When’s the last time you made adjustments to your will? If you haven’t created a will at all, you’re not alone — it’s estimated half of all Americans haven’t met with legal services to craft their will or trust fund, leaving their loved ones at risk if worse comes to worse. If you need to create a guardianship or meet with an attorney, you might have to seek out additional services to ensure your home and belongings are properly secured. Look below as I detail wills, mortgages and American Medicaid to better help you get started with organizing your assets.
Wills And Trusts
A will is a legal document that assists in the distribution and assignment of your finances and belongings when you pass away. A recent survey found that around 64% of the American population doesn’t have a will, citing reasons of difficulty and unfamiliarity with the legal system as to why they’ve put off this task. If you make more than six figures or higher per year, it’s recommended you create a trust as well as a will to better organize your estate taxes and belongings.
Mortgages And Real Estate
When factoring your mortgage into your will or trust fund it’s essential to figure out your current financial standing in relation to the future. There are over seven million mortgage borrowers in the U.S., with rates around 4.5% for those looking to refinance. The past five years saw over three million borrowers without equity for their homes. Estates valued at $5 million, with married couples at $10 million, are also exempt from federal taxes.
Medicaid And Social Security
Medicaid is a form of health insurance that provides care to mothers, the elderly and disabled populations. Medicaid serves over one million members of Alabama’s five million population, for example, covering nearly half of all births and securing stable maternity care. Some families cannot qualify for Medicaid, however, if their income is over $3,800 per year. Certain will documents require a Health Care Proxy, designed for those that need assistance with their medical finances.
Contacting Legal Services
Creating a will requires the skills of a will lawyer. Other times a real estate lawyer or guardianship lawyer will be called in for additional purposes. The time it takes to create a will varies greatly on the complexity of the task, the amount of people involved and additional qualities such as disability services or translation. Taking a little time now to organize your finances and assets will go a long way in creating peace of mind for your loved ones — contact legal services today and ask how you can start your will or trust fund.