Scranton Wills Lawyer
The first and most essential part of any estate plan is a simple will. A simple will informs your loved ones about your burial or cremation wishes, allows you to pass down family heirlooms, bequeaths financial property, can share stories and video interview footage with your loved ones, and much more. Every adult needs a living will, regardless of age, though AARP found that two out of five adults over 45 do not have any type of will.
A living will, also called an advance healthcare directive, is a legal document that defines what you want to have happen to you when and if you are unable to make medical decisions for yourself. For example, do you want to be kept alive by a ventilator, or to be fed fluid and calories if you go into coma? Most people have strong wishes about their medical treatment, yet these wishes may be ignored or completely unknown by your physician if you do not have a living will. Even worse, your loved ones may argue about what you would have wanted, ruining relationships in the process. According to National Healthcare Decision Day, studies have shown that:
- 42 percent of Americans had a friend or relative suffer a coma or terminal illness within the past five years, and that in the majority of these cases the use of life sustaining treatment arose; and
- Fewer than half of terminally ill or severely ill patients have an advance healthcare directive (living will).
Testamentary Trust Will
A testamentary trust is a trust that is created after you pass away, used to give assets to a beneficiary or beneficiaries, but typically only at a specified time. Instead of this trust being created during your lifetime, it is written into your will that you wish for this trust to be created by the executor of your will after you die. This type of trust is irrevocable.
A joint will is similar to a simple will in that it accomplishes the same tasks. However, just as the name implies, it is used and created by two people, who are often spouses. When the first testator dies, everything will be given to the surviving testator. When that testator dies, the will specifies how the remaining assets will be awarded. A joint will can be altered only when both testators agree to the modifications. As such, it cannot be modified after the death of the first testator.
Reach Out to One of the Attorneys at Haggerty Hinton & Cosgrove LLP
The experienced Scranton will attorneys of Haggerty Hinton & Cosgrove LLP can help get you started today. Creating a will may seem like an uncomplicated task that can be accomplished with a cheap online form, but we encourage you to talk to an attorney first. Legal assistance will ensure that you do not leave anything out, and that your loved ones are left in the best place possible following your passing. Call us at 570-344-9845 or contact us today to set up a consultation with one of our wills attorneys.