Estate planning is a crucial component of asset protection. By creating a comprehensive estate plan that includes wills, powers of attorney, and healthcare directives, you can ensure your assets are managed according to your wishes, even if nursing home care becomes necessary. Consult with an elder law attorney to develop a tailored estate plan that safeguards your assets and provides peace of mind.
An estate plan typically includes a revocable living trust, financial power of attorney, and a health directive to physicians. The revocable living trust will specify how your assets will be distributed after you die. The financial power of attorney is a legal document that gives someone else the authority to make financial decisions on your behalf if you are unable to do so yourself. A health care directive to physicians is a legal document that gives someone else the authority to make decisions about your health care if you are unable to do so yourself.
Caregiving requires a strategy to solve a myriad of medical and administrative problems. These tangible books help you start the caretaking journey by highlighting what’s most important, making everyone’s life a little easier.
Once the executor pays all debts and taxes, they can distribute the remaining assets to the beneficiaries named in the will or to the heirs in the absence of a will. The court approves the distribution of assets, and the executor or administrator must file a final report and accounting with the court.
A probate lawyer can provide the right expertise and representation necessary to protect the wishes of everyone involved. Hence, hiring a probate lawyer reduces anxiety and ensures a smooth resolution of the estate.
Trusts are a great way to avoid probate because the property held in a trust is not considered part of your estate upon your death. Why? Not you, but a trustee, controls the property and is tasked with distributing the contents under the terms of the trust agreement.
You can avoid probate by creating an inheritance agreement. This is a contract where the owner agrees that another person will inherit the property.
The wealthy hotel magnate, Leona Helmsley, aka the “Queen of Mean” inherited $5 billion from her husband Harry Helmsley when he died in 1997. Her will stipulated that $12 million be held in a trust fund for her dog (a Maltese named Trouble.)
In an attempt to help our clients and friends understand probate terms, we have assembled this short probate dictionary, which features helpful probate terms. Beneficiary The beneficiary is the person named in the will who will inherit the assets of the probate estate.
Are Probate Court Records Public In California? In California probates, the public has access to probate court records. Contact the probate court clerk in any county where an attorney filed probate. Request to view the filed documents. For a fee, you can even obtain copies of filed documents from the clerk. Also, the last will […]
