Terms and Facts Regarding Probate Law
Most people are familiar with what a will is. Most people would also believe if they set aside some time to write one out, they could catalog their possessions, put loved ones names next to each possession, count their money and divide it appropriately, seal it in an envelope, and put it away for safe keeping. This is actually called a holographic will and in many cases, is not legally binding. Not to say that probate law and a judge would not take such a document into consideration, but it will be obvious you didn’t take a multitude of necessary aspects of estate planning such as debt, ceremony, taxes, etc. A much more responsible way of addressing these posthumous situations is to consult LA Probate Law if you are in the Southwestern United States, or any other probate law professional located near you. They can explain your options and better yet, listen to your situation and make recommendations as it may pertain to your case. They will consider a multitude of facts including but not limited to: your age, the amount of possessions you own, the worth of your projected estate, if you own property, if you have children, if you have property, your particular requests, etc.
Before Death Considerations
Probate law is not limited to wills and inheritances carried out after an individual’s passing. Also included in your responsible planning are living trusts and powers of attorney. A living trust is basically what kind of medical help you want should you become incapacitated and how far you want medical science to go in an effort to keep you alive. Some people would rather be kept alive regardless of how remote the chances of rehabilitation are. Others would prefer to go peacefully and immediately should the doctor explain the grim reality of a dire situation. This is just a small sample of the multitude of options and questions that should be documented. Not only to be sure your wishes and values are sought after, but also to alleviate this burden from your closest relative. No one would want to say, “Pull the plug” regardless of how bad the situation is, especially considering this decision will be left to someone incredibly close to you and with great emotional attachment. By simply consulting with a professional, such as the probate lawyers at LA Probate Law, you can rest assured that your wishes will be granted, and a great burden will be lifted from someone dear to you. Another option to consider, especially for elder individuals, is appointing someone to have power of attorney regarding your affairs. This is an important decision and should not be taken lightly. This person will be awarded great power over your affairs. This is an incredible convenience, but also comes with great risk, as this person will have a ton of power over your name, your affairs, your legalities, and your finances. You must have virtue and trust at the forefront when selecting an individual.
Posthumous Estate Considerations
Everyone is aware of what one’s last will and testament is. What a consultation with a probate law professional, such as LA Probate Law, can reveal, is that there are a multitude of different types of wills, with exponential options included in each corresponding will. There are holographic wills, which are handwritten wills that are not necessarily always legally binding. There are statutory wills which are simple wills designed for people with very little possessions and are usually reserved for younger single people. Nuncupative wills are not the type of will you would receive from an estate planning professional. They are also known as death bed requests or battlefield declarations. Just as they sound, they are just a verbal declaration by someone near death, explaining to the nearest person a few important things that they’d like done. Contrary to popular belief, they are more legally binding than one might think. Of course they aren’t one hundred percent foolproof, but due to the fact that they usually refer to a couple, if not single, possessions, probate courts will usually allow these wishes to come to fruition. Basic wills are just what they seem, but are very legally accepted. Similar to a statutory will, these wills are always legal tendered by a probate lawyer and are very rarely rejected by judges and/or the states in which they were issued. They are also used for people with little possessions, no property, and no spouse. Speaking of spouses, there are quite a few of wills designed for married couples, partners, and long term boyfriends and girlfriends. These include, but are not limited to, mirror wills, joint wills, and mutual wills. They each have their own characteristics and there are different reasons for each one. But they are all relatively designed to leave ones possessions to their significant other, and vice versa. Of course, with the different options and further opportunities within each option, you can stipulate a multitude of different things such as leaving certain possessions to a third party, and so on and so forth. The best way to figure out which of all these options is best for you, is to consult with an estate planning professional, such as the probate lawyers at LA Probate Law. They can determine which options fit your situation and make recommendations tailor made for you and your family.
Terms and Facts Regarding Probate Law
Latest posts by Scott Schomer, Estate Planning Attorney (see all)
- What are the Advantages and Disadvantages of a Living Trust? - January 15, 2019
- Why Avoid Probate? - January 10, 2019
- When Do I Need a Tax ID Number for a Trust? - January 9, 2019