Protecting Assets and Yourself With a Durable Power of Attorney

Hi, I’m Gary DeWitt.  I own DeWitt Law Firm where I do estate planning and probate.

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.

The post Protecting Assets and Yourself With a Durable Power of Attorney appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/30XmUvn


from DeWitt Law Firm, PLLC

Will or Trust?

Should you have a Will or Trust in your plan?

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?

1. You have children under 18
2. You have special needs children (or grandchildren)
3. Your children have an addiction to drugs, alcohol, or gambling
4. Your children have credit issues
5. You own real estate in multiple states
6. Your children have marital issues
7. You have a blended family and want to avoid as many issue as possible
8. Do you want to put rules on the inheritance?
9. 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

Thanks for watching today.

The post Will or Trust? appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/313eZgk


from DeWitt Law Firm, PLLC

Estate Planning Mistake #4 – Failing to Plan for Disability and Incapacity

The post Estate Planning Mistake #4 – Failing to Plan for Disability and Incapacity appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2OtGT2b


from DeWitt Law Firm, PLLC

Probate Attorney – What do they do?

Probate Attorney – Who are they?

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

The post Probate Attorney – What do they do? appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2oTc0JU


from DeWitt Law Firm, PLLC

Estate Planning Mistake #3 – Failing to Leave an Inventory for Loved Ones

The post Estate Planning Mistake #3 – Failing to Leave an Inventory for Loved Ones appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2nM4gsF


from DeWitt Law Firm, PLLC

It Takes More Than a Will to Prevent Probate!

It

It takes more than just a Last Will and Testament to prevent Probate.

Many people I talk to think that having a Will prevents probate. A Will requires probate to be validated and administered… You can do some other things on top of your Will to prevent most if not all probate…

The post It Takes More Than a Will to Prevent Probate! appeared first on DeWitt Law Firm, PLLC.

from DeWitt Law Firm, PLLC https://ift.tt/2nOxsPH


from DeWitt Law Firm, PLLC

Estate Planning Mistake #2 – Failing to Address Your Healthcare