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1. A
power of attorney continues after death.
FALSE. If you have been appointed as someone’s power of
attorney, that power terminates at the time of their passing.
2. When
you die, your debts die with you.
FALSE. Depending on the size of your Estate, your Estate may
be liable to pay your debts including credit cards, medical bills, and
taxes.
3.
If you die without a will, the state gets all your money and property.
FALSE. The laws of Intestate Succession provide a formula for
who gets your property if you die without a Will. Beginning with your
spouse, children, grandchildren, siblings, nieces, and nephews, each
state has designed a specific order of how your Estate will be distributed.
Only if there are no living relatives does the state inherit your property.
4. To
be valid, a will must be notarized.
FALSE. To be valid, your signature must be witnessed when you
sign the document. Further, most states require that there be at least
two witnesses who must also sign the document that they witnessed you
signing the will.
5. If
you are named in a will as the representative, you must serve.
FALSE. You may decline the appointment. Further, if a will must
be probated, your appointment must first be approved by the court before
you can assume your role.
6. All
wills have to be probated.
FALSE. Depending on your state law, unless the value of the estate exceeds
a certain stated value, property may be transferred without the need
for a formal probate.
7. If
a divorced parent dies leaving a minor child, the child automatically
goes to her former husband.
FALSE. In a Will, you can name the guardian of your child
if you should pass away. If a former spouse objects, a court will decide
what is in the best interest of the child as to who should raise the
child.
8. Probates
are very expensive and take forever.
FALSE. Depending on the simplicity or complexity of the issues and the
size of the Estate, probates are generally concluded within a year of
the decedent’s passing. However, sale of real property and other
transfers can usually occur before the Estate is closed. Further, many
Estates can be handled without the need for an attorney saving the Estate
from having to pay probate fees.
9. A
Living Will is the same as a Will.
FALSE. A Living Will, also known as a Directive to a Physician, is your
declaration whether or not you want artificial life support. A Living
Will talks about your personal wishes and does not discuss how you want
your property to be divided.
10. A
handwritten Will must be witnessed.
FALSE. To be valid, a handwritten Will must be written entirely by the
writer of the Will known as the Testator. It cannot be typed. Further,
if it is witnessed, the handwritten Will is invalid.
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