What happens to my Property if I die without an Estate Plan?
If you die without an Estate Plan and you have Real Property in your name and/or the gross value of your assets exceeds $166,250.00, you are required to file a Petition to Probate your Estate.
What is the difference between a Trust and a Will?
A Trust is a recognized legal entity that holds property for the benefit of beneficiaries and can avoid the mandatory filing of a Probate Petition. A Last Will & Testament becomes effective only upon the death of the decedent and does not prevent Probate.
Do I need to discuss my Estate Plan with my children?
Estate Planning is confidential and you are not required to discuss any of the details of your estate plan with anyone. The short answer is “NO”.
Do I need to ask permission to appoint a Successor Trustee?
In our experience, it is very unlikely that a person named as a Trustee, Executor or Attorney-In-Fact will decline to serve. That is why we appoint at least two successor Trustees.
What are Durable Powers of Attorney?
Durable Powers of Attorney allow a third party to act and make decisions on your behalf. The General Durable Power of Attorney allows financial decisions; the healthcare power allows healthcare decisions.
Why can’t I transfer title of my Real Property to my children before I die?
You can transfer title during your life, but you may lose the ability to use the equity in the property and your children may lose the stepped-up tax basis.