The Probate Process

If you die without having a will created the estate assets become frozen and the court manages it. No thought is put into the deceased family. A living will is a document that talks about if a person become extremely ill they do not have to be kept alive by medical machines if they don’t want to be. Everyone should obtain life insurance so when they die there living family members will be provided enough money for a standard life. Between your living estate and insurance you must have enough money to cover all debt, future obligations, and supporting your

On a living will, an individual can express if they would prefer not to be resuscitated or if they don’t want to be living artificially on life-support. Additionally, living wills establish a written declaration of a power of attorney, establishing a person who may legally speak on behalf of a patient who is unable to do so. Living wills are crucial pieces of documentation that are necessary for the dignity and wishes of a person who may fall unexpectedly into a life-threatening condition. If a person does not wish to live artificially on life support, a living will may be the only documentation that can secure their right to die with what they choose to be a dignified death. Unfortunately, living wills are not too common, resulting in countless Americans whose lives are extended long after they wish to live. In order to get a living will, one can either hire an attorney and have the attorney draft a living will or there are templates available that can be filled out and submitted for notarization.

"One question many have is, "what is probate?". This legal process begins when a loved one passes and is designed to show a will is valid, In addition, the process involves the identification

If the SNT is created by a will, the SNT will be administered in a probate filed with and supervised by the court. The settlor may wish to have the extra protection that court supervision provides. Alternatively, the settlor may prefer for the SNT to be administered through his or her living trust without the expense and inconvenience of court supervision. If there are problems which arise with the trustee or the trust, the beneficiary or someone on his or her behalf may petition the court for a

Charles Smith executed a Last Will and Testament on January 01, 2000. The last Will and Testament was filed with the local probate court. Smith died on June 20, 2015. His Last Will and Testament appointed Ralph Jones as Personal Representative and appointed Henry Robinson as Successor Personal Representative. Robinson would like to have Jones removed from Personal Representative for the Estate of Charles Smith due to the lack of fulfilling his Personal Representative duties. Jones has failed to publish notice in the local newspaper that Smith died on June 20, 2015 and he is now the Personal Representative. Since Jones did not publish notice, creditors or possible creditors are unaware and were unable to make a claim against the Estate. Jones failed to post bond which is required by the court to serve as a Personal Representative of the Estate. In addition, Jones has not taken the necessary

Do either the Living Wills or Durable Power of Attorney apply in this case? Explain.

You should meet with a solicitor as soon as possible to set up a Will containing a testamentary trust. You should also appoint a Power of Attorney as soon as possible.

One of the professional that was interviewed was an estate-planning attorney with over 25 years of experience who received both an undergraduate as well a Juris Doctor graduate degree from the University of Missouri. The Attorney that was interviewed gave keen insight in to many fascists of what goes into building a solid plan for an estate and some of the many challenges that other Attorneys may face.

Thankfully, there are ways to minimize the amount of probate your family and friends will have to go through. Work with an estate lawyer to find alternate ways to divide your

The first option will treat the surviving spouse the same as any other beneficiary and require

The process of dividing and distributing a person’s assets after death, called probate, can be time consuming and expensive. In order to avoid probate and save their families the hassle of hiring attorneys and waiting months to receive the gifts mentioned in a will, many people structure their estates in a way that circumvents the probate court system.

Life Estate (Depends on whose life the estate is determined. The creator or the person in possession)

One decision that must be made when drafting your Will, is who to name as Executor of the Estate. An Executor is an individual, named in the Will, who will administer the estate. This involves everything from opening an estate checking account and paying the final debts of the estate (funeral bills, final utility bills, etc.) to making sure the beneficiaries receive the assets of the decedent.

Here, Daphne had a life insurance policy for $200,000. Typically a life insurance policy does not have to go through probate, however since Daphne has designated the policy payable to her estate instead of an actual person, the life insurance policy must go through probate. Daphne’s retirement account is payable a Pay-On-Death because it is a retirement account and is nonprobate property. Daphne’s checking account is also Pay-On-Death to her great-granddaughter and is nonprobate property. The title to Daphne’s house and all of Daphne’s furnishings and jewelry are probate property. The house is probate property because none of her great grandchildren are joint tenants.

Living Wills, sometimes called Advanced Directives, are legal documents accepted in all 50 states. They clearly define a person’s wish to decline life-support or medical treatment in certain circumstances, usually when death is imminent. Generally, a living will takes effect when a person becomes terminally ill, permanently unconscious or conscious with irreversible brain damage.