Posts Tagged ‘parent category will information’
A reader asks…….Who starts this process ?
A formal written petition to the court along with a filing fee must be submitted to the court to start the probate process.
One of the courts first jobs is to approve or appoint someone to handle the affairs of the estate. This person is called the executor, administor or personal representative depending upon the rules of the state/prov, and whether the decedent died with or without a Will.
We will call this agent of the estate a “personal representative”.
Generally, the first thing the personal representative does is hire an experienced probate attorney, although that may not always be a legal requirement.
In many cases, hiring an attorney may become a practical necessity because probate paperwork and filing procedures can be very comlex.
Another step to follow.
Remember March 23rd, Diabetes Risk Test Day.
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probate
Do I need to worry about estate planning ?
YES…YES…YES. While your estate under any exempt amount is free from federal estate taxes, you will probably not avoid a living probate if you become disabled or a death probate when you die.
Remember, probate and federal estate taxes have nothing to do with each other.
Estate taxes are paid to the federal gonernment for the right to transfer property at your death.
Probate fees and costs are paid to the probate court, legal professionals and representatives of your estate for supervising the administration of your estate and distributing assets to your beneficiaries.
There may be a state death or inheritance tax on estates that are much smaller than those exempted from federal estate tax.
Meet and discuss with as many professionals as possible as you prepare to address your estate planning and heed their counsel ,
Akso on your planning calender, mark Tuesday March 23rd. The day you can get a DIABETES RISK TEST. Only 31 days left.
Will planning
A NEW MOON is an ideal time for new beginings and putting resolutions in gear that are meaningful !
Often, it allows sharper focus on family matters, what one can do to improve family relationships, and make all family members more comfortable in their surroundings knowing that the future of all members is being properly laid out.
You can start the dialogue with family members by introducing some of the language that they all should become familiar with. Your plans for their future, the Testamentary Letter, ( the letter first putting together all the information you will need to give to your legal professional), your Estate Plan ( and what that is ), explain what a Testator and a Testatrix is, what a Codicil and Probate means, what assets, beneficiaries and child guardianship mean, what a Family Will is, a Living Will, a power of attorney, a Health Care Directive is, Living Trust.
Impress upon them the importance of their input and the part they should play in helping put together this information together for presentation to their legal advisor.
And finally, with the legal advisor, be sure to explain the parts the family will have to play when that eventful time is at hand. The more members of the team that are involved makes for a more favorable accomplishment.
Family members with aging parents should not be bashful about asking of their parents, what they want the family to do in the event of. Some parents may not be so open to discuss these events, but family should press for definet instructions of what they want their parents to do. This is not being offensive. IT IS BEING PRATICAL !