Wills & Trusts

A method to transfer your assets in the most efficient manner

In all legal work, use a Competent attorney who is familiar with Estate Planning, Wills and Trusts. Be sure that they do not use a software form that they only need to fill in some blanks that may not meet your needs. Also do not use the office supply store for legal forms. A mistake at this time can prove to be very expensive to correct, if at all. We are providing general information only, not to construed as any form of legal advice. We are not attorney’s and do not prepare any form of legal papers.

A Will is used to direct where your assets are to go. You name an Executer to follow your directions. It normally will avoid probate. It is however public information when the will is recorded with the county. A will is contestable. If in the event that a person named or not named in your will (such as a rebellious child), they can contest the will in court. They may or may not win, but the will is not executed until the contest is over.

With out a will. Also known as dying intestate. Your estate regardless of size will go to Probate Court. The Court will assume the position of the deceased and distribute the estate according to state law. After all debts, liens, taxes, Attorney fees, Court fees etc. are paid, then the heirs will receive their portion. The family will have no say in the disposition of assets. If the estate is small it may be a rubber stamp process at a minimal cost and time. The more complex the estate, the more the court will be involved. The longest on record is 23 years for Robert Johnson, a Blues singer

A Trust will avoid probate. Except for extreme situations (Anna Nicole Smith who married a very old, very rich man) they are incontestable in court. You name a trustee to follow your directions for disposing your assets. After your death, the trust becomes irrevocable and can not be changed. It is not public information like a will. You can establish many types of trusts to protect assets from excessive estate taxation, care for a spouse or disabled child, contain Life Insurance, create a gifting plan. etc. Consult a good Estate Planning attorney to create the trust or trusts you need to protect your assets. 

Probate is a process for the disposition of ones assets after their passing and not having made a will. It involves the Probate Court and attorneys they appoint to represent the deceased. They control the time of when the case will be heard in court. If you need funds from the estate to maintain a property, you must go through the courts to get the funds. Very time you go to court, it costs time and money. The state has set guidelines of how ones assets are to be distributed and the family will have no control over the process. Not all of the assets will go to the spouse.  TO AVOID THIS, GET A WILL MADE.

Other items you should have

Living Will will direct the medical profession to not use any artificial means to maintain your life if that is your choice. This will include artificial breathing, or tube feeding procedures. Remember the Terri Schiavo case? This was about the fact that she did not have a living will created. They can be done at many Senior events or other local services for seniors for free. By letting your family know beforehand will save a tremendous amount of problems. Making such hard decisions for a parent can and does tear apart a family. It’s a free item and there is no reason not to have such decisions made prior to the need.

Durable Power of Attorney. A power of Attorney allows one to sell your car for you when you are not available and still in good health. Once you become incompetent due to heath or mental reasons, the power of attorney is null and void. A Durable Power of Attorney ( DPOA )will still be valid in the event of your incompetence. With the DPOA, you have the rights to make decisions on behalf of the one who gave you the rights. (IE: Parent to Son). Do not confuse a Power of Attorney with a Durable Power of Attorney.

Designated Beneficiary. This is one that you have designated, prior to death, to receive an asset. A Designated Beneficiary will avoid probate and go directly to the named person with out delay. You have on your Life Insurance, Annuities and IRA’s designated someone as a beneficiary. Something that you may also do is to add them to your Checking/Savings account, CDs, Mutual Funds or Stock portfolio. This is free estate planning and only takes a phone call or visit to your bank etc. Check with the respective financial institution to see which they prefer, a POD or a TOD.  A TOD is a Transfer on Death and a POD is a Pay on Death. In either case, you do not authorize any one to have any access or control before your death. After your death and only then will the funds be transferred. The beneficiary does not even need to be aware of the information. They can be informed by the will.

If you have a question please E-mail us. We may be able to assist you or recommend an attorney, depending upon the questions.

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