Last Will and Testament (LWT)
LWT are designed to set forth your wishes so your family and friends do not have to assume and guess after your passing. In short, wills are your voice when you are no longer around to speak for yourself. Your family and friends are dealing with the emotions of your passing. Your will lets the world know what you would like to be done with your possessions, your assets, and how to provide for your dependents.
Everyone, regardless of marital status, should have a will. It’s essential when there is more than one heir – e.g. if you have kids and are not married. If married, everything that does not have a named beneficiary, automatically goes to the surviving spouse. If you have kids it can get messy without a will. The questions that arise are: Is that your child? Did he/she want you to have this? By law, your biological children will get an equal percentage. You may want different percentages or leave nothing to a child.
A client of mine left nothing to his adult children and left everything to his minor children. He provided an explanation (although he did not have to) to make his family and friends understand his wishes. While the older children were upset and disgruntled, they could not protest or make an argument as his wishes were laid out in his will.
LWTs will name the people that you nominate to carry out your wishes. It’s always recommended that you choose people that can be trusted, who are responsive, organized and efficient. It’s not a popularity contest and do not get caught up with offending anyone. Those feelings should not come into play when choosing someone to execute your wishes. They are the named executors.
LWTs are especially important for parents as it names the guardians of your minor child(ren). Assumptions can be made as to who will be physically and financially responsible for your child, but you may have a different idea and its important and imperative that you name the person(s) responsible for your minor child(ren). Creating a trust for minor kids is essential as well. The named guardian will be more willing to take on that responsibility provided there is a momentary portion for the care and maintenance for the minor child.
Living Wills/Medical Directives/Health Care Proxy
Advance directives and living wills are legal documents that give instructions to your family members, health care providers, and others about the kind of care you would want to receive if you can no longer communicate your wishes because you are incapacitated by a temporary or permanent injury or illness. Not wanting mechanical ventilation or a feeding tube, etc.
Health care proxy is a legal document that nominates individuals to make certain kinds of decisions on your behalf in certain medical situations. Most people nominate their spouse or offspring. While practical, it should be someone who is unrelated to you or will execute your wishes and not be clouded by their feelings. Often, I see family members being hopeful and making the ill undergo unnecessary procedures to stain life and the individual is alive on the outside but dead on the inside. The person nominated is left with a hard task and decision indeed. There should be no other influences involved in making a decision. It should be based on fact and reason.
Author: Miriam B.
