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Question #1 – Probate
What is the probate process?
Answer #1
In short, Probate involves paperwork and court appearances by lawyers once an individual dies. Probate is the legal process of overseeing the estate of a deceased person by resolving all claims and distributing the deceased person's property in accordance with the valid will. The probate court decides the validity of a testator’s will.
Question #2 – Probate
Is life insurance subject to probate?
Answer #2
No, unless you name your estate as the beneficiary of the policy.
Question #3 – Wills
What is the youngest age at which I can set up a will?
Answer #3
In order to draft a will, the individual must be:
a)At least 18 years old;
b)Of sound mind;
c)Free from duress, coercion; and
d)Able to completely understand the property they own, its value, and who they wish to leave it to upon their death.
Question #4 –Advance Directive
Who should I give copies of my Advance Directive to?
Answer #4
You should provide copies of your Advance Directive to the following interested persons:
1.Designated health care agent;
2.Primary care physician;
3.Hospital or treatment center;
4.Therapist;
5.Any other doctors that you frequent (i.e., oncologist; cardiologist; gynecologist)
6.You may wish to keep a copy of the Advance Directive in your vehicle;
7.You may wish to keep a copy of the Advance Directive in your wallet/purse.
Question #5 – Probate
If I do not have any family, who closes my estate?
Answer #5
Your family does not have to close your estate. You may designate a close friend/colleague or someone that you trust to close your estate.
Question #6 – Probate
What is non-probate property?
Answer #6
Non-probate is property held as Joint Tenants/ or Tenants by the Entireties, or property transferred to a living trust, proceeds of a Life Insurance Policy, money in a pension plan, IRA, 401(k) plan, or other retirement plan, stocks and bonds held in beneficiary forms and money in a payable-on-death bank account.
Question #7 – Wills
What is the difference between a Grantor and a Testator?
Answer #7
A grantor is the title used for the individual who sets up a trust. A testator is the title used for the individual that has written and executed a Last Will and Testament.
Question #8 –Trusts
What is a trust?
Answer #8
A trust is a legal agreement that allows you (the trustor) to transfer property and assets for the benefit of someone else (the beneficiaries). Beneficiaries can be individuals, businesses, or charitable organizations. You place your assets under control of a trustee, an individual or organization that manages and distributes the assets as set out in a trust document specifying your wishes.
Question #9 – Trusts
I am interested in drafting a trust; however, I heard they are relatively complex?
Answer #9
There are roughly eight steps in the process of developing a valid trust document:
1. Decide what type of trust best suits your particular situation. You may already know what you are looking for, but if not, an experience lawyer will be able to help you determine which type of trust would satisfy your goals.
2. Decide what items to leave in the trust. Several types of property may be transferred to a Trust. The following types of property can be effectively transferred to a Trust:
a. Personal property
b. Automobiles
c. Real Estate (Real property)
d. Bank Accounts
e. Registered Stocks & Bonds
f. Life Insurance
g. Retirement Plans
3. Decide who will inherit your trust property.
4. Choose someone to be your successor trustee.
5. Choose someone to manage children's property (if applicable to your situation).
6. Prepare the trust and sign it in front of a notary.
7. Transfer title of property to yourself as trustee.
8. Store your trust document safely.
Question #10 – Wills
Can you cancel your own Will?
Answer #10
Yes, you may revoke your own will. You may revoke by: including a provision in a subsequent will which revokes any prior will, or by burning, canceling, tearing or obliterating your will and any copies of it.
MVP Law Group would like to thank everyone who contributed a question or comment.
Our next “Estate Planning Q & A Forum” is scheduled for Monday, February 13th, 2012!
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