Many people wonder if they really need a will. They may think that they don’t have enough assets to bother with a will. Some people erroneously believe that a will causes your heirs to have to go through probate, leading to unnecessary expenses. However, a will is a good idea for just about everyone. Read on for some of the reasons to have a will.
A will is a document in which a person declares what he wants done with his property at the time of his death. A will has no effect until the person who wrote it, known as the testator, dies. The testator can also revoke a will at any time prior to his death.
If you die without a will, the state will distribute your property to your heirs according to the state’s intestacy statutes. The statutes might call for a distribution that is similar to what you want. Then again, maybe they won’t.
State intestacy laws will provide how the sum total of your property is to be divided among your heirs. It can’t provide for who will get certain specific items of your property. This can lead to many problems. Your heirs may not agree on who will get certain items of your personal property. For example, say you have inherited your grandmother’s wedding ring and intend to pass it on to your daughter. If you die without a will saying that is what you want, your son may feel very strongly that his wife should have it. So even if you don’t have a lot of assets, you may be concerned about making sure that certain items of your property go to the people that you want it to. You can do this with a will.
Another misconception about having a will is the idea that having a will causes your heirs to have to go through probate, and that it will be difficult and expensive. If you die without a will, the court is still going to have to oversee the distribution of your assets to your heirs. There is absolutely no reason to think that this process is made easier or less expensive by your not having a will. In fact, it will probably be more expensive. For one thing, whoever administers your estate will probably have to post a surety bond if you don’t have a will. If you do have a will, not only can you choose the person who will administer your estate, you can provide that he or she will not have to post a surety bond.
Do you have minor children? If so, you really need a will. If you don’t have one, the probate court will have to set up a conservatorship to manage your children’s share of your property. A judge will decide who manages the money. When each child turns 18, he or she will get his share, whether they can handle it or not. If you have a will, you can decide who will manage your children’s inheritance on their behalf and you can choose the age at which you want it to be distributed to them.
Even if your estate is small, there are good reasons to have a will. You should see an attorney who practices in the area of estate planning or wills and trusts. This attorney can also help you decide if you need more advanced estate planning techniques and help you implement an estate plan that is best suited to your needs.
About Ronald E. Hudkins
Ronald Hudkins retired honorably from the U.S. Military Police Corps in 1993. He has just completed a mini book listing foundations that provide wish and dream fulfillments for adults faced with terminal illnesses, disabilities/challenges and/or are senior’s on limited incomes. The book also features a massive listing of organizations that provide adults with basic needs and other things. For more information visit http://www.adultwishfoundations.com

If a person passes on without estate planning of any kind, whether that planning is some kind of will or trust, they are said to have died intestate. Intestate law is the law that decides how assets are transferred and creditors satisfied if a person passes on without saying who gets the house, the car or the guarded family apple pie recipe. Intestacy law is a set of fall back provisions or rules that govern where the assets go, so that the state does not have to decide in each individual case what happens. Intestacy laws are like the default settings on computer program; they are there unless you intentionally alter them. Since most people die intestate, state intestacy laws govern how most people’s assets are distributed after their’ passing. Sometimes, even when a person has a valid will, if that will does not cover some portion of their property, then state intestacy laws will be used as gap-fillers or fallback measures so that all assets are covered.
Although state intestacy laws are best seen as a set of state laws that govern what happens to property left by those who did not make a will or trust, they also reflect some of the other needs a state has. First, states seem to make an attempt to ask what the normal person in the deceased place would want done with their assets. This is an important question because the answers given will reflect what state legislators think a “normal” person is and would want. It is easy for the legislature to over look non-traditional relationships, such as non-marital co-inhabitants, lesbian and gay life partners and children born out of wedlock or even stepchildren. This can bring about tremendous animosity among the people you care most about; so the best plan is to get a will or trust to protect those you love if nothing else.
However, your wishes are not the only goal that states keep in mind in drafting intestacy laws. The state may wish to maintain a system where parcels of land are owned by a single person rather than a group of people; because such groups have a tendency to sue each other over property they all have an interest in and this creates problems and expenses for the state itself. In addition, your state may have an avowed policy of attempting to promote “traditional family” relationships and use its power to craft intestacy laws to give assets to family members that the state deems more worthy. Even if you are someone who normally prefers more traditional family relationships, there is no guarantee that the relationships your state decides are traditional and your understanding of the traditional family will be the same.
Finally, you are in the best position to decide who is to have your assets, because you actually know the people involved; to the state the people involved are people who occupy abstract positions in your life, like spouse, child or parent. You are the one who is in the best position to decide who among your heirs should get something (or anything at all) from your estate, because these people play a greater role in your life than merely occupying some abstract position. They are the people you have laughed with, shared meals with, raised and have had raise you, cuddled with and loved. This is by no means to suggest that what people mean to you can only be known through your will or even be known through your will at all. It is rather to suggest that you should decide who gets what asset because you know what those around you value and enjoy. You should decide what happens with your assets, because chances are you earned them and should be the one to decide how they would best be passed on.
About Ronald E. Hudkins
Ronald Hudkins retired honorably from the U.S. Military Police Corps in 1993. He has just completed a mini book listing foundations that provide wish and dream fulfillments for adults faced with terminal illnesses, disabilities/challenges and/or are senior’s on limited incomes. The book also features a massive listing of organizations that provide adults with basic needs and other things. For more information visit http://www.adultwishfoundations.com

You have diligently outlined what should become of your children in the event of your death or disability. You’ve planned your estate, appointed guardians and possibly even shared your estate plan with family members and trusted caretakers. But doesn’t something feel as if it’s missing? Perhaps you need to plan provisions for what should become of your pets once you are no longer able to care for them.
Unfortunately, thousands of Americans overlook their pets when they plan their estates each year. When these people die, family members or friends might adopt their pets. But, many times, the pets are left to fend for themselves s. Your pet doesn’t have to be left behind. Include your pet in your estate plan to assure that your pet receives the kind of care you would give if you could.
Most states allow you to include provisions for how your pets will be taken care of in your estate plan. These provisions can include instructions, such as who will take care of your pets, and funds so that your pet’s caretaker can give your pet the proper treatment, nutrition, and recreation that you have provided during your life.
Either an appointed trustee or a guardian of your choice will control the funds allocated for your pet. If you name a guardian, make sure you have discussed his or her role in your pet’s life prior to signing the estate plan. Your guardian should have a safe, welcoming home for your pet. He or she should be free from allergies and should take an active role in the care of your pet. The funds you leave behind can be used to pay for things such as veterinarian bills, toys, and food for your pet. But, your guardian will need to give the pet loving care and attention that you have.
If you choose to leave your pet in the hands of an appointed trustee rather than a guardian, then you are electing to appoint an individual who will either adopt your pet(s) as his or her own, or your trustee will be charged with the task of finding a suitable home. Many times, animal shelters are the trustee. They work hard to find friendly homes for the animals so that the pets don’t end up on the streets.
Take a few moments to assign a guardian or trustee to care for your pet. It’s a simple task that will give you peace of mind that you’ve protected the companion with whom you’ve shared mutual love and affection.
Thomas McNally is the staff writer at the National Directory of Estate Planning, Probate & Elder Law Attorneys. McNally stresses the importance of finding a qualified estate planning attorney to ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen.

Your estate consists of the assets that you will pass on to your beneficiaries when you pass away. Estate planning means deciding where your assets will go when you die. It takes time, thought, and the knowledgeable assistance of a qualified attorney.
Even if you diligently plan your estate on your own, it is easy to make mistakes. Mistakes can result in portions of your estate being unnecessarily taxed and assets going to the wrong beneficiaries.
We have compiled a list of some of the most common mistakes individuals make in estate planning. Please review the list, but also plan to meet with a qualified attorney to review your unique estate.
Failure to Prepare

One of the most common mistakes people make when it comes to their estate is that they simply fail to prepare a plan. Many people, especially the young and healthy, never even set up a Living Will. Living Wills are important to have at any age because they serve as a directive in the event that you become incapacitated. Even though far fewer young people plan their estates, more than twice as many 20-somethings die in car accidents than 60-somethings. Therefore, it is crucial that you plan your estate regardless of your age, health, or income level.
Choose your Beneficiaries

Your beneficiaries are those individuals who will inherit your estate when you die. It is important that you carefully consider and name your beneficiaries. Choose the appropriate individuals for the estate you will be leaving behind.
Many times, beneficiaries are children and spouses. However, if you have young children, you may not feel comfortable setting up your estate so that they inherit a large sum of money directly. How will they spend it? Are you sure that they would make wise choices?
If you would like to have more control over the estate after you die, then it is important that you set up a Trust for your beneficiaries. By establishing a Trust, you can allocate a certain portion of your estate towards a child’s education, first home, or other purpose of your choosing. Consult with a qualified attorney for more information about how to set up your estate for your beneficiaries.
Choose your Agent

Central to estate planning is choosing people to make decisions for you both during incapacity and after your death. These people include trustees, guardians, agents, and beneficiaries. Make sure that you select an agent who knows you and your wishes well. He or she will speak for you when you cannot, so it is vitally important that he or she knows you well. Make sure you and the agent have a clear understanding of his or her role in your estate and that you have clearly communicated your desires.
Leaving Assets

A significant portion of your assets might be vulnerable to estate taxes after you die. However, there are ways to leave behind an estate without losing most of it to taxes. It is important that you consult with a qualified attorney to discuss the most strategic methods for establishing your unique plan. A well-crafted plan will ensure that your beneficiaries get the most benefit from your years of hard work.
Review your Estate

Because life events, such as divorce, loss of job, etc., may change your assets, it is important to periodically revisit your plan to ensure that it is always current. Many people die without reviewing their assets, so their plans cannot be carried out as they had desired. By regularly reviewing your plan, you are able to help your beneficiaries inherit the assets you leave behind for them without having to fight for them in court or with other beneficiaries.
Thomas McNally is the staff writer at the National Directory of Estate Planning, Probate & Elder Law Attorneys. McNally stresses the importance of finding a qualified estate planning attorney to ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen.

The first question many people have when considering estate planning is how to protect their spouse in the event that they pass away. Although it is common to offer the advice that a will or trust is the best way to protect a surviving spouse, it is also important to remember to explain what protection a spouse has prior to a will or trust being created in which they are a named as an heir or beneficiary. This will enable both the client and the lawyer involved to see what else may be done to advance the protection of the surviving spouse. In addition, running through such a checklist may help an attorney see avenues for reducing costs for clients and let the clients know that their attorney is attempting to select legal options tailored to their needs rather than choosing a one size fits all approach.
For example it is important for most clients who are married to understand that they probably own most of their major assets in what is called joint tenancy. An asset held in joint tenancy is passed automatically to the surviving spouse in the event that one spouse dies. Most married couples own most of their assets, such as the family home, automobiles, investments and accounts in joint tenancy. So the typical question that an estate planner helps to answer, for those couples, is not how to protect the surviving spouse with respect to the major marital assets. The typical assets in an estate owned by a married couple do not need to be guarded for the surviving spouse, in every instance. The question becomes, where do we want this asset to go after we have both passed away.
However, you may discover, in the state in which you live, that it is helpful to have estate-planning tools, such as wills and trusts, in place in case there is some challenge to the remaining spouse’s ownership. The example above is not meant to suggest that most people don’t need estate planners to guard their spouse’s interest in case of their passing, but rather, that it is important to understand what rights your spouse has before the question of estate planning arises and then to build onto those rights. It is important to have an attorney who will explain what those basic rights are, and how the state in which you live has designed those rights. Then your choices regarding estate planning will make more sense. Remember, that planning an estate is, in part, a creative process. There are many ways to plan an estate and the one that captures your interests in the most thorough way is the best. Your attorney should be working hard to find the right solutions tailored to your needs.
Whether it is because assets have come into the marriage in a way that is not traditional, or because the assets in the marriage have already been altered by law, like a pre-nuptial agreement, there may legal instances where a spouse will need additional legal protections in the form of estate planning. In addition, states will have different laws regarding how they allow assets to be transferred via a will. For example, if the individual who passes away has children, some states require that the children and the surviving spouse split any asset that goes into probate. In other words, the state will require the assets that can go into a will to be split in this way. This system might be great for some clients, but for others it means that an already modest estate be split, leaving the surviving spouse and children in financial trouble. Because wills are more heavily regulated than are trusts, a living trust might be the better strategy in a state that requires this kind of split.
Again, it is important when considering how best to protect your spouse in the event of your passing, to understand what assets need protecting — in other words, what assets could be taken away from your spouse after you die. Second it is important to understand what your state’s policies are regarding wills and trusts in order to understand what asset protection strategies are right for you. And finally, it is good to understand which assets will only be the subject of asset transfer in the event that both spouses pass away, and to decide, with your spouse, what you want to be done with those assets.
About Ronald E. Hudkins
Ronald Hudkins retired honorably from the U.S. Military Police Corps in 1993. He has just completed a mini book listing foundations that provide wish and dream fulfillments for adults faced with terminal illnesses, disabilities/challenges and/or are senior’s on limited incomes. The book also features a massive listing of organizations that provide adults with basic needs and other things. For more information visit http://www.adultwishfoundations.com

Estate planning for business owners.
For business owners, an effective estate plan addresses a number of concerns over and above the desire to care for surviving family members. Control over who will run the business, conservation of the owner’s assets in the face of legal expenses and taxes, and the liquidity to pay estate taxes due shortly after death are just some of the most pressing issues.
For the sake of their heirs, business owners should plan for the orderly transfer of their wealth — including their business interests — well in advance.
Prepare for Estate Taxes:
Depending on the value of business and personal assets at the time of death, the law may require that estate taxes be paid on the value of the business. If there is not enough cash on hand, heirs may have no choice but to sell the business prematurely or for less than the real value.
Some business owners use an irrevocable life insurance trust to purchase policies on their life, collect any death benefits, and distribute the money according to prearranged terms. The proceeds can be used to pay any estate taxes due, so heirs are not forced to sell a business, property, or other assets they would prefer to keep in the family. The use of these approaches can involve a complex web of tax rules and regulations. You should consider the counsel of an experienced estate planning professional before implementing such strategies.
Plan for Successful Succession:
A buy-sell agreement may be forged between the owners or shareholders of a business, outlining the terms for a buyout in the event of death or disability. It usually includes a pre-negotiated sale price, but can also explicitly request individuals to sell their interests to others or indicate who should manage the business operations.
Payments from a life insurance trust may also be used to buy assets from an estate, such as transferring ownership of a family business according to a pre-existing buy-sell agreement.
Your business is not just your livelihood. It’s likely to be the largest portion of your estate and thus the core of the legacy and security you intend to leave behind for your family. A solid estate plan can help keep your business intact through the most difficult transition of all.
Richard R L Evans
Richard is the owner of Affordable Health, Life and Annuity Services, Richard is an independent agent with 15 years experience in the Health Insurance Industry. He is also the owner of DreamProtector Agency LLC, an investment advisor and certified college planning specialist.

For Americans buying their dream property in Mexico, it’s important to understand the differences between Mexico’s real estate system and that of the United States. It’s never safe to assume that any law or process is the same between the two systems, and oftentimes they are completely different. There are a few key differences to be aware of between purchasing properties in the U.S. verses Mexico to ensure a seamless transaction.
Real Estate Agents
There is no real estate license required to buy or sell property in Mexico. Unlike in the U.S. where a person must be a trained and licensed agent to sell property, a person with no knowledge of real estate whatsoever can sell a piece of property in Mexico. Foreigners with little knowledge of the local laws and area can be an easy target for fraud.
Even sellers with the best intentions of conducting an honest transaction may not be fully aware of all of the legalities when it comes to zoning, title transfer, foreign ownership, etc. Consider finding a Mexican real estate agency with a solid reputation for foreign client satisfaction.
Property Ownership
As part of a law passed in 1917, citizens of countries other than Mexico cannot directly own property in the “restricted zone.” The restricted zone encompasses a 50km perimeter along the coastline and 100km perimeter along the country’s natural borders.
However, the Mexican government welcomes and encourages foreign investment and has developed ways for non-residents to safely own and enjoy property along Mexico’s picturesque coastline. Foreign investors must first set up a corporation in Mexico that technically owns the property. Under the law, foreigners have full ownership of their Mexican corporation, thus allowing non-nationals complete ownership of property within the restricted zone.
Financing
Mexican banks don’t offer the same types of attractive home loan packages that make it simple to finance a home in the United States. In Mexico, the majority of people tend to build their own homes starting with a small foundation and expanding slowly as income allows. For many years, Americans who wished to buy property had no choice but to pay in cash for the full amount.
Thanks to real estate reform, some American banks now offer loans for property in Mexico. Construction loans are available through U.S. banks as well. Some banks only write loans for second or third homes in Mexico while others offer loans for primary residences and investment properties.
While there are numerous differences between purchasing a home in the U.S. and purchasing a home in Mexico, the process today is easier than ever before. It’s important to find a real estate agency with a solid track record for success in helping Americans to obtain property in Mexico.
There are always numerous factors to consider and steps to take when buying property in another country. By working with trusted advisors, talking with others who have experienced the process, and doing your own independent research online, buying property can be a seamless and fulfilling experience.
Author is a small business internet marketing consultant and the cofounder of nGenuity Solutions.
To find more information about real estate in Costa Maya, or to contact a Costa Maya real estate agent, please visit http://www.transcaribbeantrust.com

A Private Trust Company is, essentially, a company formed for the specific purpose of acting as trustee of a single trust, or a group of related trusts. It is not uncommon for settlors to wish to retain a degree of control over assets they settle into trust and this is sometimes achieved by reserving specific powers under the terms of the trust. Such a course has risks, however, and in some cases Courts have ruled that the trusts are a sham. This can have unwanted fiscal consequences and may expose the assets to claims by creditors. Another means of retaining influence might be to appoint members of the settlor’s family or his financial advisors as trustee. This is not always possible as the trust may be treated, in consequence, as tax resident where these persons live.
With a Private Trust Company, the settlor, members of his family or his advisors can be appointed to the Board of Directors and in this capacity they are in a position to influence the manner in which the trust is administered. The composition of the Board can be changed from time to time to bring in members of succeeding generations and in this way involve them in the management of the family affairs. The company itself will generally be administered by a fiduciary in the chosen offshore location and which will be represented on the Board.
A professional trust company will often not be in a position to offer the settlor the degree of flexibility and the speed of response he is looking for and its employees cannot be expected to be as familiar with the business of companies owned by the trust as will be family members. Decisions may have to be referred internally and independent advice taken before they can be put into effect. If a change of trustee is desired it can be a lengthy and expensive process. With the Private Trust Company however, problems such as these can be largely avoided. People familiar with the business make the decisions and a change of direction for the management of the trust can be achieved by changing the Board of the Private Trust Company.
Although it all sounds simple there are some other considerations, which must be taken into account. All the major offshore locations now have a licensing regime for professional trustees and the Private Trust Company may have to apply for a license. This means that, not only will its owners and officers have to qualify, and proposed changes be approved in advance, but also that the ongoing compliance formalities could be onerous. The directors will also have to remember at all times that when they are taking decisions in relation to the trust; it is the interests of the beneficiaries as a whole, which must be considered. They should not be unduly influenced by their personal circumstances, something that is not always easy. The Private Trust Company is nevertheless the right solution in the appropriate circumstances.
Ref: CO270406
Chesterfield provide offshore trust consultancy, management and administrative services covering offshore company and trust formation and offshore partnerships and management for trading, investment holding, asset management and estate and tax planning. For more information on these services and buying a property in the UK visit http://www.chesterfield-offshore.com

No one can foresee problems that may arise should he become incapacitated. Yet, you can avoid negative consequences of unforeseen problems by creating Living Wills and Healthcare Power of Attorneys (HCPOA).
Setting up a Living Will or HCPOA is a relatively simple task. The first step it to consult with an attorney that specializes in estate planning to ensure that your documents are clear. Here’s an overview of what you can expect from your Living Will and HCPOA.
Healthcare Power of Attorney


The HCPOA, otherwise known as a “healthcare proxy” is a legal document that enables an individual that you appoint (your “agent”) to act as your healthcare representative if you become incapacitated. The agent becomes your acting representative at the moment you become incapacitated, thus eliminating the need for your loved ones to argue over your rights and wishes in court.
Your agent has the authority to request or deny any medical treatment that he determines to be appropriate. Therefore, it is a good idea to choose someone that you trust as your agent. Please note: In most states, your spouse will be your default agent. If you are not married but are in a lifelong relationship your partner, he does not automatically become your agent. Make sure that you appoint your partner as your agent to ensure that he or she has control over your medical decisions if you are unable to make them.
Because your agent has whatever powers you give him or her, make sure that he or she understands your desires. Some of the decisions he or she may need to make include but are not limited to:

• Deciding whether or not you will receive medical treatment
  
  
• Withdrawing life-support

Living Will


A Living Will and HCPOA should be used in tandem, since one document complements the other. Your Living Will is a document that clearly expresses your desires. In short, your Living Will provides your medical team with instructions for how to carry out your wishes should you become incapacitated. For example, if you become brain dead, you can state in your Living Will that you wish to receive or not to receive life support.
By creating a Living Will, you ensure that your desires will be carried out without court involvement that can be costly and stressful for your family. Criteria for enacting a Living Will vary by state; so make sure that you consult with an attorney to ensure that your Living Will complies with the rules in your state.
Thomas McNally is the staff writer at the National Directory of Estate Planning, Probate & Elder Law Attorneys. McNally stresses the importance of finding a qualified estate planning attorney to ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen.

You have undoubtedly made provisions for how your beneficiaries or guardians will handle your finances in the event of your death or disability. You’ve appointed a guardian for your young children and you’ve outlined instructions for how to handle your child’s education, finances and other expenses. Sure, you have a plan in place to provide for your child – but have you thought about special provisions for your Special Needs Child?
Special Needs Children require special care when planning your estate. Because your child may not be able to care for himself, the first and foremost consideration for him in your estate plan is deciding who will be your child’s guardian. In the event of your death or disability, your appointed guardian will be the protector of your Special Needs Child’s interests. Make sure you choose wisely.
If you have not appointed a guardian, then your child will have a guardian appointed by the court. You can rest assured that the guardian will be legally bound to adhere to the instructions that you’ve left behind.
When it comes to finances, you will also need to establish a plan that will take care of your child for the rest of his life. Depending on how you set up your estate plan, your Special Needs Child could have access to all finances that you’ve left behind for him or her. But, it’s not always strategic to leave all of your assets behind to a Special Needs Child.
If your Special Needs Child meets low-income requirements, he will have access to government and privately sponsored aid, such as in-home care, institutional care, medicines and support. Thus, leaving behind a large sum of money might actually work against your Special Needs Child.
Your Special Needs Child will most likely require special care for the remainder of his or her life. If he or she relies solely on the assets you leave behind instead of government-sponsored aid, then he will be out of luck when those assets are spent. Ultimately, the goal with a Special Needs Child is to keep him in a position to have access to government and private aid.
So what do you do with the estate you’d like to leave behind for your child? If you leave it for him, he can’t have access to the resources he needs. If you don’t leave it, how to do you know he’ll always be financially secure?
Luckily, the government has approved a Special Needs Trust to allay this concern. A Special Needs Trust is a simple, straightforward way to leave assets for your Special Needs Child without jeopardizing his or her access to government benefits.
You will appoint a guardian that will control the funds in the Trust. In the event that your child needs care that is not directly covered by a government or privately sponsored program, the guardian can use the Trust funds to cover any expenses.
Setting up a Special Needs Trust is a sound move for any parent of a child with special needs. The Trust assures that your child will be protected and financially independent, yet also have access to a lifetime of government and privately sponsored aid.
Thomas McNally is the staff writer at the National Directory of Estate Planning, Probate & Elder Law Attorneys. McNally stresses the importance of finding a qualified estate planning attorney to ensure that your estate passes to whom you want, when you want, and is carried out in the manner you’ve chosen.