- How Do Probate Judges Administer Estates?
A probate judge is an official of the county court system and a judicial official of the state who decides civil court cases that involve the probate process. Probate is the process of proving wills for those who have died with one (testate cases). A probate judge also oversees cases where a will has not… read more…
- How Does a Pot Trust Work?
A pot trust is a type of trust that lists children as beneficiaries, with the trustee using his or her discretion as to how trust assets should be spent. If you have minor children, you might consider setting up a pot trust to meet their financial needs if something should happen to you. This type… read more…
- Explanation of the Medicaid Look-Back Period
Medicaid can help to cover the costs of long-term care for eligible seniors who meet requirements for income and financial assets. It may be necessary to spend down or give away assets to qualify for Medicaid and long-term care benefits. The Medicaid look-back period determines when those transfers need to take place in order to… read more…
- What Are the Laws for Intestate Succession?
Estate planning is part of comprehensive financial planning. It includes making a will. If you don’t make a will before your death, you will die intestate. In that case, your assets will be distributed by the courts according to the… read more…
- How to Find Probate Records Online
Probate is the process of proving a will left by an individual. The individual is called a decedent in the legal language of probate administration and estate planning. The decedent is the deceased individual. If a will was not left by a decedent, then that decedent is said to have died intestate or without a… read more…
- Trustor vs. Trustee: What’s the Difference?
Trusts are a useful tool for financial and estate planning, allowing a family to set assets aside to be passed on when someone dies. They can also help your family potentially avoid the headaches of the probate process. Some of the language around trusts, though, can be confusing to those who aren’t completely fluent in… read more…
- How Does a Credit Shelter Trust Work?
A credit shelter trust is used to help married couples with significant assets pass their estates after their deaths to children or other beneficiaries without incurring estate taxes. Credit shelter trusts are also useful for avoiding probate, shielding assets from creditors and ensuring the wishes of a deceased spouse are carried out. While they are… read more…
- What Is a Business Trust and How Does It Work? – Definition
When it comes to trusts, most people are familiar with individual trusts, trust funds or family trusts that are connected to an individual or family. But another type of trust exists for entrepreneurs and companies called business trusts, which are… read more…
- Trust vs. LLC: What’s the Difference?
Trusts and limited liability companies (LLCs) are both legal vehicles that can be used to protect assets. Both are also created at the state level but they have different features and different uses. Trusts are primarily used to avoid taxation… read more…
- Where Can I Get a Power of Attorney Form?
When you assign someone power of attorney you give them the authority to make decisions for you and on your behalf. Whatever the agent, as this person is called, decides will be as binding as if you’d made the decision yourself, so only give power of attorney to someone you absolutely trust. While a specific form… read more…
- Healthcare Proxy vs. Living Will: What’s the Difference?
Failing health often robs people of their agency. Whether due to age or illness, many hospital patients can’t effectively communicate their own wishes. For legal matters, this is handled through matters such as medical power of attorney, trusts and estates. This… read more…
- Irrevocable Trust vs. Will: What’s the Difference?
Two of the possible ways for people making arrangements for the disposition of their assets after their death are wills and irrevocable trusts. Each one has unique strengths. Here’s how the two compare and contrast so you can determine if… read more…
- Revocable Trust vs. Will: What’s the Difference?
Estate planning is an important step in taking care of what matters most, your loved ones and the life you’ve worked hard for. Two of the options are a revocable trust and a will. But which one is the best… read more…
- In Trust For vs. Payable On Death: What’s the Difference?
When shaping an estate plan, one of the most important steps is deciding who has access to your assets. Specifically, that means who inherits bank accounts and other financial accounts when you pass away. In trust for vs. payable on… read more…
- Contesting Life Insurance Beneficiary – A Guide
Life insurance beneficiary designations allow the policyholder to decide who should receive a death benefit when he or she passes away. That doesn’t prevent someone from contesting life insurance beneficiary payouts, however. There are different reasons why someone may choose to dispute the beneficiary of a life insurance policy. If you believe you have a… read more…
- Pros and Cons: Payable on Death (POD) Accounts
Payable on death accounts can help streamline the process of transferring certain assets to loved ones after you pass away. Also referred to as a POD account or Totten trust, a payable-on-death account can be established at a bank or… read more…
- Qualified Domestic Trust (QDOT): Marital Deduction
Trusts can be a useful tool for estate planning if you’d like to preserve assets for loved ones while minimizing estate taxes. A qualified domestic trust (QDOT) is a specific type of trust that can offer tax benefits for married… read more…
- Living Will vs. DNR: Key Differences and When to Use Each
When planning for the future, it’s common to think of what you’ll do with your estate and assets. However, there is more to consider than just your financial situation. You have to take into account your health and well-being, too.… read more…
- How Does an Estate Tax Marital Deduction Work?
Estate planning as an individual is complicated enough, but planning for it in a marriage can create greater difficulties. Working as a unified partnership for your joint estate’s future means that you both will have priorities you want to bring into… read more…
- Key Differences: Living Will vs. Last Will
Planning for the later years of your life is often an emotionally taxing experience. However, it’s often scarier to go into the end of our life without a plan. Of course, a plan requires the right legal documents. A living… read more…
- Key Differences: Living Will vs. Power of Attorney
Hard choices wait around every corner as you age, but some of the most difficult ones are about your own care. Without a plan in place, you might not be able to convey your wishes to those around you, leaving… read more…
- TotalLegal Review: Pros & Cons
TotalLegal is a company that offers consumers the opportunity to create quality legal documents for a variety of needs. For estate planning, the website allows users to create a last will and testament, power of attorney, living will and medical power of attorney. If you’re looking to begin the process of creating an estate plan… read more…
- FreeWill Review: What You Need to Know
FreeWill is an online estate planning tool that allows you to create or update a legally binding will. It offers products such as the ability to document funeral wishes, create a durable financial power of attorney, advance healthcare directives (living… read more…
- How to Make a Will for Free
Estate planning can be an overwhelming process, emotionally and mentally. The prices to work with a financial professional certainly don’t help either. These days, it’s possible to find free templates and do-it-yourself kits online that make estate planning more affordable.… read more…
- Breakdown of Estate Planning Costs
Estate planning costs vary, and the difference in fees can only add to the emotional challenges. It’s difficult enough to begin managing matters of death without confusion on top of that. These issues only create more stress when there is confusion… read more…