Monthly Archives: July 2014

Jul 2014

7 Potential Pitfalls of Jointly Titling Real Estate

A Real Estate Attorney Can Help You Avoid These Mistakes

Many people believe they can avoid probate by adding another person's name to their property. Although this generally works well for spouses, it can be problematic for individuals who add an adult child or other relative as a joint tenant. If you own your property with another person as "joint tenants with right of survivorship", you may not be as protected as you think. A real estate attorney can help you avoid these mistakes. (more…)
Jul 2014

What to Do When a Loved One Passes Away

Legal Advice: 5 Steps to Take When a Loved One Dies

Immediately after a loved one dies, family members are frequently overwhelmed by the task of wrapping up the deceased’s final affairs. Whether you have lost a loved one to a prolonged illness or a sudden accident, a death is always difficult. Dealing with finances and administrative tasks when you’re trying to grieve is challenging for most people. Having a plan, and knowing what steps to take can help ease the burden of settling your loved one’s estate matters. Professional legal advice is the best resource for getting all this in order. (more…)
Jul 2014

Do You Need a Durable Power of Attorney for Finances?

A durable power of attorney for finances, also known as a financial power of attorney, is a critical document in any estate plan. With a durable financial power of attorney, you can appoint a trusted individual to take care of your important financial affairs in the event you become incapacitated. Because most people avoid thinking about the possibility of incapacity, they also tend to avoid creating a financial power of attorney. Without it, however, your loved ones will most likely have to create a guardianship, conservatorship, or both to manage your affairs – typically costly procedures that can quickly drain your estate of assets. (more…)
Jul 2014

What Is a Revocable Trust?

Well-drafted and properly planned, a revocable living trust can be an extremely effective estate planning tool. Trusts – which include both revocable and irrevocable trusts – are called "living" when they are created within the trust maker's lifetime. Revocable trusts are distinguishable from irrevocable trusts because the maker (also known as the "grantor") of a revocable trust expressly reserves the right to change or revoke the trust. The person appointed to oversee the trust is known as a "trustee", and in a revocable trust the trust maker and trustee are typically the same person (or, in the case of a married couple, co-grantors and co-trustees). The trust's beneficiaries are the individuals who benefit from the income generated by the trust. In many revocable trusts, the maker names himself or herself, along with any children, as...
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