The Inner Workings of a Law Firm

The Inner Workings of a Law Firm

4 Things Wills Can Handle Besides Disposition Of Assets

by Jo Rodriquez

When people think about speaking with a wills lawyer, they often focus on their financial legacies. A will can do a lot more than disposing of your assets, though. You may also want to talk with a wills lawyer about these four other issues.

Medical Decisions

Folks often think of wills covering things that happen if they pass. However, a will should also answer questions about what happens if you are incapacitated for medical reasons. Who decides what sort of medical care you will receive? A directive in your will can provide guidance regarding your wishes regarding aggressive medical care in potential end-of-life scenarios.

Similarly, your will can dictate who makes decisions regarding medical procedures you might find morally objectionable. A person who objects to the use of stem cell therapies, for example, would want to exclude such medical procedures in their will.

Disappearance

You should also consider scenarios where you might disappear. For example, how soon would you want your estate to go into effect? Likewise, you may want to limit certain benefits of the will if you disappear under questionable circumstances.

You may also want to provide a trust that pays for things in your absence. Especially if your spouse or dependents may not be in a good financial position without you, this can plug some potential holes.

Voting and Operating Rights in Businesses

Other issues can arise if you are incapacitated or missing. Notably, if you have a voting or operating interest in a business, there is a question of what happens to those. A will can outline who takes control of those rights if you're incapacitated. Such provisions reduce the risk that a prolonged absence could leave the business non-functional. Especially if a lot of people depend on the business for their livelihoods, you will want a wills lawyer to write some provisions to enable its continued smooth operation.

Discontinuing Provisions

You should also include terms to address the conditions for terminating the previous provisions. This will reduce the potential for abuse by a trustee or spouse.

Likewise, use the will to clarify what you wanted when you were of sound mind. Clarification can be important if there are concerns about an altered mental condition that may influence decision-making. You don't want to create a legal gray zone where people are battling over the intent of the will and claims about your mental, emotional, or physical condition.  


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About Me

The Inner Workings of a Law Firm

We all know that lawyers are professionals who help people interpret and work with the law, but do you know how a law firm works from the inside out? I am a professional paralegal, and I have worked in both large and small law firms during my career. I can tell you that a successful law firm needs more than just lawyers to keep it running smoothly, and sometimes things can get really crazy! Take a tour through a law firm in my blog, and find out what really goes on behind the scenes of an active and successful law firm.