Monday, January 09, 2012 Day 6: Save $300 on a Trust based Estate Plan
Day 6: Save $300 on a Trust based Estate Plan1
The LegalJourney Law Firm is providing $300 off a “Trust based Estate Plan” for anyone who contacts the firm prior to close of business on January 12, 2012.
The LegalJourney Law Firm’s Trust based Estate Plan includes: a Revocable Trust, a Will, a Living Will, a Health Care Surrogate, HIPPA Authorization and a Durable Power of Attorney.
To find out additional details, please contact the LegalJourney Law Firm PLLC.
1This offer is available until close of business January 12th, 2012.
Tuesday, January 03, 2012 Day 2: Save $200 on a Will based Estate Plan
Day 2: Save $200 on a Will based Estate Plan1
The LegalJourney Law Firm’s Will based Estate Plan includes: a Will, a Living Will, Health Care Surrogate Form, HIPPA Authorization and Durable Power of Attorney.
1This offer is available until close of business January 13th, 2012.
To find out additional details, please contact the LegalJourney Law Firm PLLC.
This new year, as a way of saying thank you for your continued support of the LegalJourney Law Firm PLLC and as part of the firm's anniversary celebration, the LegalJourney Law Firm PLLC will be offering free and/or reduced estate planning during the first two weeks of 2012 for residents of the state of Florida.
Each day beginning on January 2nd 2012 through January 13th 2012, the LegalJourney Law Firm PLLC will post, via the LegalJourney Blog, daily opportunities to receive either a reduced price or a completely free legal service.
If you are not following the firm online, please visit the LegalJourney.com website and connect with the LegalJourney Law Firm PLLC today.
Wednesday, December 21, 2011 Living Trusts & Probate Avoidance
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You want your money and property to go to your loved ones when you die, not to the courts, lawyers or the government. Unfortunately, unless you’ve taken proper estate planning, procedures, your heirs could lose a sizable portion of their inheritance to probate court fees and expenses. A properly-crafted and “funded” living trust is the ideal probate-avoidance tool which can save thousands in legal costs, enhance family privacy and avoid lengthy delays in distributing your property to your loved ones
What is probate, and why should you avoid it? Probate is a court proceeding during which the will is reviewed, executors are approved, heirs, beneficiaries, debtors and creditors are notified, assets are appraised, your debts and taxes are paid, and the remaining estate is distributed according to your will (or according to state law if you don’t have a will). Probate is costly, time-consuming and very public.
A living trust, on the other hand, allows your property to be transferred to your beneficiaries, quickly and privately, with little to no court intervention, maximizing the amount your loved ones end up with.
A basic living trust consists of a declaration of trust, a document that is similar to a will in its form and content, but very different in its legal effect. In the declaration, you name yourself as trustee, the person in charge of your property. If you are married, you and your spouse are co-trustees. Because you are trustee, you retain total control of the property you transfer into the trust. In the declaration, you must also name successor trustees to take over in the event of your death or incapacity.
Once the trust is established, you must transfer ownership of your property to yourself, as trustee of the living trust. This step is critical; the trust has no effect over any of your property unless you formally transfer ownership into the trust. The trust also enables you to name the beneficiaries you want to inherit your property when you die, including providing for alternate or conditional beneficiaries. You can amend your trust at any time, and can even revoke it entirely.
Even if you create a living trust and transfer all of your property into it, you should also create a back-up will, known as a “pour-over will”. This will ensure that any property you own – or may acquire in the future – will be distributed to whomever you want to receive it. Without a will, any property not included in your trust will be distributed according to state law.
After you die, the successor trustee you named in your living trust is immediately empowered to transfer ownership of the trust property according to your wishes. Generally, the successor trustee can efficiently settle your entire estate within a few weeks by filing relatively simple paperwork without court intervention and its associated expenses. The successor trustee can solicit the assistance of an attorney to help with the trust settlement process, though such legal fees are typically a fraction of those incurred during probate.
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