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Estate Administration Information

Finding information on estate administration is a simple process online, especially if the estate itself is not very large. If you have an estate which requires administering, you will need to find an executor of your will. However, before you begin this process you need to understand what your estate is and all of the assets contained therein. Different states will have different laws depending on the nature of your estate and what you are leaving to whom. Having the information you need to protect your estate beforehand will help to safeguard your future, especially should you die and your estate needs to be managed.

Types of Estates

There are different types of estates which require different methods in the handling and distributing of the estates. There is a formal estate, which is required during the distributing of a will by use of a formal court which will determine the end results of the reading of the will. There is also an informal probate where only a minimal amount of paperwork is required to be filed in order to begin the proceedings. In addition, you will have to decide how you wish probate to be handled as if you wish to do a supervised or formal probate the costs associated with this will come out of the estate which you leave behind.

Managing Your Estate

In order to begin managing your estate, you will need to appoint an executor of your will. In some instances, depending on the nature of your estate you can leave it up to be privately handled or handled by the courts, in which case a judge will be the individual who handles all proceedings until the appropriate steps have been taken. In other instances, you may be able to do an ancillary proceeding in order to save costs, depending on whether or not there is a requirement by the state where the estate is being handled.

Although for some individuals it may be difficult to think about managing their estate, it is nonetheless an important decision many individuals will wish to make early. This is due to not only should you die, but also because you may be faced with a situation where you are still alive but require your estate to take care of you. Should this occur, your estate will need to be handled in a way which will continue to preserve your freedom and rights in a way which you would have wanted even though you may later be unable to make decisions for yourself.

Once you have determined the type of estate you have and how you wish to manage your estate, your executor will need to be in contact with your lawyer if he or she is not already one. Properly preparing your estate and handling it correctly will make the difficult matter of your estate a simple one for your loved ones.

Get in touch with an estate planning lawyer to see which would best suit you and your assets today.

Estate Law Planning

The term "estate" consists of all the property a person owns or controls, whether in his or her sole name, held in a partnership, in a joint ownership arrangement, or through a trust, and all other monies that would be generated on the person's death, such as through life insurance.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

These laws include the following:

• (1) real property and things attached to it (houses, buildings, barns, etc.)
• (2) all personal property (including automobiles, bank accounts, stocks and bonds, mutual funds, stock options, cash, furniture, jewelry, art, collectibles, etc.)
• (3) all businesses and business interests (sole proprietorships, partnerships, corporations, joint ventures, and the goodwill, inventory, tools and equipment, accounts receivable, and other business property, etc.)
• (4) powers of appointment (the right to direct who gets someone else's property)
• (5) life insurance and annuity contracts, pension benefits, IRAs, 403(b)s, etc.
• (6) all debts and obligations owed to others, and
• (7) all claims you have against others, such as for the pain and suffering from an auto accident.

How Some Estates Are Taxed

Federal gift and estate tax law permits each taxpayer to transfer a certain amount of assets free from tax during his or her lifetime or at death. (In addition, as discussed in the next section, certain gifts valued at $10,000 or less can be made that are not counted against this amount.) The amount of money that can be shielded from federal estate or gift taxes is determined by the federal unified tax credit. The credit is used during your lifetime when you make certain taxable gifts, and the balance, if any, can be used by your estate after your death.

More estate law reading here:

• Estate Laws across USA
• California Estate Law Information
• Indiana Estate Law
• Kentucky Estate Law Guide

Keep in mind that while you can plan to minimize taxes, your estate may still have to pay some federal estate taxes. What’s more, your estate may be subject to state estate or inheritance taxes, which are beyond the scope of this pamphlet. An estate planning professional can provide more information regarding state taxes.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

Power of Attorney

Some people simply are not able to manage their own financial affairs. For these people, there are a number of courses of action, depending on the mental state of the person and the laws of the home state. A popular choice is to obtain a power of attorney, which is a notarized, revocable document allowing you to handle a specific matter or a wider range of affairs. It can involve one or more than one person, but if they are required to act together, getting consensus on how to handle your affairs will, undoubtedly, prove to be irritating and infuriating at times.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

There are three types of power of attorney:

• (1) a durable power of attorney that remains in effect during incompetence or other disability;
• (2) a standby power of attorney that is triggered when there is an incapacity to manage affairs; and
• (3) a temporary power of attorney that generally applies only if an emergency arises.

A Guardianship may also be used. The guardian, a relative, friend, or heir, can be appointed by the court to handle your affairs and well-being.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

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An Estate Planner can also assist all other possible estate planning law concerns.

If you are in need of an estate planning lawyer specializing in wills & estate planning, contact us. Let us help you with your legal concerns.

Last Will And Testament

A Will is a written document, generally prepared with the help of an attorney, that provides instructions for the disposition of a decedent's (dead person's) property. The term "Last Will and Testament" is simply a more complicated name for a Will.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

In order to make your will a legal document, the will must:

• Be typewritten or computer generated;
• Expressly state that it’s your will;
• Have the date and your signature;
• Be signed by at least two, or in some states three, witnesses.

Witnesses must watch you sign the will and they must not be people who inherit anything under the will.

Contact the nearest Estate Planning Lawyer and obtain a free case evaluation.

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An Estate Planner can also assist all other possible estate planning law concerns.

If you are in need of an estate planning lawyer specializing in wills & estate planning, contact us. Let us help you with your legal concerns.

Dying Intestate

There are lots of times when individuals will die without properly drafting up an estates plan. A lot of these individuals are young and don't think they need one just yet. So to make up for this there is a state law called "intestate succession", which will help sort out property to heirs. So if you didn't make a will before you passed, the state will do it for you. Each of the fifty states has their own laws for this matter.

• If you need help with an Estate Planning Problem, click here to consult with an Estate Planning Lawyer near you to discuss the details of your case.

The 1990 Uniform Probate Code

Also known as the Code; this is the starting point for each of the states and their laws. It is used as a reference, but each state can still have its own laws entirely about asset assortment between heirs. Under the Code, the relatives that were closer will receive priority over those that were distant. Close relative include spouse, children, grand children, siblings, nieces, nephews, aunts and uncles. Anyone else not named are considered distant relatives according to the Code. If you had adopted children, they are treated as your biological children.

Surviving Spouse

With the Code, the spouse that is surviving the deceased is either given full property ownership or partial. For instance, if the surviving spouse is left with the descendents children, he or she is entitled to the entire estate. The spouse is also entitled to the entire net worth of the estate if no children or parents are left behind. If the descendent has no children, but has parents and a spouse, the spouse get's the first $200,000 of the estate's net value and three-fourths of everything else that exceeds that amount. If there are surviving descendents of the deceased and aren't descendents of the surviving spouse, the spouse will be entitled to the first $150,000 of the estate's net value and half of everything else that exceeds that amount. If the deceased has a surviving descendents that are not descendents of the surviving spouse, the spouse will receive the first $100,000 of the estate's net worth and half of everything else exceeding that amount.

Key Phrases to Know

• Share of Descendents - According to the Code, if there is no surviving spouse of the deceased, but there are children - they receive the entire estate; this is known as "right of representation".
• Share of Parent - According to the code, if the deceased doesn't have a surviving spouse or children, the nest estate is passed along to the parents of the deceased equally. If there is only one alive then he or she will receive all of the net estate.
• Share of Other Relatives - According to the code, if the deceased doesn't have a surviving spouse, descendents or parents, the estate goes to the deceased's siblings. If there aren't any siblings of the deceased, the estate goes to the grandparents of the deceased or their descendents.
• Net Estate - This is the amount that is left over after debts, taxes, administration fees and family protections have been paid for.

There are various scenarios that you can use to help protect your domestic assets.

• If you need help with an Estate Planning Problem, click here to consult with an Estate Planning Lawyer near you to discuss the details of your case. This website is for informational purposes only and nothing stated here should be taken as legal advice.

Estate Lawfirms

An Estate is the entirety of a property, real and personal, owned by an individual prior to distribution through a trust or will.

Estate planning is the process by which an individual, or nuclear family with the person's consent and approval, arranges the transfer of assets to heirs or other beneficiaries. The reason for this is to provide the family, or anonymous miscellaneous beneficiaries, with legal rights to the property after the individual has passed away.

Aspects of Estate Planning include:

• Trusts
• Wills
• Uniform Probate Code
• Gift Tax
• Dynasty Trust
• Joint Tenancy

A good Estate Planning lawyer can do more than just manufacture a simple will. Estate planning also typically minimizes potential taxes and fees, and sets up contingency planning to make sure that your wishes regarding which items are allocated and who the main beneficiaries are.

Many trusts are created as an alternative to or in conjunction with a will and other elements of estate planning. State law establishes the framework for determining the validity and limits for both.

An Estate Planner can assist you with organizing your personal and business records such as:

• Brokerage Accounts
• Retirement Plans
• Savings and Checking Accounts
• Insurance Policies
• Business and Partnership Interests
• Debt Personal Property

An Estate Planner can also assist all other possible estate planning law concerns.

If you are in need of an estate planning lawyer with solid experience in wills & estate planning, contact us. Let us help you with your legal concerns.

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