A Survivor's

Journal is...

A workbook that
helps you prepare
your family for your
death or disability

Learn more with

these links...

Introduction

Who Should Prepare A Survivor's Journal

Excerpts From The Book

NEW!  Version 2.0...

Now with interactive PDF

forms allowing you to fill in,

save, and print the individual

forms on your computer for ease of use and updating.

Excerpts from

"How to Create a SURVIVOR'S JOURNAL" - v2.0

(see also Introduction, Table of Contents and Who should prepare a Survivor's Journal)
 
From Financial, Tax and Legal Information, pages 124-125:
 
When Does My Durable Power of Attorney for Finances End?

As mentioned earlier, your durable power of attorney for finances usually becomes effective when you are incapacitated and cannot make financial decisions for yourself. This authority ends when you either recover from your disability or die. Your financial agent has no authority to make decisions for you after your death, such as paying your debts, arranging your funeral and burial, or transferring your property to your designated heirs. At your death, these tasks are the responsibility of your executor. If you want your financial agent to also make decisions after your death, you must appoint him or her as your executor in your will. (See the Death Information section for information on last wills and testaments and the role of an executor.)

   
What Happens if I Don’t Have a Durable Power of Attorney for Finances?

If you become incapacitated and unable to make decisions for yourself, and you do not have a durable power of attorney for finances, a court hearing must be convened before any financial transactions can be performed on your behalf. Technically, all of your assets become frozen until a financial agent, or conservator, is determined for you.

If you are married, your spouse typically will have authority over any financial affairs where the two of you are listed as joint owners on the account, such as with joint checking accounts and joint tenant property ownership. This means your spouse could use those joint assets to continue managing your financial obligations. However, some states require both spouses to sign before the sale of co-owned real estate or vehicles. If you are incapacitated, you would not be able to consent to the sale, thereby tying the hands of your spouse on those assets. Additionally, your spouse would not have access to any financial matters where you are the sole designee on the account, title, or deed. (Refer back to the Property Information section for information about property rights of ownership.)

If you fail to create a durable power of attorney for finances and your family is forced to petition the court for the authority to handle your financial affairs, your financial situation will become a matter of public record. Additionally, the facts surrounding your incapacitation also will be open to the public. Should any conflicts or family squabbles arise over the control of your finances, these too will be aired in public.

During the court hearing, the judge will listen to the petitions of all those who wish to manage your finances. At the conclusion, he will either appoint a member of your family or a public appointee to be your conservator.

The paragraphs below explain the role of a conservator.

What is a Conservatorship?

 
A conservatorship is a legal arrangement in which an adult has the court-ordered authority and responsibility to manage another adult’s financial affairs.

                                                             ...continued in the book (purchase)

 
From Death Information, pages 216-217:

Do I Need a Lawyer to Make a Will?
 
More than likely you do not need a lawyer to draft your will. Wills rarely involve complicated legal rules. Many lawyers use computer software programs to complete your will. These same programs are available to the general public. If you know what you own and to whom you wish to bequeath your possessions, you can follow some simple guidelines and make your own will. However, if you have a large or complicated estate, you should seriously consider obtaining legal advice before drafting your will.

There are numerous computer software programs on the market that are very helpful in preparing wills. Most are programmed with fill-in-the-blank forms that should be legal in your state. However, you don’t need a computer to prepare your will. You can type or even hand write your will in whatever format you wish. Handwritten wills, called holographic wills, are legal in approximately 25 states. To be valid, a holographic will must be written, dated and signed in the handwriting of the person making the will. Some states allow a third party to hand write a will for another, provided the will is properly dated and signed by the person whose will it is. Of course, the will also should be witnessed by a minimum of two witnesses.

Four states (California, Maine, Michigan and Wisconsin) allow what is called statutory wills. A statutory will is a printed, fill-in-the-blank or check-the-box form. These are easy to fill out and inexpensive to use. Unfortunately, they often are too generic to be helpful. This can also be true of will forms bought at office supply stores. They usually give little guidance to the person using them. If you want to use a fill-in-the-blank format, you should stick with one from a computer software program or use the Sample Last Will and Testament on pages 235-239 in this book.

Some married couples enter into joint wills. In a joint will each testator leaves everything to the other. The will usually then explains what happens to the property and assets if both testators die. Joint wills keep the surviving person from changing the will after the first dies. This, of course, is the downside of joint wills; the survivor cannot change the will to reflect changing circumstances.

Finally, you should be aware that videotaped wills, although convenient, are illegal in every state and oral wills are valid only in a few states, and then only in very special circumstances, such as the danger of imminent death.

How do I Make My Will Legal?

 
Any adult can make a will. To be legal, your will must meet the following requirements:

• You must be of legal age or otherwise legally capable of making a will

• You must be of sound and reasonable mind

• Your will must be typewritten or computer-generated, or be a valid handwritten will

• The document must expressly state that it is your last will and testament

• The will must have at least one substantial provision that leaves some or all of your property to an individual or individuals

• You must appoint an executor to supervise the distribution of your property after your death and see that your debts and taxes are paid

• You must date and sign it

• The document must be signed by at least two or, in some states, three witnesses (who cannot be named as heirs in your will), who must watch you sign your document and then sign it themselves

In most states you do not need to have your will notarized. However, a notarized will usually speeds up the process if your estate is probated.

Wills do not have to be filed with any official court or agency, although in some states you can do so if you desire. However, there is no advantage to this. All you really need to do is keep your will in a safe, accessible location and be sure your executor (and family) knows where it is.

If you move to another state, your will usually will be valid in the new state, if, when you wrote your will, it was legally valid in the state where it was written. However, as always, if you move, you should reevaluate the provisions in your will against the laws of the new state. This is particularly important regarding property ownership issues for married couples. Community property laws may invalidate some of the bequeathments in your will.

How do I Leave Property to My Family?

 
Typically, your will is where you’ll identify the people to whom you wish to bequeath your real and personal property. Of course, the tenancy ownership of your property typically determines who owns it after you die. However, if you are the sole owner of the property, or have right of survivorship on the property, you should name an heir for that property.

If you bequeath property to your children, except for property with limited value, state laws typically require an adult to manage property inherited by children until they are 18.

I’m not afraid of death. It’s just that I don’t want to be there when it happens.

 
— Woody Allen

                                                             ...continued in the book (purchase)