Not sure which one is right for you? Wills and trusts wills are usually handled in probate court, where the court will help supervise that your last will is carried out as you intended. What Happens if the Remainderman in a Life Estate Deed Dies?
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This category contains articles relating to wills and trusts. Subcategories This category has the following 7 subcategories, out of 7 total. Pages in category “Wills and trusts” The following 154 pages are in this category, out of 154 total. This page was last edited on 28 September 2013, at 10:00. A will is a device that lets you tell the world whom you want to get your assets. Die without one, and the state decides who gets what, without regard to your wishes or your heirs’ needs.
So-called intestacy laws vary considerably from state to state. In general, though, if you die and leave a spouse and kids, your assets will be split between your surviving mate and children. Making a will is especially important for people with young children, because wills are the best way to transfer guardianship of minors. You may amend your will at any time. In fact, it’s a good idea to review it periodically and especially when your marital status changes. A will is also useful if you have a trust. A trust is a legal mechanism that lets you put conditions on how your assets are distributed after you die and it often lets you minimize gift and estate taxes.
But you still need a will since most trusts deal only with specific assets such as life insurance or a piece of property, but not the sum total of your holdings. Even if you have what’s known as a revocable living trust in which you can put the bulk of your assets, you still need what’s known as a pour-over will. In addition to letting you name a guardian for your children, a pour-over will ensures that all the assets you intended to put into the trust are put there even if you fail to retitle some of them before your death. Any assets that are not retitled in the name of the trust are considered subject to probate. As a result, if you haven’t specified in a will who should get those assets, a court may decide to distribute them to heirs whom you may not have chosen. Does Your Bank Pay as Little as 0.
We at Arizona Wills and Trusts, LLC firmly believe that a well-informed consumer can make the best decisions for his or her family. From our experience, important decisions should be well planned in advance and not made in a time of family crisis. If you have minor children, you forfeit to the state, your right to name guardians for your children, and your right to select the age at which your children receive their inheritance. The state will give your children all of their inheritance at age eighteen to spend however they want. In our years of experience, we have found that most eighteen-year-olds are incapable of properly managing and wisely spending what you have worked for all your life. Without properly prepared documents, if you become incapacitated, your family may incur the unnecessary costs of court appointed guardianship or conservatorship proceedings. Further, many people think that Joint Tenancy avoids probate.
Joint Tenancy does not avoid probate, it only delays it. In addition, Joint Tenancy may result in two probate proceedings if the couple dies simultaneously. All of these legal dilemmas and costly court proceedings can be avoided if you have the proper documents prepared before your death or incapacity. Other common misperceptions concern life insurance proceeds and retirement benefits. Life Insurance passes to your beneficiaries free of income tax, but it may be subject to Federal Estate Taxes. Some retirement account funds are also included in the estate and may be subject to income tax as well as estate tax.
The information in this website is being distributed as a public service by Arizona Wills and Trusts of Tucson, LLC. It is intended as general information and is not legal advice. Only a licensed attorney can provide legal advice. Because individual circumstances may vary, it is recommended that you consult with an experienced professional regarding your individual needs.
We take a team approach to financial, estate, and retirement planning and work very closely with investment, insurance, tax and legal advisors in the community. At The Levin Law Firm, we take data and information and convert them into knowledge and wisdom. We grow our practice by your referrals to clients who need our legal assistance in identifying their concerns and goals, and develop and implement plans uniquely designed to achieve our client’s estate, business, and retirement distribution objectives. At The Levin Law Firm, we treat each client with compassion, empathy, and respect.
We believe that matters impacting your estate plan, business succession concerns, and retirement distribution goals is a process, rather than a one time event. We make every effort to treat each client as if that person is our only client and have built our practice through referrals from satisfied clients and other professional advisors. Please contact The Levin Law Firm whenever we can be of assistance in helping you to see and solve your estate planning, business succession, and retirement planning concerns. Our primary mission is to create a proper and flexible plan, allowing your clients to leave a lasting and meaningful legacy to their family and selected charities. Only after we get to know your client’s personal, family, business, financial, and disposition concerns for the distribution of their property, can we create the appropriate legal documents designed to accomplish your clients’ unique goals and objectives. Wills And Trusts, Estate Planning, Elder and Probate Law. Top Estate Planning Attorney Serving Chester, Delaware and Montgomery County, PA.