In most states, witnesses must be present when the person making the Will reviews and signs the document. This seems simple, right? Additionally, in most states, anywhere from two to three witness must be present with the Will maker when it is signed. A good estate planning attorney will explain this. Again, simple. However, many…
The Requirements of a Simple Will
Although the requirements vary from state-to-state, there are certain requirements required to draft a valid simple Will. Most people know that they should have a Will of some kind. However, most people don’t understand the basis behind why you should have a Will or what is required to make one. Talking to a estate planning…
Estate Planning: Changes in Medicaid Law May Affect Estate Plans
Recent changes in federal and state legislation may have affect on your estate or retirement planning. New legislation is being issued in many states across the country which allows a court to seize new assets for purposes of medicaid recovery. Now, a state may be able to recover medicaid related health-care costs from a person’s joint bank…
Estate Planning Advice | Put Your Will in a Trust
As I discussed in a prior post, many people are not aware of the common differences between a Will and a Trust. This post offers a discussion of what is known as the “Pour-Over Will.” The Pour-Over Will is a document that acts as a typical Last Will and Testament in many respects with one…
Estate Planning | New Marriages Can Mean Disinheriting Your Children
Helen Morris at the Times Colonist had an interesting article this morning about the potential dangers of new marriages causing disinheritance of children. As she does a nice job discussing, new marriages can have a significant effect on how money and other assets are passed when a person dies. Often, people who fail to conduct proper estate planning can be surprised on what…
Estate Planning | Handling Estate Cash Responsibly
As I discussed in my prior post, a Personal Representative must properly manage the estate assets. The court and the beneficiaries of the estate will all be paying attention to make sure that Personal Representative is acting in the best interest of the estate. The Personal Representative must act as a fiduciary and handle estate…
Estate Planning | Managing the Estate Assets Responsibly
Estate and retirement planning takes work. Any estate planning lawyer knows this and will explain it to his clients. One of the key aspects of estate planning is thinking about how to manage estate assets in a responsible manner. The laws in many states provide that a Personal Representative has clearly laid-out duties and responsibilities. Foremost,…
Estate Planning | Do Single Americans Have an Advantage When Planning for Retirement?
As discussed in a recent article by Market Watch, a recent survey by Charles Schwab shows that the majority of Americans think it is easier for singles to plan for retirement than for married couples. According to the article, more than 53% of married couples and 69% or singles believe retirement planning is simpler for the…
Estate Planning | The Great Debate: Wills versus Trusts?
Choosing between a Will or a Trust is not always an easy decision. Many factors come into play and, ultimately, you can’t go wrong as long as you choose one or the other. As an attorney, my recommendations is that all estate planning is a good thing. It means that you are thinking about a…
Estate Planning | Avoiding Conflicts of Interest
One of the ways to avoid conflicts of interest in estate administration is to have open communications channels between the Personal Representative and the beneficiaries. Conflicts such as Will Contests or other estate administration lawsuits do arise. Believe it or not, beneficiaries do fight over money. However these conflicts can be minimized with some effort…