Here are a couple benefits of a will. It is simple and inexpensive to create. It must be witnessed by two people that see you sign your name in their eyesight. Second, a will may name a guardian in case of your death. This is important because people's children are important to them. This likely will reduce the confusion of who should be the guardian of your child. Third, your loved one's get their inheritance supervised by a judge.
Here are the weaknesses of a will. First, a Revocable Living Trust can do the same things as a will and more. Second, a will does not avoid probate court. Probate court is a court that determines who is the rightful owner over your property such as people that die without a will or people that die with a will. Third, a will does not plan for any issues during your life unlike a Revocable Living Trust. For example, seniors are facing dimentia, strokes, and other ailments that make incapacity the biggest liability risks. A will does not plan for incapacity and a guardian court case must be established. Guardianship court is a court that hears claims of disabled people such as minors and adults lack capacity to make their own decisions. Guardianship court is expensive in terms of lawyers' fees and costs and often times, causes fights among family members. A Revocable Living Trust is planned to avoid the risks of guardianship court and have trust loved one's appointed as managers over one's finances and healthcare decisions before these events occur. Thus, there is no need for any court involvement. Fourth, many people love their in-laws but do not want their son-in-law or daughter-in-law to inherit their wealth. Thus, a Revocable Living Trust unlike a will can protect your child's inheritance from their spouses even in case of divorce. Fifth, a Revocable Living Trust is private and is not public information. A will is public information and must be filed at the court house. Many people do not desire for others to know their family's dirty secrets. Finally, a Revocable Living Trust or sometimes referred to as "Living Trust" may plan for possible tax concerns unlike a will. Estate taxes generally begin at 50 percent of your wealth.
What is a Power of Attorney? There are two types of powers of attorney. First, a power of attorney for property designates a trusted person to manage your finances in case you cannot manage them yourself. This is important because your mortgage payments, spending money, car payments, or any other payments cannot be done without a person that is legally empowered to manage your finances. If you do not have a power of attorney, than your family must go to guardianship court to get appointed as a guardian. A guardian is a person that is responsible for managing your finances and paying your bills. Second, a power of attorney for healthcare is a person that makes healthcare decisions for you when you cannot exercise this power for yourself. Typically, a power of attorney describes your wishes with regard to life support, any religious or other beliefs (that affect your healthcare decisions), or whether you want feeding tubes to keep you alive. Again, without a power of attorney, your loved ones must go to guardianship court to get a guardian appointed to make healthcare decisions for you. This is a trying process for your family members. Quite frankly, being a guardian is a hard and thankless job. It often times requires a lot of your time and money! Parents or whoever, please do not put your kids or your loved ones in this position. Your loved ones will thank you for planning ahead.
Sean L. Robertson, Attorney at Law
Robertson Law Group, P.C. (formerly known as Law Office of Sean L. Robertson, P.C.)
9923 South Ridgeland Avenue, Suite 99
Chicago Ridge, Illinois 60415
312 498 6080
RobertsonLawGroup@gmail.com
www.RobertsonLawGroup.com
We concentrate in Wills & Trusts, Estate Planning, Asset & Wealth Preservation, Business Organizations, & Litigation.
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