Posted by Jerrold Bartholomew on March 26, 2008
The simple will is an important estate planning document to understand. One easy way to understand how a will works is to think of it as a set of instructions to a probate judge for distribution of a deceased person’s property. These instructions replace the default rules established by state law. Without a will, a deceased person’s estate will be distributed according to rules established by the state called the rules of intestacy. A probate court is a special division of the state court system that is given authority over incompetent persons and decedent’s estates.
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Posted in Estate Planning, Probate Court | No Comments »
Posted by Jerrold Bartholomew on March 10, 2008
Mr. David Goldman has raised some interesting points regarding the free durable power of attorney posted here and free durable power of attorneys generally. There are many problems with such documents and I have mentioned them in the previous post. Above all, you should certainly understand that any decision you make to use such documents will be your own and cannot be based upon anything written here. Mr. Goldman takes the argument a bit further. The first point he makes is that one should read carefully to be sure “free” documents are in fact free. He found a “free” power of attorney form elsewhere that only revealed in the fine print that you would be charged $19.95 per month for downloading the document.
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Posted in Asset Protection, Disability Planning, Estate Planning, Probate Court | No Comments »
Posted by Jerrold Bartholomew on March 5, 2008
The durable power of attorney is an extremely valuable estate plan document. It allows one person to designate an agent to conduct all financial affairs. These documents are typically durable meaning that the power continues through the disability of the principal (the person naming an agent). Alternatively, there can be springing powers of attorney, which only come into effect when the principal is incapacitated. Springing powers of attorney can be attractive in many ways since the principal’s assets remain untouchable while they can still be used and enjoyed by the principal. But many financial institutions will not honor a springing power of attorney. The apparent rationale goes like this: “You didn’t trust him while you were able to watch over your own affairs. Why should we trust him now?”
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Posted in Disability Planning, Pre-Planning for Long Term Care, Probate Court, Transition to Nursing Home / Medicaid | 5 Comments »
