Legal Articles, Wills & Probate
WHY DO I NEED AN ESTATE PLAN?
WOULD YOU ASK THE SAME QUESTION ABOUT HOME INSURANCE, IF YOU ARE A HOME OWNER? OR WOULD YOU ASK THIS SAME QUESTION ABOUT CAR INSURANCE, IF YOU ARE A DRIVER?
LIQUIDITY & LIFE INSURANCE IN MY ESTATE PLAN
IT IS ESSENTIAL TO ADDRESS ISSUES OF LIQUIDITY AS PART OF YOUR ESTATE PLAN
FIVE MOST COMMON MISTAKES OF ESTATE PLANNING
FIVE MOST COMMON MISTAKERS OF ESTATE PLANNNG MADE BY PROFESSIONALS WITHOUT ADEQUATE EXPERIENCE IN ESTATE PLANNING
How Does Adoption Change Your Rights to Your Biological Parent's Estate?
Adoption changes your rights to inherit from your biological parent's Estate if they pass intestate. This article summarizes Mr. Nussbaum's attempt to circumvent that rule.
Let's Talk About: Simple Wills
Today we are going to discuss Wills, and more specifically the "Simple Will." There are many types of Wills, but this type is most commonly used for smaller estates. South Carolina requires one to be over the age of 18 and "of sound mind" in order to make a Will and several administrative measures in order to be considered a validly-executed Will..
WHAT CREDITORS HAVE PRIORITY IN A FLORIDA PROBATE?
This article focuses on the priority of creditors during a probate proceeding.
Asset Protection By Design
Most of the time people believe that their estate is all “set-up,” even though most of the time it is not. It’s just the process of having gone to an attorney for a plan, like the couple above.
Much of the failure of estate planning is the misunderstanding of consequences. Often, a legal hearing is required to take control over family member’s financial and medical decisions when planning is no longer possible. Probate is the court procedure that interprets the Last Will and Testament or follows the rules of asset transfers when the documents aren’t available. Probate could easily be avoided through proper estate planning.
The following documents are covered under the definition of basic estate planning.
1. Power of Attorney; this is the document that provides authority to enable others to make financial decisions for the benefit of the one who set-up the Power of Attorney.
2. Health Care Surrogate; This is the document that provides authority to a trusted party to make health care decisions for the benefit of the grantor if and when unable to make such decisions.
3. Living Will; This is the document that provides authority to enable a trusted party to make end-of-life decisions.
4. Revocable (Living) Trust; this is a document that control’s how assets are to be handled during one’s lifetime and after death. The trust-maker has the ability to make changes during one’s life.
5. Last Will and Testament. This is the document that handles assets at death and assets that are not properly funded by the trust through the court process called probate.
Protect your family
Prepare a will or trust AND financial and medical powers to protect your family in the event of your disability or death. We can help.
