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Maybe I'm retarded here - your 'living will' terminates the moment you die - then youf 'will' goes into effect. So basically, if they didn't transfer everything before your heart stopped beating - it falls under the 'will' and not 'living will' -
Your statement:
It is everday common to have a "living will" drawn up and is 100% legit...that makes you rank among the dumbest not to be aware of it. It is simply signing over your assets prior to death via the power of attorney. Simple...clean...and hassle proof.
Is incorrect - you haven't signed your assets over - you are giving them 'Power of Attorney' to do whatever they need to do if you become incapable of doing it - or choose to hand it over rightaway - which leaves you with zilch if they make bad investment decisions.
What KimmyKim and SleazyDream were saying is exactly what a 'Living Will' is used for - you're making it seem like it rolls over when you die - then they become you're Executor and your executor has go by all the standard laws - you haven't spared anyone any taxes unless they've transferred the money and did their transactions before your death - and even then, it can be judged as 'conflict of interest'
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