Hi, I’m Gary DeWitt. I own DeWitt Law Firm where I do estate planning and probate.
Am I responsible for estate debts?
Talk to me, get questions answered, or get estate planning help at your free meeting. Visit PlanWithGary.com to setup a time for your free meeting. That’s PlanWithGary.com.
People often ask if they will be responsible for mom or dad’s debts. The answer is, as usual for a lawyer, it depends.
If you co-signed or signed as the responsible party, then yes, they are responsible for the debt.
However, if you didn’t co-sign or sign as the responsible party, you are not responsible for your parent’s debt. And for the most part, the credit companies and collections agencies know this and that they are to be paid from the estate, not out of your pocket.
Once in a while, you will run into somebody that doesn’t know the rules and tries to strong arm you into paying your parent’s debt
Talk to me, get questions answered, or get estate planning help at your free meeting. Visit planwithgary.com to setup a time for your free meeting. That’s planwithgary.com.
There is one thing you need to understand about Estate Planning more than anything else!
If you don’t create your own estate plan, you are subject to the default, expensive, generic, public, estate plan the government has already written for you!
What Happens in Case of Mental Incapacity?
Mental incapacity happens for a variety of reasons – medications, accidents, dementia, or major medical incidents. All of these can lead to not being able to make rational, informed decisions.
When you become unable to manage your own legal, business, or healthcare matters (mental incapacity), hopefully somebody you want and trust steps up.
That person will have to go to court and get a guardianship. A guardianship allows them limited power to manage basic affairs. All too many decisions, like selling real estate or other stuff, require the Judge’s approval. And, if nobody steps up, then Adult Protective Services may get involved, putting you under full government control.
A guardianship is as expensive or more expensive than a complete estate plan.
Your life is literally controlled by the court and is in the public record.
Estate Distribution
Your final estate is subject to the State’s default distribution plan. Most people don’t like the terms and conditions of this plan. Again, it must be under a Judge’s Supervision.
Probate is under the court’s control, not your family’s control.
The State’s default plan is call intestate succession. In other words, if you don’t create a Will or Trust, the state has created one for you. Even when the wishes are known, they are ignored, and the law applies.
Probate is
Public
Expensive
Time Consuming
Emotionally Trying and Tiring
Controlled by the Court, not Your Family
Here are the highlights (in Arkansas):
Spouse gets 1/3rd of the personal property like furniture and cash
Spouse gets a 1/3rd life estate in real estate
Children get 2/3rds outright which can destroy access to government benefits like Medicaid or SSI
Children over 18 get their distribution in hand. They can squander it as them please.
Children under 18 get their money in a court supervised trust. Then when they turn 18, the money is paid to them.
Every step of the process requires a Judge’s signature.
Choices
Given the choice, and the choice is yours, would you rather be in control or let the court be in control? Would you rather these affairs be handled privately by your family or publicly by a court? Do you want to control who gets what, when, and how much? And for your young children, if you have any, do you want a say in who raises them and controls their money?
Two Ways to Get Started Today
Call (479)717-6300 anytime to schedule your no cost first appointment
A good estate planning lawyer helps you not only create an estate plan, but coaches you on financial matters and refers you to other professionals as needed.
Estate Planning Lawyer Helps You Gain Peace of Mind
The attorney will help you create an estate plan to protect you, your family, and your money during your lifetime and beyond. They also help protect your privacy. When you finish your plan, you will gain a new peace of mind you didn’t have before.
What Do They Do?
An estate planning attorney coaches and drafts documents.
The documents they may draft for you include:
Last Will and Testament
Revocable Living Trust
Supplemental Needs Trust
Irrevocable Trust
Life Insurance Trusts
Durable Power of Attorney
Healthcare Power of Attorney
Advance Directive (Living Will – Not to be confused with a Last Will and Testament)
HIPAA Waiver (Protected Healthcare Information Release)
In addition to drafting documents, they can and should coach you on the following:
Payable on Death for accounts at the bank
Beneficiary designations for life insurance, retirement accounts, and investment accounts
Transfer on Death for automobile titles
Beneficiary Deeds
and more…
What Happens if I Don’t Plan?
If you don’t write an estate plan, the state has written one for you. It is your default estate plan. Under that plan, you don’t get many choices.
If you become unable to manage your affairs (incapacitated), hopefully somebody you wanted and trust will step up and go to court to get a guardianship. With a guardianship, and under a Judge’s supervision, they can manage your basic financial, legal, and healthcare decisions. However, there are some things, like selling real estate, that require the Judge’s permission. And, if nobody steps up, Adult Protective Services may step in and take over, putting you under full government control.
After you pass, your final estate is subject to the State’s default distribution plan. Most people don’t like the terms and conditions of that plan. Again, it has to be under a Judge’s strict scrutiny.
A Will Lawyer helps you write your Last Will and Testament among other things.
A Will Lawyer is Usually an Estate Planning Attorney
Estate planning attorneys help with much more than just writing a Last Will and testament. A Will is just the “down payment on probate.” A Will requires probate to be validated and activated. Wills provide no lifetime protection.
Most of all, the attorney should focus on helping you and your family gain peace of mind.
Estate planning attorneys help coach you and create documents to protect your affairs during your lifetime while providing privacy for your private family business. This usually takes the form of a Durable Power of Attorney, Healthcare Power of Attorney, and Advance Directive.
The lawyer coaches you on how to avoid probate. There are many tools available to help you avoid Probate.
Revocable Living Trusts
Irrevocable Trusts
Payable on Death
Transfer on Death
Title on Death
Beneficiary Deeds
and more
What is a Will?
A Last Will and Testament accomplishes 3 things
Names your executor or executrix (personal representative)
Names the person you want as a guardian for your minor children
Lists the final gifts you want made
Also, a Will can create a trust. For example, if you leave something to somebody under 18 years old, then you can put language in the Will to create a trust to hold their money.
The remainder of the trust lists out the powers your personal representative shall have. Depending on what powers are listed in the Will, your personal representative may have to make several trips to court. It is permissible in Arkansas to proceed under the authority granted in the Will.
Is a Hand Written Will Valid in Arkansas
So long as the Will is
Completely in your writing
Doesn’t leave out any children (even disinherited children must be mentioned), and
Probate Attorney Fayetteville Arkansas can help you settle your loved one’s estate with a minimum of hassles.
What Does a Probate Attorney Do?
A probate attorney works with the executor, administrator, or personal representative throughout the probate process.
A probate attorney works with the creditors. They send a notice of probate to all of the known creditors and advertise in the paper for other creditors, both secured and unsecured, to put in their demands. The attorney then works with the creditors to negotiate a settlement. If there are not enough assets in the estate to cover all the outstanding debts each unsecured creditor will get a part of the remaining estate. The unsecured creditors only get paid after the cost of the funeral and attorney fees are paid. If there is nothing left after that, then the unsecured creditors will get nothing.
The Probate Process
Probate either starts by admitting the will and naming the Executor/Executrix or by starting estate administration and appointing an Administrator/Administratrix (all of which are now called a personal representative). The personal representative is responsible for running the probate process. Usually, the personal representative hires and probate attorney Fayetteville Arkansas to help with the probate. Typically, the attorney does all the paperwork at the right times and has the personal representative sign as necessary.
The rest of the process consists of advertising in the newspaper; finding all the heirs; getting waivers signed and filed; gathering up and protecting estate assets; paying creditors; paying final expenses; and finally distributing the estate to the heirs and devisees (devisee is a fancy word for people you left specific gifts to in the Last Will and Testament). Finally, after the property is distributed according to the Will or law, receipts are provided to the court and the case is closed after the report of final distribution.
Over 96% of all probates are not challenged and proceed from start to finish without any issue.
Are you looking for trust lawyers near me? Look no further.
Why Should I Hire Trust Lawyers Near Me?
A trust lawyer can help you setup a trust to protect your family and assets without risking losing control of your private affairs and money (to the government); probate; guardianship; family fighting; and much more.
Why a Trust?
It’s not all about just passing things like money and property to your spouse and children. Their inheritance is a gift of your lifetime of hard work and your struggles. It is the hope that by giving them something, they can avoid those struggles and have it easier than your did. By creating a plan now, you can protect your gifts of love from other people, the government, and their struggles yet to come. For inheritance, you need a plan to protect their gift to let your children achieve their own greatness and reduce their struggles to let them achieve that greatness. Yet a plan that allows them the advantage of an inheritance without squandering their sudden windfall. That is what a trust is meant to do.
Protect their inheritance against divorce, creditors, and more
Avoid Probate/Save time, anguish, and money
Prevent family fights over stuff
You want to say when, how, and how much each family member gets
You have a blended family and want to pass your wealth to your side of the family
How do I Know I Need a Trust Attorney?
If you are creating a trust, you need to have it either created by and attorney familiar with Trusts or reviewed by an attorney familiar with Trusts. Trusts are complex legal documents with long term consequences if not done correctly. A good Trust attorney has spent years of education and experience learning what to do and not to do. They have done the hard work for you.
EPIC Estate Planning – You are going to have your financial affairs in order. You, your stuff, and your loved ones are going to be protected. You, personally, are going to feel good. Your stress will be relieved because you know that you’ve taken care of your family and estate. Gain peace of mind and have confidence that you and your family are protected.
Today You’ll Discover EPIC Estate Planning
How to control who gets what, when, and how without Probate
How to protect yourself and your stuff during your lifetime
How to avoid costly, devastating planning mistakes
This is for you if you are…
Curious about planning
Know that planning is important, but don’t know where to start or what to do
Frustrated with the thought of putting your family through probate
Worried about the future and security of you, your spouse, your family, or your money
Concerned about who will help you when you need help the most
Want to know what’s in a plan and why
And many more reasons
Magic Wand
Imagine you could wave a magic wand to control who will get what, when and how without probate; protect yourself, your family and your assets during your lifetime and beyond; and avoid catastrophic, expensive mistakes?
How would that make you feel? How much peace of mind and confidence would you gain?
Why should you listen to me?
Let me ask, if you don’t do anything, in six months will you still be worrying about this? Will you be frustrated because you haven’t gotten around to it? Will you be disappointed because you’re not protecting you, your family, and your money like you should?
That’s what I’m going to show you how to do today.
When I was 40 years old, my dad passed away unexpectedly. Mom and I had to struggle through the rigors of probate. Neither of us had even done this and were lost, confused, and worried for the entire time it took. Dad had a little money in a lot of places, and we had to find it all. We had to find all the property, catalog it, inventory it, and then distribute it. All of this had to be done under the oversight of a Judge and the attorney.
And the attorney was billing us for every minute of time…
Then later that same year, I was hospitalized with chest pain. It wasn’t a heart attack, but it made me take a good long look at my life. And while I was laying there in the hospital bed, I was worried about the future of my family. I was worried about both their financial security and their personal future. I was also worried about who would make my decisions if I took a turn for the worse.
So, laying there in the hospital, I knew there had to be a better way to do things. So, I made up my mind then and there to go to law school, become a lawyer, and help people avoid probate and worry less about their future, their family, and their money.
And that is just what I did. I went to law school at 40 years old, learned as much about estate planning and elder law as I could, and opened my practice to help you get peace of mind.
Furthermore, I completed an advanced law degree in estate planning and elder law to better help people.
After finishing, I knew how to help people avoid probate, control their destiny, and get peace of mind.
I wanted to help people, but they were afraid if they called, I would send a bill. So, I decided to practice in a different way.
I decided to find a new way of working with clients to plan for their future so when they needed me, they wouldn’t have to worry about getting a bill. Now clients can call me whenever they need to.
Now, I work with people like you every day to protect them, their family, and their assets so they can get peace of mind knowing that they have taken care of everything they can take care of. And they don’t have to worry about calling later with questions because I’m not going to start the clock to create a bill…
That’s why I created EPIC estate planning. It’s different. To start with, we guarantee our quoted fee. No matter how much time we put into your plan, the fee won’t change. We also guarantee your meeting to start on time. If it doesn’t start within 15 minutes of your scheduled time, I’ll give you $50.
I love this place. Top shelf legal help for wills, estates, trusts, etc. They are hard working, approachable, caring people with their client’s best interests in mind.”
Today, I’m going to cover
1.How to manage your stuff so that it goes to who you want, when you want, and how you want without government interference or oversight avoiding the costly, time consuming, complex, expensive, emotional process of probate
2.How to protect you, your family, and your stuff during your lifetime and beyond
3.How to avoid devastating and costly planning mistakes
Three important things to keep in mind
First, if you do nothing, the government and legislature has already decided what goes to who, when and how. It will happen under a Judge’s strict oversight and may require multiple trips to court. This is called probate. Probate is an unnecessary, public evil.
Second, Wills alone don’t prevent probate. Wills require probate to be validated and activated. Probate requires laws created by the legislature and enforced by impersonal judges. Probate is public, complex, expensive, and inefficient at passing property. Wills are created just for Probate and require Probate. Some lawyers call having just a will your down payment on probate.
Third, wills provide no lifetime protection. Lifetime protection comes from planning with things other than trusts. If you become incapacitated, even temporarily, during your lifetime, your family may be forced to go to court, often multiple times, to get permission – a guardianship – to make decisions and manage your affairs. Guardianship is often embarrassing and is always public.
Wills
Wills do three things in general. A Will is really nothing more than a list of instructions on how to pass your property to the next generation and nominating somebody to care for minor children. It also names somebody to oversee taking the document through court, the executor, to manage the property until it’s final distribution. A Will names who you want to raise your minor children.
A Will controls who gets what, but not when and not how. It may end up that everything is sold and the money split.
A Will alone does not prevent probate or a Judge’s involvement and oversight. A Will requires Probate to be validated and activated. A Will plus some additional planning will prevent probate for your major property, leaving only the little stuff. Arkansas has a way to pass small probate estates without the need to go to court in most cases.
However, the rules around the small estate are strict. The major reason they can’t be used is that you owe final medical expenses or credit card debt.
You can be very detailed in the instructions, or you can be very terse. I’ve seen Wills from 1 page to 40 pages depending on how detailed they were.
Wills require Probate to be validated and for the property to be passed out. That’s rights, Wills require Probate. Wills are just the instructions to the Probate court.
Keep this in mind, a Will can create a Trust. This is called a testamentary trust and they have their place in planning.
A Will does nothing during your lifetime to protect you, your money, or your rights.
In order to avoid most probate with a Will, you need additional planning. The goal is to get as much of your estate passed outside of probate as possible and use the Will as a catch all for anything else. Your Will should just cover the little stuff, if there is anything at all left outside probate. Your major property should be setup to pass outside of Probate.
Bill’s Will
Bill thought that just a Will would prevent Probate. But just a Will doesn’t prevent probate as Bill’s family discovered when they tried to sell his house. Instead of being a smooth, quick transition, Bill’s family had to go through the expense, time, and hassles of Probate to get the house sold and estate settled.
If Bill had done some additional planning, then his family could have avoided probate to sell the house, saving time, money, and emotional turmoil.
Trust
Before explaining what a trust is, I need to define a few terms.
The person creating the trust is called the trustor or grantor. Grantor simply means they granted property to the trust.
The person who legally owns the property and manages it is called the Trustee.
The person who gets the benefit of the property is the beneficiary.
A trust is a contract between two people (the trustor and trustee) for the benefit of a third person (the beneficiary)
A living trust is created during your lifetime. A testamentary trust is created in a Will.
The most common type of trust used in estate planning is the revocable living trust. Revocable means that it can be changed during your lifetime. Living means you set it up now. With the trust you are usually the trustor, trustee, and beneficiary during your lifetime. However, if you should become incapable of managing the Trust property, you can name somebody else to step in and manage the trust property, your successor trustee.
The trust owns your property and you control the trust completely. Therefore, you control the property.
When you pass, the trust usually becomes irrevocable and its instructions are carried out by the Trustee you name without Probate.
The advantages of a trust is the trust property is managed during your lifetime and probate is avoided for all property in the trust.
Trusts in Arkansas are not required to pay your final expenses, which can save your heirs literally $100,000’s in final medical bills.
Trusts give what you want to who you want in the amounts you want when you want under the rules you create.
Trusts provide some lifetime protection without a Judge’s oversight. Trusts usually have a backup trustee to manage the assets in the trust. But that trustee can only manage Trust assets, not your other affairs or healthcare matters.
Trusts do not require probate.
This picture can help understand what a trust is better. A trust is really nothing more than a contract between the grantor and trustee for the benefit of a third person, the beneficiary.
The grantor transfers assets to the trustee. The trustee manages the assets for the benefit of the beneficiary.
The most common trust to prevent probate and manage assets is the revocable living trust. With that trust, while you are capable, you are the grantor, trustee, and beneficiary. The trust (trustee) owns the property, and you control the trust. Therefore, you control the property in the trust.
A trust gives you the ability to decide who gets what, when, and how. For example, you can pay out the money in the trust at ages 30, 35 and 40 but pay for college. You can pay for rent, utilities, and food for a child with an addiction.
Trusts give you the best chance of avoiding all probate and leaving the property to your children without having to pay final medical expenses or worry about other debts.
Payable on Death
You can go to the bank and name the people you want to receive the money. This is called payable on death or POD.
However, the money is an outright gift. If the person is under 18, then either the bank will hold the money in trust until they are 18, or the court will order a trust to hold the money until they are 18. If they are 18 or over, then the money will be given directly to them without any safeguards or limits. They are free to squander it as they please.
POD provides no lifetime protection.
POD prevents probate.
Beneficiary Designations
For many investment accounts, retirement plans, and life insurance, you can setup a beneficiary to receive the money, avoiding probate. It’s an easy way to give money outright to family without probate.
But the money is an outright gift. If the person is under 18, then either the company will hold the money in trust until they are 18, or the court will order a trust to hold the money until they are 18. If they are 18 or over, then the money will be given directly to them without any safeguards or limits. They are free to squander it as they please.
Beneficiary designations avoid probate.
Beneficiary designations don’t provide any lifetime protection for you.
Transfer on Death Title
You can go to the department of motor vehicles and name the people you want to receive your vehicles. This is called transfer on death or TOD.
TOD has some rules: •Only 1 person can be named •No more than 3 owners of the vehicle •The owner must be an individual, not a business •You can’t have any liens against the vehicle
If you meet these requirements, then you can fill out the TOD paperwork and take it to the DMV along with your current title. Don’t sign it until you get there. At least at my local DMV office, they want to watch you sign.
Hi, I’m Gary DeWitt with DeWitt Law Firm where I do estate planning.
A lot of people come to me and think that estate planning is just about who gets what. They often don’t know that estate planning is about more than who gets what when. Today I’m going to cover what estate planning really is.
Estate planning is about staying in control instead of letting a Judge and the Government make your personal, financial, legal, and healthcare decisions.
Your assets during your lifetime. If you can’t conduct business or manage your own affairs, the court, not your family and you, determine how your assets are used to care for you through a process called guardianship. Guardianship means that somebody must step up and ask the court to manage your affairs. And they don’t get unlimited authority. They must report to the court every year about your wellbeing and finances.
How your property is distributed to your family and loved ones. If you don’t plan, then the State has determined who gets how much and when. The problem, they haven’t said who gets what. Your stuff may end up being sold and the cash distributed. The other problem is that the State also determines how much your spouse gets and how much your children split.
Your dignity. If you don’t have a plan, the State and doctors have a plan for managing your final hours. If you can’t make decisions, they’ll make them for you.
Given a choice – and the choice is yours – wouldn’t you like these issues handled by your family in private instead of being drug through the courts? Wouldn’t you rather control who gets what, how much, and when? Wouldn’t you rather go out with dignity on your terms?
Knowing that you have a plan in place – one that puts you firmly in control – will give you and your family peace of mind. This is one of the most thoughtful and considerate things you can do for your family and loved ones.
In summary, estate planning is about staying in control and providing you and your family with peace of mind.
When you want to find probate lawyer Fayetteville, AR, there are some questions you should be asking…
Does the Probate Lawyer Fayetteville AR Have Experience in Probate?
Experience in Probate, to the exclusion of other areas of law, is important. Probate is a large and important area of law. It is too important to rely on a general practice attorney for your planning. Many attorneys say that they do probate, but you will find that they are relying on old forms they haven’t updated in years.
Probate of Estates
Probate is the legal process that happens after a person passes away. It is the transfer of assets from a decedent to the entitled people (heirs), and wraps up the decedent’s financial affairs.
Last Will and Testament
A Last Will and Testament requires probate to be valid and to pass your property onto your heirs and other devisees.
A Last Will and Testament is the legal document that states your wishes for the passing on of your property. A Last Will and Testament names an executor to make sure your wishes are followed, and leaves instructions for how to give away your property (both real estate and other property).
What About Classes and Education?
Lawyers might not even have any recent classes or training in updates to Probate, Trust, and Will law. It’s important to find an attorney that keeps up on the advances and changes in Trust and Will law. Good estate planning attorneys belong to one or more professional organizations that keep them up on the changes in the law and educate them on new advances in the law. Look for membership in WealthCounsel or other organizations that show the attorney cares about their area of the law.
What Questions Should I Ask the Attorney?
How long has the attorney near me been practicing? Do they mainly practice estate planning and Trusts? Do they carry liability and professional insurance? Is this just one of many practice areas, or do they stick to a core set of practice areas such as Trusts, estate planning, probate, and elder law? Do they have real life experience, i.e. have they been through it themselves?
Where do I Find Probate Lawyer Fayetteville AR?
You can look on the internet and in the yellow pages. The best thing is to ask for referrals from friends, family, and allied professionals such as CPAs and attorneys that practice in other areas of the law. These are the best ways to find your Probate attorney. Don’t forget that you should take the time to “interview” your attorney before signing with them.
The tax on estates is not gone. Estate tax is alive and well.
The Federal estate tax went away in 2010 (for only one year) and Arkansas estate tax was tied to it. So in 2010, Arkansas estate tax went away. The Arkansas legislature hasn’t made a move to bring it back, yet.
The Federal estate tax was brought back in 2011. But the limits were set much higher and tied to inflation.
As of 2019, an individual can leave up to $11,400,000 ($11.4 million) before estate tax starts. A couple, if the elect to use the portability provision, can leave up to $22,800,000 before estate tax starts. If estate tax does kick in, the tax starts at 40%.
The gift tax is tightly coupled to the tax on estates. For every dollar you give away in your lifetime, it reduces the final estate tax limit dollar for dollar. So, if you give away $1,000,000 in your lifetime, it would reduce the exemption on the estate to $10,400,000 (down from $11,400,000).
If you want to control your children’s inheritance, you need to do so now.
If you want to choose who will raise your children, you need to choose now.
If you want to choose who will manage your legal, financial, and personal affairs if incapacity strikes, you need to now.
If you want to choose who will manage your healthcare if incapacity strikes, you need to choose now.
If you want to choose dignity, you need to choose now.
And, you need to wrap it all up in a legally effective plan.
What happens if you don’t have an estate plan?
A Judge will decide who will raise your children without your input or considering your wishes. Potentially family and friends could fight over the custody arrangements decided by the Judge. In the worst case, your children may end up in Foster Care whether temporarily or permanently.
A Judge will decide who manages your assets (for your and your children’s benefit) without your input or considering your wishes.
A Judge will decide who will control your children’s inheritance. Again, without your input. Your minor children can’t inherit directly. Family and friends may fight over who controls the money.
You children will get their inheritance at 18 or 21 years of age, without control or conditions.
Create a Will. In you Will you can list the people you want to raise your children if you can’t. You can also use a Will to create a Trust to manage their inheritance and name who will manage it.
However, Wills don’t provide any lifetime protection. Wills only take affect after a person passes away.
Create a Power of Attorney. Incapacity strikes without warning. Accidents, and emergency medical incidents often occur without warning and leave parents incapacitated or worse. You can also name somebody to temporarily take care of your children until you are better.
Consider setting up a Revocable Living Trust. With a revocable living trust, you decide how the inheritance is handled, who manages it, and when your children can have their inheritance and under what conditions. And, none of the assets in the trust must go through Probate or have a Judge decide their fate.
*How do you take care of your family, money, and personal affairs when you can’t?
*What does the Government do to you and your money if you don’t have your own plan?
*What’s the solution to take care of your family when you can’t?
Get the book mailed to you to Learn Proven Techniques to Make Sure Your Family and Money are Taken Care of Like You Want When You’re Unable to Care for Them.
Today’s topic is protecting your assets and affairs during your lifetime with a durable power of attorney.
A durable power of attorney is a document that appoints somebody you know and trust to manage your legal and financial affairs if you can’t or don’t want to.
Without a durable power of attorney, your family may be forced to go to court to get a “guardianship” over you. A guardianship is a court order saying who has the power to make your decisions. In a guardianship, your rights are ripped away from you and given to somebody else. It may be somebody you didn’t want to have the power to make your decisions. And, there are annual reports due to the court. The guardian is required to keep good records and make annual reports back to the judge.
Often during guardianship proceedings, families argue. Or one sibling steps up and the other sibling has to go to court to defend mom or dad from that sibling. I’ve seen one where the son that lives with dad is seeking guardianship, and his daughter and him are having to fight it. In order to fight it, he has had to expose personal and private information in the public record. Like the fact that he had to undergo an evaluation from a psychologist that said he was capable of making his own decisions. If the guardianship is awarded, then his financial records will become part of the public record.
When you have a durable power of attorney, you’ve already picked the person or people to manage your affairs. You also get to pick and choose which powers they have and put limits on any power you want. And everything remains private.
Even if you have a trust, you still need a durable power of attorney. There are powers you can’t give in a trust that still need taken care of.
In summary, one of the most important things you can have to protect you and your assets is a durable power of attorney.
Your next step is to schedule your free meeting. At your meeting we’ll discuss your unique goals and come up with a blueprint to protect and preserve your family’s wealth.
Hi, I’m Gary DeWitt. I own DeWitt Law Firm where I do estate planning and probate.
Deciding between a will and trust comes down to your circumstances. I can provide some guidance.
Talk to me, get questions answered, or get estate planning help at your free meeting. Visit planwithgary.com to setup a time for your free meeting. That’s planwithgary.com.
When should you consider a trust?
You have children under 18
You have special needs children (or grandchildren)
Your children have an addiction to drugs, alcohol, or gambling
Your children have credit issues
You own real estate in multiple states
Your children have marital issues
You have a blended family and want to avoid as many issue as possible
Do you want to put rules on the inheritance?
You want to avoid the publicity of probate
If you don’t have one of those things going on, you may be able to get away with a Will and some additional planning. I have a lot of tools available that can be used to plan to prevent probate.
Just to summarize, the decision between a will and trust comes down to your unique circumstances, but there are guidelines when to use one or the other.
Your next step is to schedule your free meeting. At your meeting we’ll discuss your unique goals and come up with a blueprint to protect and preserve your family’s wealth. Visit planwithgary.com to setup your free meeting. That’s planwithgary.com
A probate attorney is a lawyer who helps families navigate the complex legal process of settling their loved ones estate.
What do they do?
Leave it to the legislature and courts to have created a complex, convoluted legal process to pass assets and property to your spouse and children…
A probate lawyer helps you navigate the wild, complex legal maze to settle affairs and pass assets to the next generation and your spouse. The attorney represents you in court and negotiates with creditors. They know what steps to take. They know the order of the steps. A good one will be able to act as a translator. They translate the complex legal terms and processes into plain words that you can understand.
Further, they do a lot of things outside of court like negotiate real estate contracts, write deeds, and work with creditors to settle the final debts for as little as possible.
If you left a Last Will and Testament, the lawyer will aid your family in following your final wishes. If you didn’t then the probate attorney will help your family navigate the administration by following the applicable laws and statutes.
How does a probate lawyer help?
Collect life insurance proceeds by helping with the complex forms from the insurance companies
Negotiate with creditors to pay off final debts and reduce amounts owed
Sell real estate and create real estate contracts saving some of the fees a realtor would charge
Negotiate private real estate contracts
Get appraisals on real estate
Find and secure assets
Prepare court documents
File court documents it the right time in the right order
Write deeds
Determine if estate taxes are owed or an estate tax return needs filed
Advise on final income taxes
Write letters
Act as a go between for feuding family members
Provide plain English advice on the best things to do
