- How to Avoid Probate in Maryland
If you’re planning your estate, you may be wondering how to avoid probate – the court-administered process for validating a will, settling debts and distributing assets following someone’s death. In Maryland, like other states, there are strategies and estate planning moves you can make now to ensure your property bypasses probate and automatically transfers to… read more…
- Differences of a Living Trust vs. Will in Georgia
Estate planning in Georgia involves understanding the distinctions between wills and living trusts. While wills offer simplicity and the ability to appoint guardians for minor children, living trusts facilitate probate avoidance and offer enhanced asset protection. The choice between the two depends on factors like estate size, privacy preferences and the need for probate avoidance.… read more…
- How to Avoid Probate in Indiana
The probate process can be time-consuming, extending to several months or sometimes years. Additionally, it can be a costly due to court, attorney and executor fees. Plus, probate is a public process, meaning the deceased person’s estate details, beneficiaries and will, become part of the public record. These concerns drive many individuals to seek other… read more…
- How to Get a Financial Power of Attorney in Maryland
A power of attorney is a legal document that grants one person, termed the attorney-in-fact or agent, the authority to act on behalf of another, known as the principal. This authority allows the agent to make decisions of legal and financial importance, particularly when the principal is absent or incapable. The process of obtaining a… read more…
- Comparing Trusts vs. Wills in Virginia
Trusts and wills are essential tools in estate planning, each providing its unique framework for asset management and distribution after death. Trusts can help you avoid probate, as well as enhanced protection for your estate. Wills, on the other hand, can offer you simplicity and the ability to appoint guardians for minor children. Picking between… read more…
- How to Hold an Estate Sale
Estate sales can feel overwhelming, particularly when it’s tied to significant life events like the death of a loved one. But these sales can be an important part of settling a deceased family member’s estate. If you’re planning an estate sale, you have two general options for how to hold one: You can do it… read more…
- What Is an Estate Sale and How Does It Work?
While “estate sale” might sound like a phrase used in high society, it’s simply a large, organized sale of someone’s possessions, typically held after they’ve passed away or moved. Unlike your typical garage or yard sale, an estate sale is far more extensive, often covering the entire contents of a household. This might be necessary… read more…
- How to Write a Will If You Live in Texas
Sitting down to write a will can seem straightforward. After all, you’re just naming everyone who gets your money and property, right? However, a will is more complex than putting together a list. To be valid in Texas, a will must follow specific guidelines or risk being discarded in a probate court. Here’s what to… read more…
- 6 Benefits of Using a Trust Instead of a Will
Trusts and wills are the main two ways to manage your estate. A will allows you to maintain full control of your assets up until death. They also offer the benefit of simplicity. While you can leave complex instructions for dispersal and conditions, a will can be as simple as a few lines dividing your… read more…
- Payable on Death Account vs. Transfer on Death Account
Payable on death (POD) and transfer on death (TOD) accounts both offer a unique mechanism for streamlining the transfer of assets when an account holder dies. Assets held in POD and TOD accounts swiftly pass to the named beneficiary, bypassing the often time-consuming and costly probate process. Despite their similar names and purposes, the POD… read more…
- How to Create a Financial Power of Attorney in Georgia
In the state of Georgia, a financial power of attorney is a legal document that grants a trusted individual the authority to manage your financial affairs when you are unable to do so yourself. A financial power of attorney carries significant weight, often serving as a safety net during times of incapacity or absence. But… read more…
- How to Avoid Probate in Massachusetts
Probate is the legal process through which a deceased person’s estate – including their assets and debts – is managed and distributed. Probate can be complex, time-consuming and potentially costly in Massachusetts, especially in cases of larger or disputed estates. However, there are ways to avoid probate altogether in the Bay State, but they require… read more…
- How to Avoid Probate in the State of Georgia
Probate can be a lengthy process, and cost your beneficiaries more than it should. It’s the process of distributing your assets if you haven’t properly planned out your finances for when you pass away. Avoiding this could help you save time and money. Here’s a breakdown of common estate planning strategies to avoid probate. But… read more…
- How to Avoid Oregon Estate Tax
Oregon’s estate tax applies to estates above $1 million, a more aggressive approach than the federal estate tax, which applies only to much larger estates. With tax rates ranging from 10% to 16%, this estate tax is a key concern when planning an estate if you live in Oregon. Several different approaches can avoid or… read more…
- What to Know About Power of Attorney in California
Like all states, California allows you to assign power of attorney to a third party. This person, known as your “agent,” can then act with your authority and take legal, financial and medical actions on your behalf. A power of attorney is a highly state-specific area of the law. Every state establishes its own rules for… read more…
- How to Get a Financial Power of Attorney in Arizona
A financial power of attorney can be a game changer if you find yourself in a situation where you need someone to have control of your finances because you can’t make decisions for yourself. It’s also valuable to help you take care of your loved ones if they find themselves in a similar situation. You… read more…
- Differences of Wills vs. Trusts in Colorado
When planning your estate in Colorado, you may contemplate the best estate planning tool for meeting your needs: a trust or will. While there is overlap between trusts and wills, there are significant differences. The truth is that you can have both a trust and a will in Colorado but understanding what each does –… read more…
- How to Get a Financial Power of Attorney in Colorado
What if you were unable to manage your finances due to illness or old age? Who would you trust to handle your financial affairs? This is where financial power of attorney (FPOA) comes into play. In Colorado, like anywhere else, financial power of attorney is a legal arrangement that provides a framework for managing an… read more…
- How to Avoid Probate in Colorado
Probate is a legal process that deals with the assets and debts left behind after someone dies. Though necessary in some cases, it can be time-consuming, expensive and emotionally draining for the loved ones of the person who died. For these reasons, many people seek strategies to avoid probate. In Colorado, there are several legal… read more…
- I Want to Give Each of My Children $50,000. How Can I Avoid Taxes?
In most instances, giving each of your children $50,000 won’t cause you to owe any taxes, but some specifics apply to this assumption. The exception would be if all the gifts you give over your lifetime come to more than the lifetime exclusion amount, which is set at $13.61 million for 2024. Even then, you… read more…
- What to Know About Power of Attorney in Illinois
Power of attorney is an essential part of late-life planning. This is a key tool for anticipating health care issues, protecting yourself against mental decline and helping your future executor begin estate management. This is also a highly state-specific issue. Every state recognizes some form of power of attorney and most, if not all, share the… read more…
- How to Avoid Probate in Tennessee
Dealing with the loss of a loved one is already difficult. And when probate becomes part of the picture, it can bring more stress to you and your family. In Tennessee, unsecured assets enter probate court, which is a public process that could take months, and make your family vulnerable to disputes from other parties.… read more…
- How to Get a Power of Attorney Over an Elderly Parent
As family members age they may need more help. Often, they will rely you to make legal, financial and medical decisions on their behalf. This is accomplished through a power of attorney. How you get power of attorney over an elderly parent depends on their mental state. Typically there are two options: First, if legally… read more…
- Differences of a Durable vs. Springing Power of Attorney
Durable and springing powers of attorney are related, but distinct, concepts. A durable power of attorney continues after you are incapacitated and ends after your death. A springing power of attorney takes effect upon a triggering condition, typically your incapacitation. A durable springing power of attorney is a mixed grant, designed to take effect after… read more…
- How to Revoke a Power of Attorney
A power of attorney is a highly jurisdictional area of the law. The mechanics for assigning and revoking a power of attorney depend entirely your specific state. However, regardless of jurisdiction, unless you have been found legally incapacitated, you are free to revoke power of attorney at any time. Typically you will do so by… read more…