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from Estate Planning Bentonville, Springdale, Fayetteville AR http://ift.tt/1stmNqo


from DeWitt Law Firm, PLLC

FAQ: Should I have a Durable Power of Attorney?

Yes.

If you were to become incapacitated somebody will be able to manage the practical day to day tasks for you, like paying the bills, depositing checks, etc. They will also be able to work with your insurance company.

If you do not have a durable power of attorney, your family may be forced to go to the courts to get a guardianship. Even after that, they may have to ask the court for permission to do certain things.

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from Estate Planning Bentonville, Springdale, Fayetteville AR http://ift.tt/1U4t0U5


from DeWitt Law Firm, PLLC

FAQ: Should I put my children/parents on my bank account?

This is not a question of trust. Rather, it is a question of playing the odds. How much of a gambler are you?

If you are absolutely sure that they will never have debt or be sued, then sure go ahead. If you are sure they will never be in an auto accident and liable, then go ahead. But remember, you are playing the odds.

The reality is that your money will become your money and their money. And their money is available to their creditors and lawsuits.

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from DeWitt Law Firm, PLLC

FAQ: How often should I review my documents?

Every time you have a major life change like birth of a child, marriage, adoption, death in the family, inheritance, large gift, win the lottery, or divorce to name a few.

Every time a major milestone is reached like a child turning 12 or 18.

Every five years at a minimum.

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from DeWitt Law Firm, PLLC

FAQ: Why not use an online service?

If you make a mistake, many of them cannot warn you. In most jurisdictions, giving legal advice without a license is illegal.

The test of the Last Will and Testament will come after you are gone. Did you think of everything?

For example, there was a lady who did an online will. She had it properly witnessed and signed. But, and this is a big one, she did not fill out the affidavit. If anything had been challenged, the witnesses would need to be found and brought to court to validate their signatures.

It is easy to make mistakes. An attorney spends many years learning the basic law and many years learning estate planning.

Laws change and unless you work in the field you will not know.

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from DeWitt Law Firm, PLLC

FAQ: What about estate taxes?

Estate taxes used to be a worry for more than a few people. However, in 2016, the exclusion for a single person is $5,450,000 (5.45 Million dollars). For a couple, up to twice that, $10,900,000 could be shielded. If you have more equity that that, a tax planner definitely needs to be involved.

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from Estate Planning Bentonville, Springdale, Fayetteville AR http://ift.tt/24Z2Fhp


from DeWitt Law Firm, PLLC

FAQ: What happens if I die without a plan?

In the best case, everything is owned jointly with your spouse, and there is not probate and all assets transfer to you immediately.

In the worst case, your spouse or significant other owns major assets in their name only or neglected to create beneficiary designations. A form of probate has to occur before a bank or other financial institution will release the funds.

In this case, you will have to wait until a judge signs off on the distribution to get the money you may so desperately need immediately.

 

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from DeWitt Law Firm, PLLC