Friday, November 20, 2020
What is the Difference Between a Power of Attorney and a Durable Power of Attorney?
Wednesday, November 18, 2020
Power of Attorney
Rene at By the People in Fairfield CA talks about just some of the reasons for a need for a Power of Attorney. These documents can be really important aids in helping loved ones.
For any questions about the types of Power of Attorney, and what may be beneficial for your individual needs, call Rene or Tammy at 707-428-9871 and visit the website at http://www.bythepeopleca.com
Monday, November 16, 2020
What Is Probate in Relation to a Will?
A will is a legal document that outlines what one would want to happen after their death in terms of their funeral, care for their children and most important of all, distribution of their estate. When a person dies having drafted their will, they are said to have died testate in legal terms. The opposite of this would be dying intestate. A will usually specifically states the name of an executor, a person entrusted by the testator or testatrix with the task of executing the will after their death. An executor could be a close family member, a relative, trusted friend or even an attorney. An executor is usually referred to as a 'representative of the estate in probate' in a will in order to cover executors of both genders.
A will is very important because it makes things a lot easier for the family of a deceased person especially when it comes to estate distribution issues. A will reduces the possibility of disagreement or misunderstanding between family members when trying to figure out the deceased's death wishes. Administering a will is however not as easy as it may sound. This is because the law requires wills to be validated by a court which could take a couple of months to do. Validation of a will is done by the executor by applying for a Grant of Probate in a probate court.
Probate is the legal process of identifying, validating and distributing the estate of a deceased person under strict court supervision. The probate process includes payment of outstanding debts to creditors and payment of outstanding taxes such as death and inheritance tax. A probate court is a special court that interprets the will and validates any claims on the estate made by third parties such as the creditors of the deceased. The court oversees the probate process right from when the executor files for a grant of probate, up to when it is granted and ownership of the estate is transferred to the beneficiaries.
For the executor of a will to be granted probate, they will have to first present to the probate court registry, the deceased's will and a solicitor approved oath. The oath shows that the executor is committed to administering the wishes stated by the deceased in the will. The executor named in the will is usually not recognized by the law until the probate court officially appoints them as the representative of the estate in probate.
If a will was properly drafted, it takes the court a shorter time to grant probate. In case the beneficiaries are not completely satisfied with the court's decision, probate law allows them to contest the validity of the will in the same court. In such a case the estate remains frozen until the court makes a validity judgment. In the event of intestate death, or if there is no executor is named in a will, the grant of probate is referred to as a 'Letter of Administration'. It is also acquired through a court process and is issued to the person that the court deems fittest to execute the will or distribute the estate.
Saturday, November 14, 2020
Family Law Basics: What is Legal Separation?
Wisconsin family law attorney Kathryn Grigg explains how legal separation is different from divorce in the above video.
BY THE PEOPLE in Fairfield, CA can help with Uncontested Divorce or Legal Separation. For couples who can resolve their own asset and debt division and/or child issues. We can prepare all of the necessary documents for you to obtain your divorce.
Thursday, November 12, 2020
DIVORCE - Easier than you think? - By The People
Rene goes over how a divorce does not always need to involve a full legal team. He explains the process of how By The People can help file the paperwork necessary for the courts. See more at http://www.bythepeopleca.com, or call them at 707-428-9871
Tuesday, November 10, 2020
Know This Before You Sign a Power of Attorney
Sunday, November 8, 2020
Irrevocable Vs Revocable Trust
Establishing a living trust is critical to the ability to protect your assets and beneficiaries when you die. But many people don't know that there are two types of trusts - irrevocable trusts and revocable trusts. With irrevocable trusts, the grantor's assets are moved out of the estate. In a revocable trust, assets stay in the grantor's estate. There are advantages to each type depending on the grantor's specific circumstances. Here is a rundown on the differences between the two types of trusts.
Irrevocable Trust
Most people are unaware of the advantages that this type of trust provides:
Before placing assets into this type of trust, make sure that the grantor will never need them. While it is possible to retrieve assets, it is very difficult and time-consuming.
Revocable Trust
Most people have an idea of what this type of trust is. Grantors without complicated tax issues that want to still maintain control over their assets, often choose to have this trust.
Article Source: http://EzineArticles.com/?expert=Kathryn_McDowell
Irrevocable Trust
Most people are unaware of the advantages that this type of trust provides:
- Asset Protection - Moves assets out of the grantor's hands, keeping it safe from lawsuits or creditors. A trustee has the power to make decisions with or without the input of the grantor.
- No Estate Taxes - Many people are attracted to these trusts because they are protected from federal estate taxes.
- No Capital Gains Taxes - A skilled lawyer will be able to move assets into irrevocable trusts so as to avoid capital gains taxes. This cannot occur with a revocable trust.
Before placing assets into this type of trust, make sure that the grantor will never need them. While it is possible to retrieve assets, it is very difficult and time-consuming.
Revocable Trust
Most people have an idea of what this type of trust is. Grantors without complicated tax issues that want to still maintain control over their assets, often choose to have this trust.
- Mental Disability - Individuals who fear that they will one day be incapacitated, may want to designate a trustee to handle their assets which can include extensive instructions that the trustee must carry out. This is called a Disability Trustee.
- To Protect Beneficiaries and Property - Keeps your property and assets out of probate. This ensures that your documents stay private and out of the public record. If privacy is important to you, consider a Revocable Living Trust as opposed to a Last Will and Testament which becomes a matter of public record that can be seen by anyone.
- To Avoid Probate - Assets at the time of a person's death will pass directly to the beneficiaries named in the trust agreement and avoid probate.
- For Flexibility - These types of trusts can be changed. If you have a second thought about a particular item or beneficiary, you can modify the document through a trust amendment. If you don't like the trust as a whole, then you can revoke the entire document.
Friday, November 6, 2020
Understanding a Power of Attorney for Finances
Carolyn Rosenblatt discusses a Power of Attorney for Finances. This important document may be necessary to help care for your elderly parents. It can prevent financial elder abuse.
Wednesday, November 4, 2020
Aging, Communication, and Preparation
Making plans for retirement is clearly one of the highlights of your life. From the time you get out of college and enter the workforce most of your time is accounted for, and over those years there are invariably going to be many experiences that make their way onto your "to-do" list. The day that you retire is the day that you start to check things off that list, and your life experience is enriched with every mark.
We often talk about the fact that one of the challenges that are inherently part of any type of long-term planning is the fact that you can't predict the future with any degree of certainty. This is true of financial markets, laws, our own health and that of our loved ones. All of these things impact retirement planning, but there is another factor that can be difficult to fully digest.
Your mental capacity may not be the same as your retirement years pass. When you are planning for retirement it is very important to be realistic and keep this in mind. What happens if you need long-term care? What if you never made your medical preferences known via the execution of advance health care directives? You don't want to start considering these matters for the first time when you are in the latter stages of your life.
It may be a good idea to plan for your twilight years simultaneous to making plans for an active retirement both emotionally and financially. Bringing the issues of long-term care and possible incapacitation out in the open with your family long before they are directly relevant is also something to consider. Successful people generally confront reality and stay ahead of the curve. If you follow the same path that brought you success throughout your life you will invariably age just as successfully.
Article Source: http://EzineArticles.com/?expert=Alan_Augulis
We often talk about the fact that one of the challenges that are inherently part of any type of long-term planning is the fact that you can't predict the future with any degree of certainty. This is true of financial markets, laws, our own health and that of our loved ones. All of these things impact retirement planning, but there is another factor that can be difficult to fully digest.
Your mental capacity may not be the same as your retirement years pass. When you are planning for retirement it is very important to be realistic and keep this in mind. What happens if you need long-term care? What if you never made your medical preferences known via the execution of advance health care directives? You don't want to start considering these matters for the first time when you are in the latter stages of your life.
It may be a good idea to plan for your twilight years simultaneous to making plans for an active retirement both emotionally and financially. Bringing the issues of long-term care and possible incapacitation out in the open with your family long before they are directly relevant is also something to consider. Successful people generally confront reality and stay ahead of the curve. If you follow the same path that brought you success throughout your life you will invariably age just as successfully.
Monday, November 2, 2020
4 Things You Need To Know About Advanced Directives
It is a sad truth that death is an inevitable part of life. And, even though many of us are reluctant to face this fact, it is no excuse to fail to plan for your end-of-life healthcare, particularly if you are past retirement age. Although it may be scary to think about your end-of-life decisions, it can greatly improve the quality of life for your family after you are gone, and will reduce the chance your passing is a burden on your family. Advanced directives offer you the assurance that your last wishes will be fulfilled. Here are four things to know about them.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
1. What is an Advanced Health Care Directive?
An advanced directive is a generic term for a legal document that describes to and instructs others about your medical care, in the event you are unable to make your decisions known. A directive only becomes effective under circumstances described in the document, but in general, allow you to do two things. The first is to appoint a health care agent or power of attorney. This person will make decisions on your behalf. Secondly, the directive will provide instructions about exactly what forms of health care you want and do not want.
2. Why Are Advanced Directives Important?
According to recent surveys, the majority of people would prefer to die in their own homes. However, many terminally-ill patients meet the end of their life while in the hospital, typically while receiving ineffective treatments that they may or may not really want. Occasionally, this confusion can cause conflict between the surviving members of the family, leading to fights and arguments. Meanwhile, the dying person's thoughts and wishes remain unexpressed. An advanced care directive prevents all of this. From documenting the treatments you want to describing your wishes for your remains and personal effects, advanced care planning is highly beneficial.
3. Creating an Advanced Care Directive
An advanced care directive and living will do not have to be complicated, however, the content may be complex and should be considered carefully. In general, it will consist of short, simple statements about what types of treatments you would accept or deny, given particular circumstances where you are unable to speak for yourself. It is important to create this document with the help and guidance of your family, legal, health, and financial professionals for maximum effectiveness.
4. Talking With Your Loved Ones About Your Choices
A vital step in advanced care planning is to clearly communicate your wishes to your loved ones and family about your decisions, and why you are making them. For most of us, this conversation can seem like a daunting task. You may be uncomfortable bringing up your own death with your loved ones, or it may seem like poor timing to have that conversation, but it is much better to have this conversation now, before there's a problem, so that everyone can remain calm and relaxed.
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