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.
May
20
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May
20
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.
May
16
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.
May
14
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.
Apr
21
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;
Apr
15
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.
Apr
11
Did you know that your heirs may have to liquidate your home or rental properties immediately after your death, unless you create an Irrevocable Life Insurance Trust (ILIT)?
Most people are interested in passing their wealth to their heirs. With the demise of the baby-boomer generation, an enormous transfer of wealth will occur during the coming years. The government is poised to capture this wealth through the estate tax, which is imposed upon death.
Currently, the Federal estate tax exemption amount is $1.5 million for individuals and $3 million for married couples. Any amount over the exemption will be taxed (Federal estate taxes average around 45%). Furthermore, this tax must be paid within nine months after you die.
Apr
5
Louisiana law provides that without a will, separate property is inherited in a unique inheritance order unlike that in most other states. That order is somewhat complicated, and its unusual provisions often come as an unwelcome, devastating surprise to the surviving family.
If one is married but has no will, ones line of inheritance in Louisiana is the same as that of a single person. That is: Actual usage (usufruct) of funds and property are given to the parents of the deceased; the deceased’s siblings are granted naked ownership. If the deceased’s parents die first, then the siblings inherit full ownership with usage rights.
