Here is a brief answer that might clear up some confusions-

A Living Will

• Only takes effect when all medical procedures have been performed by physicians and you are only kept alive by life support.  Simply, if the machines are turned off, you will pass away.
• By having a Living Will, you take the decision out of your family or friends’ hands by making your decision in a legal document.
• The classic example is the Terry Schiavo case.  Her parents believed her wishes were to be kept alive while her husband believed her wishes were to not be kept alive artificially.  Since she had no Living Will, a long strenuous court battle ensued over several years.  There are no winners in that situation.

Medical Power of Attorney

• A Medical Power of Attorney gives you the authority to designate someone to make decisions on your behalf if you ever become incapacitated and are unable to make decisions on your own.
• If you ever become incapacitated, the person you have designated will be able to choose which medical procedures to perform, if there is a decision to be made regarding medical care.
• The person you designate will only be able to make these decisions while a doctor has deemed you to be in an incapacitated state.   That is, they have no power to make decisions unless a doctor has determined you are unable to make those decisions.

This is a brief summary of the differences between a Living Will and a Medical Power of Attorney.  If you would like more information about this topic, you may contact us to discuss your situation.

The Estate Division of the Gordon Law Group

Michael McNulty, Estate Attorney for the Gordon Law Group

Anyone who needs debt relief and considers bankruptcy as a proactive step towards attaining such relief should understand that even more important than the “to do” list is the “not to do” list.

• Not-To-Do Number 1:            Do Not Give Anything Away   
  • A bankruptcy trustee could see you giving property away as a gift, even to family, as a fraudulent conveyance.  The bankruptcy code allows the trustee to recover any property that you gave away or gifted within one year prior to filing bankruptcy.
• Not-To-Do Number 2:            Do Not Repay Debt
  • A bankruptcy trustee could see you repaying a debt as preferential payment, and recover the value of the property from you so that it may be divided among your creditors.

 Transferring any property, cars, cash, or otherwise, may void an exemption or be considered preferential payment.  Before filing bankruptcy you must prepare to file, and before preparing you must know what to do and especially, what not to do.  To protect yourself, your assets, and your family, you should check with competent legal counsel before transferring property or making large payments when considering bankruptcy.

Nashville Bankruptcy Attorney

When choosing which you would like drafted, there are various factors to consider.

• A Will costs less to draft but a Living Trust will save your Estate money when you pass away.
• A Living Trust is not subject to probate proceedings like a Will but there is no automatic court supervision to deal with disputes.
• A Will is public record the moment it is opened for probate while a Living Trust remains private.
• With a Living Trust, you are required to title all of your accounts in the name of the trust.  You are not required to retitle any of your assets if you have a Will drafted.

These are just a few of the factors to consider when deciding if you need a Living Trust or a Will.

If you would like more information, you can contact our office for a consultation.

More Information about the Estate Division of our firm

Nashville Law Firm

• divorces
• child custody
• adoptions

Divorce Lawyer

Here are just a few of the main reasons everyone needs Estate Planning, even if it is only a Will.

• When you pass away, your spouse does not automatically inherit your Estate.
• Taxes, both Federal and State and Medicare liens can drastically reduce the value of your Estate.
• The Guardians for your children will be decided by a judge and not your intentions.
• You, and not the courts, decide who will be the Executor of your Estate and how your Estate  will be distributed.
• The value of your Estate could be drastically reduced by unnecessary attorney and court fees that you could have avoided had you drafted a Will.

These are only a few reasons for the necessity to have a Will.

For more information, see more information on drafting Will

Give us a call today for a free consultation to help you navigate through your legal situation.