Years pass quickly and the future is uncertain which makes planning important. Having a will is important for planning the disposition of your estate to your heirs and giving you the peace of mind knowing your desires have been expressed. You can decide who your property will pass to. If you do not have a will state law will decide who your property will pass to which may be different that what you desire. You can make gifts of property to certain designated persons rather than have the various heirs disagree with each other regarding which person will receive which property. If you already have a will you may need to change it due to life events that change your circumstances such as the death of a spouse or heir, remarriage, the birth of a child and other events that change the family situation. Jim Sears is experienced in drafting wills that meet the needs of his clients.
When your will is written there are other important documents to consider at the same time. These include a Durable Power of Attorney, a Living Will and a Designation of Health Care Surrogate. When a husband and wife are considering their wills it is often a good idea to obtain a reciprocal planning package that includes all these documents for both. All these documents can be signed at one time to implement your plan for the uncertainties of the future.
You may also consider including a trust for minor children. In it you can appoint who you wish to be the trustee to administer the assets of the trust until they become adults and to designate who will be their guardian in the event of your passing before they become adults. Sometimes these will be different people depending on who is best suited for each position whether it be parenting skills or business sense. If you do not designate these people in your will the court will appoint the persons. The persons appointed may not be the ones you would have chosen which makes it more important to have a will expressing your intentions.
A trust may also be used separate from a will to pass assets to heirs outside of the probate process. A trust can be revocable or irrevocable. It can also be used for special needs or charity. Another consideration is a spendthrift trust for children who may not be ready to handle their own financial matters when they become adults.
Probate is the process by which your estate is administered to pass and distribute the ownership of your property to your heirs and to take care of the claims of any creditors there may be. It begins with locating the will and filing it with the court. That is followed by filing a Petition for Administration and the issuance of Letters of Administration. There are different types of probates. A formal administration is for larger estates and ones that may have issues such as homestead, business interests, disputed claims, elective share, family allowance, exempt property, premarital agreements, children from former marriages or a person who became a spouse of the deceased person after the will was written. Some property may pass outside of probate such as property jointly owned with a spouse or another person such a real estate, stocks and bonds, mutual funds, bank accounts, certificates of deposit, an IRA or life insurance. The probate is typically concluded by filing a final tax return, a distribution of the assets, final accounting and discharge. If you have been named as a personal representative (executor) of an estate you will need an attorney to guide you through the process. We will be happy to assist you with that.
A summary administration is for smaller less complicated estates where the value of the property subject to administration is less than $75,000.00 or the decedent has been dead for more that two years..
Sometimes a probate case becomes contested and is litigated. While that is unfortunate sometimes it cannot be avoided. Jim has handled cases involving questions whether the actions of a personal representative, curator or guardian were appropriate.
Contact our office to schedule an appointment for a confidential consultation in a relaxed and comfortable setting to discuss your goals, plan for the uncertainties of the future, desires for your estate as well as any special issues or questions there may be. We accept Visa, MasterCard and Discover credit cards for your convenience.