an executed trust is when the settlor has clearly and expressly stated what the interests of the beneficiaries are in the trust instrument. When a trust is not properly constituted, there will be no equitable proprietary interest for the beneficiaries. In such situations, the trust is enforceable under contract otherwise the beneficiaries are regarded as “volunteers”. A volunteer is a beneficiary who does not have valuable consideration for a promise or agreement for property to be transferred to him through trustees. Settlors must do everything within their power as necessary according to the nature of the property so that the settlement would be binding. There are three wa...
The Aim of the National Trust to Provide Time Capsules of Ownership The National Trust aims to provide time capsules of ownership in and around the Wimpole Estate. Wimpole Hall had many owners over a period of about 400 years, each owner leaving their own legacy. The National Trust has the job of untangling the layers of history to recreate snapshots of different points in time. By examining each owner and their stamp on Wimpole, it is possible to see whether the National Trust is successful in creating their stated aim.
To eliminate unnecessary problems and consequences on others, some people feel it is wise to formulate and execute a living will. A living will should have requirements that can be carefully examined and easy to understand to represent exactly what a patient’s wishes are incase his or her health expiry is in a state where the laws are not the same as the state in which that patient’s living will was filed. Thus, if a patient has a living will and falls into a persistent vegetative state during the decision making process, only his or her wishes shou...
trust – where the trust is administered in Mauritius and a majority of the trustees are resident of Mauritius or where the settler of the trust was resident in Mauritius at the time the instrument creating the trust was executed
Retirement comes early for most people. Early meaning that we are not ready for what comes with it. Most people would love to retire today, but unfortunately it is nearly impossible. It takes a lifetime for a person to become financial stable and adequately equip with assets that have been gained throughout someone’s life. Everyone must start young, in fact the sooner the better. Any money, or savings that can be applied today will always come with an enhanced future. So is it worth it to work harder and save now in order to possibly access a pleasant retirement? With out effort now we will be dependent on other sources in our retirement years, sources that may not come through for everyone who needs it. There are three ways to help Americans be better prepared now. These methods include saving money now, and investing in sources with returns. Do not become one of the millions of Americans who fall into government assisted retirement plans by lack of preparation and planning.