Wills & Estates Division

FAQ's

When Should I Change My Estate Plan

If any of the following events occur, you shoud review its potential effect on your will and estate plan to determine whether it should be amended or revised. (This is not an all inclusive list) When Should I Change My Will or Estate Plan?

  • Changes in Family Relations

  • Changes in Economic and Personal Condition of Testator (and Spouse)

  • External Changes

Advantages of Having a Will

  • Power to dispose of property according to testator's wishes.
  • Appointment of guardian for minor children.
  • Appointment of executor.
  • Permission to the personal representative (executor) to carry on business, sell assets, make tax decisions.
  • Allocation of death taxes in best way.
  • Elimination of bond of personal representative (executor or administrator). Creation or exercise of powers of appointment.
  • Permits gifts to certain relatives, individuals, or charities, none of which are covered by intestancy laws.
  • Tax saving though marital deductions. Providing for descent of property for children of those who die before testator.
  • Establishing testamentary trusts with spendthrift clauses to protect beneficiary against his of her improvidence.
  • Keeping property out of hands of future spouse of a suvivor.

Living Wills

Property and assets are owned by many types of legal entities -- individuals, partnerships, corporations and trusts. A trust is just a separate paper entity that is established by a property owner to leave assets to his or her beneficiaries. A trust is simply a "contract" between the property owner and the trustee. There are many types of trusts in use: living revocable trusts, living irrevocable trusts, pure trusts, bankers trusts, family trusts, charitable remainder trusts, investment trusts, unit trusts, life insurance trusts, etc. Of all these Trusts, a Revocable Living Trust is one of the most popular and important Estate Planning documents in use today.

Estate Planning Dictionary

 

MOST FREQUENTLY ASKED

Wills & Estates Questions

 

Q. MY MOTHER/FATHER HAS PASSED AWAY. WHAT DO I DO?
A. DID HE/SHE LEAVE A WILL? MAKE APPT. TO DISCUSS.
 

Q. HOW CAN I PROTECT MY ASSETS FRO1,1 GOING TO A NURSING HOME?
A. MAKE APPOINTMENT TO DISCUSS ESTATE PLANNING.
 

Q. DO I NEED A WILL?

A. MAKE APPOINTMENT TO DISCUSS .
 

Q. IF I DON'T HAVE A WILL, WHAT HAPPENS TO MY PROPERTY?

A. IT WOULD GO TO YOUR NEAREST RELATIVES (HUSBAND/CHILDREN).
 

Q. WHAT IS A LIVING WILL AND DO I NEED ONE?
A. IT OUTLINES YOUR WISHES ABOUT ARTIFICIAL LIFE SUPPORT .
 

Q. WHAT IS A HEALTH CARE PROXY?
A. IT GIVES THE PERSON YOU APPOINT THE POWER TO ACT AND DECIDE
MEDICAL ISSUES ON YOUR BEHALF WHEN YOU ARE UNABLE TO.

Legal Disclaimer

 

 

 

 

AV RATED BY MARTINDALE HUBBELL

(click below to see)

 

On Line Request for

Free Consultation

& Information

 

OTHER LEGAL MATTERS AVAILABLE INCLUDING:

SOCIAL SECURITY

Disability
DIVORCE
WORKER'S COMPENSATION
SEXUAL HARASSMENT
IMMIGRATION
FAMILY MATTERS
COMMERCIAL TRANSACTIONS

CONTRACTS