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October 25, 2011
A medical power of attorney form is required when someone wants to let another person make decisions about their healthcare should they become incompetent. The person charged with this responsibility is designated in the POA form as the attorney-in-fact, but this does not mean they have to be a lawyer.
It's smart to establish medical power of attorney regardless of current health status. Unfortunately, no one knows when an expected illness or tragedy will strike and leave them unable to communicate.
It's also smart to execute this document prior to surgery or other types of invasive medical procedures. This type of power of attorney lets a person provide written directives regarding medical treatments, procedures, and services that they do not want to have.
October 19, 2011
A probate form is required when engaging in proceedings that take place in probate court. These include estate settlement, name changes, adoption, conservatorship, guardianship, recording or making changes to trusts, and litigation associated with probate estates.
The probate form is necessary to obtain a case number for probated estates or to record legal changes through the court. Records retained through probate court are a matter of public record and can be viewed by anyone that wants to see them. The exception to this rule is matters related to trusts
Trusts are used to safeguard estate assets and avoid probate. Within the U.S. every person's estate has to pass through probate upon death. This method is necessary to transfer property to designated beneficiaries and heirs; notify government entities of the death; clear outstanding debts owed by decedents; and file final tax returns.
October 01, 2011
The probate office is where matters surrounding estate settlement, conservatorships, marriage licenses, name changes, and adoption occur. When a person passes away their estate agent files the last will and testament and death certificate through this office to obtain a case number.
Working with the probate office can be simplified by engaging in estate planning. In fact, with proper planning most estates can avoid probate altogether. It's recommended to consult with a probate lawyer or estate planner to ensure adequate protection of estate assets. However, it's helpful to conduct research to learn about the process and available options.
September 13, 2011
Wills provide a legal record of written directives regarding how estate assets should be distributed upon death. While it's not a task people enjoy doing, writing a Will is an important element that shouldn't be avoided.
Wills are vital documents for individuals wanting to take care of their family after death. This written contract makes the job of estate settlement much easier for estate executors.
Every estate that passes through probate needs an estate executor to take care of final matters. The Will is used to name the person who will assume this role.
August 30, 2011
Have you ever inherited anything from a deceased relative? If so, you know it's a bittersweet experience. Inheritance gifts hold many sentiments. They can alter your life if consisting of large sums of money or valuable property such as real estate or jewels.
Inherited gifts can be a blessing or a curse. As a probate liquidator, I've watched many families engage in inheritance wars over a deceased relative's belongings. I've also seen the disappointment on people's faces when they discover everything their relative owned has to be sold to pay off outstanding debts or past due taxes.
August 22, 2011
If you haven't taken time to write a Will, what's holding you back? Do you think you don't need one or that it's too costly? Do you think you're too young or that you don't own anything of value so what's the point? The point is everyone aged 18 and up needs a Will if for no other reason than to provide directives to loved ones.
Taking time to write a Will is by far the best thing you can leave behind. Doing so speeds up the probate process and ensures property and cash is transferred to the people you want to have it.
There are many ways to write a last will and testament. Some people download templates from the Internet and fill in the blanks. Others purchase do it yourself Will kits or utilize online services such as LegalZoom. Most prefer working with an estate planning service or probate lawyer.
August 16, 2011
Estate agents are people assigned to oversee estate settlement procedures when a person dies. In most cases, people are appointed through a last will and testament, but might be confirmed through probate court to act on behalf of the estate.
State laws require estate agents to be of legal age and prohibit anyone with a criminal record from engaging in estate settlement procedures. The person chosen for this position should be capable of making sound decisions on behalf of the estate and rightful heirs. They should be good with finances and capable of providing detailed accounting reports, as well as being proficient with recordkeeping.
March 25, 2011
Trustee references a person or entity in charge of managing assets protected through a trust. Trustees act as fiduciary for beneficiaries and are responsible for making solid financial decisions for their greater good.
Trustee also references the person in charge of managing personal and corporate bankruptcies. Bankruptcy trustees are appointed through the Department of Justice and responsible for managing court ordered sale of assets under Chapter 7 and distributing payments to creditors under Chapter 13.
September 20, 2010
Real estate investing in California probate properties can be a profitable niche for those who take time to learn how the practice works. Probate real estate refers to property owned by a decedent whose estate is suspended in probate court. Probate is required to settle estate matters and distribute inheritance property.
Although a profitable venture, real estate investing in California probate requires more time than buying other types of investment properties. Investors should have a good understanding of how the probate process works and how to submit offers on probated realty.
March 22, 2010
Estate executor refers to an individual in charge of managing the estate of a person who has died. Estate administration duties will vary depending on the type and value of assets owned by the decedent and whether the estate is probated or protected through a trust.
Oftentimes, the estate executor of probated estates will require assistance from a lawyer or estate planner to ensure estate management procedures comply with probate laws. Probate is the legal process used within all 50 states to validate decedents' last will or appoint an estate administrator to manage intestate estates. Intestate means the person died without executing a last will.