Services
Wills (Last will and Testament)
A will is a written document that directs how you want your property distributed after your death. In your will, you appoint a trusted person to be your executor. Your executor or personal representative, through probate court supervision is responsible for distributing your property according to the instructions you place in your will.
Before you determine to whom you want to leave your property, you need to think about the property that you have to give away. Remember that some property, such as jointly owned property with right of survivorship, will go automatically to a joint owner, even if you have a will.
Estate Planning / A Living Trust
Estate Planning is the process of accumulating and preserving your assets as a way to ease the management of your affairs during your lifetime and to provide for an orderly distribution of your assets after death.
A Living Trust is created during your lifetime and is funded with most or all of your assets by simply re-titling the assets to yourself as trustee. In other words, the individual who creates the trust (the grantor) is usually also the initial trustee who will retain control of all of the trust assets until his/her death. Successor trustees are also named so that if the grantor becomes incapacitated, the successor trustee will manage the trust assets for the grantor’s benefit, until death. Upon the grantor’s death, the successor trustee follows the terms of the trust and distributes the trust assets to the trust beneficiaries. The “bottom line” is that you are still in control of all of your assets under your trust, so you continue to enjoy all the present benefits of your assets.
Also, a living trust is revocable during your lifetime, which means that you can re-transfer your trust assets back to your name if desired, without adverse tax consequences. A revocable living trust does not restrict you from managing your assets; such as, you can continue to buy, sell, borrow, make gifts, etc. Since a living trust is revocable, you continue to file your income tax returns as you normally would; there are no additional separate tax returns to file and while you are alive, all trust income is reported under your social security number.
Probate & Estate Settlement
When you need to consult with a probate attorney, it’s probably because an immediate family member, relative, or someone who was close to you has died. It is not easy to find an attorney during a time of sadness, but it still has to be done.
Generally speaking, I have two classifications of probate matters:
1) Uncontested Probate: Probate cases where the interested parties are not fighting.
2) Contested Probate: Probate cases where the interested parties are fighting which leads to litigation over the estate.
For example, you and other interested parties are either in agreement with the distribution of the deceased person’s assets, or you are not in agreement, or other interested parties are in disagreement. The disagreement or fighting could result in litigation over an estate.
I generally handle uncontested probate cases. I can review your case, and if you are involved in a contested probate matter, I can refer you to reputable litigation attorneys to handle your contested case.
It is to your benefit to retain an attorney who has experience, because probate cases can take a long time before all the property is distributed. If you retain an inexperienced attorney for your probate matter, it can be very costly and time consuming. One of the many ways to avoid probate is to execute a living trust.
Probate & Estate Settlement
A Power of Attorney (POA) is legal document in which you appoint someone else (called the Attorney In Fact) to act on your behalf on matters that you specify. POA allows your attorney in fact to manage your financial affairs, either on a limited time period or continuing basis in the event you are not able to manage your affairs.
You may need POA
Before you become incapacitated, from a sudden illness or accidents, then you need to designate someone to manage your property and financial matters.
The Two types of Power of attorney are:
1. General POA is Legal document authorizing an appointed person (attorney in fact) to act on your behalf regarding matters that you specify except health care decisions. General POA is not used to designate someone to make medical decisions.
Some examples of the Attorney In Fact’s (an appointed person) powers are to protect and manage assets, prompt payment of existing accounts (telephone, electric, membership fees, life insurance, doctor’s bill, etc), property management (maintenance and repair, insurance payment, etc).
2. Medical Power of Attorney or Health Care Power of Attorney is a legal document that allows you to appoint someone (called Attorney In Fact) to make health care decisions for you in the event you are unable and incapacitated. The person you designate to make health care decisions on your behalf is supposed to consider what you would want, so be sure to talk with them about it. It may be a difficult conversation, but you are asking someone to take on a great responsibility for you – letting him or her know what you want prevents any misunderstandings.
