Archive for the ‘Estate Planning – Wills/Trusts’ Category

Who Gets Access to Your Online Accounts After You Die?

You may have a plan for what to do with your physical belongings after you die, but what about your online accounts? In today’s social media-dominated world, a person's digital presence lives on online even after he or she is gone. But who has the right to access those accounts? States have begun addressing this issue with new digital access laws. Under current Facebook policy, if an account member dies, Facebook will remove the account at the request of family or put it into "memorial status," but it is very difficult for family members to get access to the account…

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Online Services Offer Estate Planning for Digital Assets

Once upon a time, when life was less complicated, the key to a safe deposit box was all loved ones needed to gain access to important documents and accounts following a death. Today, many aspects of our lives — both financial and personal — are lived in places accessible only by password. We have e-mail addresses, Facebook and MySpace profiles, and accounts with PayPal, eBay, and online brokerages and banks. In addition, many people communicate regularly with people they know only through game or social networking sites. When a person dies, access to these accounts and contacts can be lost…

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Why Create A Living Legacy To Hospice of Frederick County?

We invite you to join the many friends of Hospice of Frederick County who have created a personal legacy by pledging thier support. Their planned gifts are helping Hospice achieve its mission to promote quality of life by providing medical, emotional, spiritual, and bereavement support to individuals and their loved ones facing a life-limiting illness. Through a planned gift, you partner with Hospice of Frederick County to assure that its commitment to care for anyone, regardless the ability to pay, remains a reality for generations to come. As a member of the Planned Gift Committee, I Thank You in advance…

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Why You Need A Power of Attorney

Why would you ever consider giving someone else the power to manage your health and financial affairs? After all, you’re healthy and don’t have any concerns. However, if you have a heart attack, stroke or an accident that leaves you suddenly incapacitated, who will carry out your affairs? Consequently, you should consider a power of attorney. A few simple steps can relieve you of worry and your family from the burden associated with the difficult decisions that come with aging. What is a Power of Attorney? A power of attorney is a legal document allowing someone to act on another’s behalf….

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You Need To Review Your Estate Planning documents Regularly.

There is a tendency to view elder law estate planning as a static process i.e. once done don’t need to do anything more. However,estate planning is rarely a one-time event. Besides accounting for legal changes, the plan must be modified to account for life changes — birth, death, divorce, finances and health. Even the best of plans may be obsolete by the time they are needed, sometimes many years later. At a minimum, an estate plan should be reviewed every three years to see if any life or law changes affect it. Over time, clients may want to change their…

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Several questions everyone should ask themselves when preparing a living will, advance medical directive or other legal documents

There are several questions everyone should ask themselves when preparing a living will, advance medical directive or other legal documents that have a direct impact on how a medical emergency should be handled by healthcare professionals. Elder law attorneys know that fewer than 70% of families actually make the correct choice when they are forced to guess at what their loved ones want done. Physicians are even more apt to make a judgment call that isn’t in line with their patients’ final wishes or religious beliefs. Before you begin to prepare an advance directive or living will with your estate…

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Living wills and advance directives for medical decisions

Organ donation You can also specify in your advance directives any wishes you have about donating your organs, eyes and tissues for transplantation or your body for scientific study. If you wish to donate your body for scientific study, contact the medical school closest to your home for details. Share your wishes with your family Injury, illness and death aren't easy subjects to talk about, but by planning ahead you can ensure that you receive the type of medical care you want. You also relieve your family of the burden of trying to guess what you'd want done. Be sure…

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Do you need a living will and a medical POA?

A living will can't cover every possible situation. Therefore, you might also want a medical POA to designate someone to be your health care agent. This person will be guided by your living will but has the authority to interpret your wishes in situations that aren't described in your living will. A medical POA also might be a good idea if your family is opposed to some of your wishes or is divided about them, states the Mayo Clinic. Choosing a health care agent Choosing a person to act as your health care agent is possibly the most important part…

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Living wills and advance directives for medical decisions

Living wills and other advance directives describe your preferences regarding end-of-life care. Because unexpected situations can happen at any age, all adults need advance directives. Living wills and other advance directives describe your preferences regarding treatment if you're faced with a serious accident or illness, states the Mayo Clinic. These legal documents speak for you when you're not able to speak for yourself — for instance, if you're in a coma. Living wills and other advance directives aren't just for older adults. Unexpected end-of-life situations can happen at any age, so it's important for all adults to have advance directives….

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Types of Trusts

Trusts fall into two basic categories: testamentary and inter vivos. A testamentary trust is one created by your will, and it does not come into existence until you die. In contrast, an inter vivos trust starts during your lifetime. You create it now and it exists during your life. There are two kinds of inter vivos trusts: revocable and irrevocable. Revocable Trusts Revocable trusts are often referred to as "living" trusts. With a revocable trust, the donor maintains complete control over the trust and may amend, revoke or terminate the trust at any time. This means that you, the donor,…

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