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What else can I help you with?
How do I create a family trust as part of my estate planning?
You can contact an attorney for information on a family trust. Many attornies deal with setting up these kinds of trusts.
How can a person deed their part of some land to their children but have a life estate to the property?
Grantors X, Y and Z hereby grant the described property to X, Y and Z as joint tenants with right of survivorship and not as tenants in common, subject to a life estate for their parents A and B, measured by the joint lifetimes of A and B... You can then go on about the obligations to pay taxes and other assessments, maintain the property against the elements and against trespass, and so forth, or just go with whatever default provisions your jurisdiction has come up with for the obligations of life tenants, if any.
Can a trust eliminate a husband's right to one third of his wife's estate if he is omitted from her will.?
Trusts are often used for estate planning. A person can transfer all their property to a trust and when they die that property is not considered part of their estate. Trust law is an extremely complicated area of law and trusts must be drafted by a professional and tailored to the needs of the trustor. They must also conform to state and federal tax laws. You should consult with an attorney who specializes in estate planning in your jurisdiction.Trusts are often used for estate planning. A person can transfer all their property to a trust and when they die that property is not considered part of their estate. Trust law is an extremely complicated area of law and trusts must be drafted by a professional and tailored to the needs of the trustor. They must also conform to state and federal tax laws. You should consult with an attorney who specializes in estate planning in your jurisdiction.Trusts are often used for estate planning. A person can transfer all their property to a trust and when they die that property is not considered part of their estate. Trust law is an extremely complicated area of law and trusts must be drafted by a professional and tailored to the needs of the trustor. They must also conform to state and federal tax laws. You should consult with an attorney who specializes in estate planning in your jurisdiction.Trusts are often used for estate planning. A person can transfer all their property to a trust and when they die that property is not considered part of their estate. Trust law is an extremely complicated area of law and trusts must be drafted by a professional and tailored to the needs of the trustor. They must also conform to state and federal tax laws. You should consult with an attorney who specializes in estate planning in your jurisdiction.
Do you get paid for being power of attorney?
The answer is 'it depends'. Accepting the role of power of attorney carries with it certain responsibilities and liabilities, most of the time, family members are appointed as attorney, and ordinarily it would not make sense for them to be paid. In my experience, no family member who has ever been appointed power of attorney has ever been paid. Most of the time, is a lay person seeks payment, it is a ruse to cover up abuse of the attorney powers. Professionals acting as attorney however, be they estate practitioners, solicitors, legal executives or financial advisers should be compensated for their time at the normal rate they would charge for their services. Be that as it may, it is always a good idea to have one's estate planning including power of attorney set up by a suitably qualified and experienced professional - it is not unlike erecting a building, the importance of the foundation could not possibly be overstated. Part of the duty of the estate professional in setting up the power of attorney would be to describe and enumerate the conditions in which the attorney would act and the amount of remuneration [if any] to which the attorney would be entitled. In short, the power of attorney's entitlement to payment would only exist if it were set out in the documents appointing the attorney.
Who pays for lawyer to replace exuector?
The estate pays the executor and the attorney. So it will be a part of the estate settlement and approved by the court.
Is there anyway to keep your last will and testament from becoming public knowledge?
If you own property at the time of your death the will must be probated and your estate becomes a public record. There is no way you can change that process. It is the law. If you have no will (intestate) and you own property at the time of your death your estate must be probated. The court will appoint an administrator and your estate will become part of the public record. The only way to keep your business private is to do some careful estate planning so that you own no property in your own name at the time of your death. Perhaps you should discuss it with an attorney who specializes in estate planning.If you own property at the time of your death the will must be probated and your estate becomes a public record. There is no way you can change that process. It is the law. If you have no will (intestate) and you own property at the time of your death your estate must be probated. The court will appoint an administrator and your estate will become part of the public record. The only way to keep your business private is to do some careful estate planning so that you own no property in your own name at the time of your death. Perhaps you should discuss it with an attorney who specializes in estate planning.If you own property at the time of your death the will must be probated and your estate becomes a public record. There is no way you can change that process. It is the law. If you have no will (intestate) and you own property at the time of your death your estate must be probated. The court will appoint an administrator and your estate will become part of the public record. The only way to keep your business private is to do some careful estate planning so that you own no property in your own name at the time of your death. Perhaps you should discuss it with an attorney who specializes in estate planning.If you own property at the time of your death the will must be probated and your estate becomes a public record. There is no way you can change that process. It is the law. If you have no will (intestate) and you own property at the time of your death your estate must be probated. The court will appoint an administrator and your estate will become part of the public record. The only way to keep your business private is to do some careful estate planning so that you own no property in your own name at the time of your death. Perhaps you should discuss it with an attorney who specializes in estate planning.
When I pass away and my daughter inherits my home will the home mortgage increase?
If the mortgage is not in her name as a joint tenant, the house will have to be made a part of the estate. The estate will have to satisfy the mortgage. The bank may allow the new owner to assume the existing mortgage, but they are more likely to want to establish a new one. You should really consult an attorney in your area for estate planning purposes.
How do you deal with legal costs incurred for claim of residuary estate Out of that part of the residuary estate or out of the whole residue?
Any legal costs are charged to the estate. State laws vary regarding the payment of estate debts. You need to consult with an attorney in your jurisdiction.Any legal costs are charged to the estate. State laws vary regarding the payment of estate debts. You need to consult with an attorney in your jurisdiction.Any legal costs are charged to the estate. State laws vary regarding the payment of estate debts. You need to consult with an attorney in your jurisdiction.Any legal costs are charged to the estate. State laws vary regarding the payment of estate debts. You need to consult with an attorney in your jurisdiction.
If no beneficiary is named and there is a will and durable power of attorney can the person named receive the life insurance be assigned to the funeral home to pay the burial costs?
First, the Durable Power of Attorney was extinguished when the principal died. You can no longer use it. The authority to handle the estate assets is in the executor. If no beneficiary was named on the life insurance policy then the proceeds will be made payable "To the estate of Jane Smith". In that case the proceeds are part of the estate. The appointed executor would have the authority to cash the check and pay the funeral expenses.
What if your father died and he has a joint account with his mother who is in a nursing home with Alzheimer's how can you as executor of the estate get access to the money to pay grandmother's bills?
Hopefully there is a Power of Attorney document as part of your Father's will. There should be some provisions, one would think, that being the executor of a person's estate would automatically grant them privileges such as this. You will need the advice of a licensed attorney no doubt.
If you have power of attorney can you legally put the house in your name?
That could be a breach of fiduciary duties. However, if the grantor desired this to happen, it would be legal. It may still become a part of the estate when the individual passes away.
Why does a power of attorney terminate when the principal dies or becomes incompetent?
Not all Powers of Attorneys terminate when the principal becomes incompetent. Some states all an incompetency clause in a POA that allows the agent to continue to serve even if the principal is determined be incompetent. POA terminate when a principal dies because once a person dies, a Personal Representative is appointed to their estate (either one determined by the principal through a Will, or one appointed by the court). Since a Personal Representative is required to administer any part of a decedent's estate, the POA must be terminated.
