Nine Things You Should Know About Probate
Posted on April 24, 2008 - Filed Under Legal and Law | Leave a Comment
The legal process of the distributing of the estate of a deceased individual is known as probate. Probate is often a time-consuming and confusing process for those who are involved. Most people lack a knowledge of the probate process because of inexperience with the process.
While probate is rarely easy, an adequate knowledge and understanding of the process can decrease stress, and increase your confidence that everything is being done properly. Anyone involved in probate should understand the following:
1 – In cases where a valid will exists, the individual named in the will as the executor is responsible to see that the deceased’s instructions are carried out.
Read More..>>Discussing Wills And Powers Of Attorney With Your Parents
Posted on April 15, 2008 - Filed Under Legal and Law | Leave a Comment
Discussing wills and durable powers of attorney with your parents can be somewhat scary for most people. I think there are a number of reasons for this.
Read More..>>Streamlining Probate Law - Execute The Executor And Avoid Probate Completely
Posted on April 4, 2008 - Filed Under Legal and Law | Leave a Comment
Probate law primarily concerns the execution, interpretation, and contest of legal wills and estates. A probate court may be known by various names depending on where it is, however, probate law always concerns how a deceased person’s estate is handled by his executor or heirs. The word probate describes the process through which a person’s final wishes are carried out with regard to who should administer the process, how assets will be sold and divided, and what will happen to any existing estate. The estate is the term used to refer to the legal entity that is comprised of a decedent’s assets after they themselves have died. An estate may own property, profit, pay taxes, be sued, and owe debts.
Read More..>>Wills, Trusts And Durable Powers Of Attorney
Posted on March 30, 2008 - Filed Under Legal and Law | Leave a Comment
1. California Law
This document discusses California law only. Each state has its own laws for dealing with wills, trusts and powers of attorney.
2. Durable Power of Attorney for Finances
a. Durable powers of attorney for finances allow someone else to handle your finances for you. They come in two basic types:
i. A “springing” durable power of attorney allows your agent to handle your financial affairs (such as paying bills) if you become incapacitated.
(1) If you regain capacity, your agent loses this power – unless and until you become incapacitated again.
Read More..>>Will Estate Planning
Posted on March 27, 2008 - Filed Under Legal and Law | Leave a Comment
A will is a written document which gives instructions how and to whom the will maker (testator) wants to bequeath his/her property after death. An oral will can be made only by members of military and merchant navy in active service when they don’t have time to execute a written will due to exceptional conditions like war.
Any person above 18 with sound mental health can make a will. It must be dated and signed by the testator and certain number of witnesses, depending on the laws of the state. A hand written will, called ‘holographic will’, valid in 25 states, does not require witnesses.
Read More..>>Estate Planning Basics
Posted on March 13, 2008 - Filed Under Legal and Law | Leave a Comment
Benjamin Franklin famously said, “In this world, nothing is certain but death and taxes.”
Unfortunately, you can’t avoid death. But a carefully-drafted estate plan can help avoid
taxes, family conflicts and a lot of unnecessary heartache. The following provides a general overview of the estate planning process, and what to expect.
Why do I need an Estate Plan?
Many of us spend our earthly lives accumulating assets which, unfortunately, upon our death, will not go with us. The top 2 reasons for having an estate plan:
1. So you can transfer your wealth to your chosen heirs, in your chosen manner;
Read More..>>What Happens To My Trust When I Die
Posted on March 8, 2008 - Filed Under Legal and Law | Leave a Comment
Question: I have my bank accounts (CD’s Savings etc) in the __________ Revocable Trust. My self and my friend are trustees. If I die, does the Trust “disappear” and are my accounts automatically distributed to the surviving trustee or will the trust as a taxable entity still exist? M.N.
Answer: Dear M.N. - The short answer to your question is, it depends upon what the trust instrument says.
Unfortunately, we often get caught up in the legal ramifications of a trust and lose track of the fact that it is nothing more than someone holding your property for the benefit of someone else.
Read More..>>The Pitfalls Of Online Wills & Trusts Forms
Posted on February 25, 2008 - Filed Under Legal and Law | Leave a Comment
There comes a point in every person’s life where it is appropriate and prudent to begin planning for the post death division of property and assets. It is necessary to anticipate and plan for the quagmire that is probate. For many facing the task of planning their estate, the mere idea of paying an estate planning attorney can be painful and many simply choose to forego such a task by using cheap or free online forms. While choosing the easy way out may save you money now, it will cost your estate significantly more in the future. The pitfalls of cheap online wills and trusts writing programs are many.
Read More..>>Estate Planning - More Than Just A Legal Will
Posted on February 21, 2008 - Filed Under Legal and Law | Leave a Comment
When people think of Estate Planning, they generally think of legal wills. Estate planning is not just a will, although it does involve writing one. Rather, it’s a series of legal steps that involves allowing your beneficiaries to avoid probate and minimize the taxes incurred, and for you to write a living will in which you nominate trusted associates who would assume power of attorney and executor status should you be incapacitated or die. Estate planning also allows you more direct control over how your assets will be treated when you’re gone.
Read More..>>Probate Attorneys - Sometimes A Specialist Is Really Needed
Posted on February 5, 2008 - Filed Under Legal and Law | Leave a Comment
Attorneys can be very useful in times of bereavement. Probate complexities can be overwhelming to a grieving survivor, and lawyers trained in dealing with such complexities can be instrumental in getting through such a time. Let’s explore the ways in which hiring a probate attorney can be beneficial to the family — even prior to passing on.
A lawyer can help in many ways when it comes to writing a will. If a person dies without a will (or dying “intestate”) in Florida, their assets are divided amongst their immediate family. If the deceased has a spouse and at least one child, the first $60,000 of their estate beyond homestead entitlements, plus 1/2 the remaining estate, will go their spouse. The remainder goes to their children. If they have a spouse but no children, the entire estate goes to the spouse.
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