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Desert Attorneys
On this website, you'll find referrals to experienced, insured attorneys to help with your legal problem. Lawyers qualified in injury, divorce, etc.
Desert Attorneys
Desert Attorneys
On this website, you'll find referrals to experienced, insured attorneys to help with your legal problem. Lawyers qualified in injury, divorce, etc.
Desert Attorneys
Attorneys of Pennsylvania
Find Pennsylvania Lawyers, Legal Aid and Legal Services in our Lawyer Directory.
Pennsylvania.com
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Desert Estate Planning
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Desert Probate |
| Probate is the legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the decedent's property. |
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Desert Living Trust |
A Living Trust is a revocable, inter-vivos or lifetime trust agreement, which is established and signed by you as the Settlor, as the Trustee, and as the Beneficiary. Living trusts are commonly used in place of wills, to avoid probate.
Are you seeking more information about Desert, Desert Living Trust Lawyers or Desert Living Trust Attorneys? See below for more Desert Living Trust details. |
More Information: Desert Living Trust Attorney
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Desert Estate Taxes |
| Estate taxes are paid by your estate after your death. The tax is based upon the entire value of your estate, including your personal assets such as your home and investments. |
More Information: Desert Estate Taxes
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Desert Will and Trust Lawyers |
In the common law, a will or testament is a document by which a person (the testator) regulates the rights of others over his or her property or family after death. In the strictest sense, "will" is a general term, while "testament" applies only to dispositions of personal property (this distinction is seldom observed). A will is also used as the instrument in a trust.
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More Information: Desert Will and Trust Lawyers
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Desert Power of Attorney |
The best way to provide peace of mind is to legally appoint someone to manage your financial and personal/health matters in case in the future, you are unable to do so yourself. A power of attorney (POA) is an authorization to act on someone else's behalf in either a legal or business matter. The person authorizing the other to act is the principal or granter (of the power), and the one authorized to act is the agent or attorney-in-fact.
Decisions about personal/health care matters will remain in your hands unless for some reason you lose the ability to make such decisions and to communicate them. Your attorney/s power does not begin until you are incapable of making those decisions for yourself and in fact may never begin. |
More Information: Desert Power of Attorney
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Desert Estate Planning |
Estate Planning involves planning for the accumulation and distribution of an estate during lifetime as well as at death.
Do you need help with getting your estate in order? Do you want to ensure that your assets are disbursed in accordance to your will? Do you want more information about Desert, Desert Estate Planning or Desert Estate Planning Attorneys? Below, you will find more details on Desert Estate Planning.
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| Estate planning is a process. It involves people - your family, other individuals and in many cases charitable organizations of your choice. It also involves your assets and all the various forms of ownership and title that those assets may take.
As you plan your estate, you will need to consider the following:
- How your assets will be managed for your benefit if you are unable to do so
- When certain assets will be transferred to others, either during your lifetime, at your death, or sometime after your death
- To whom those assets will pass
Estate planning also addresses your welfare and needs, planning for your own personal and health care if you are no longer able to care for yourself. Like many people, you may at first think that estate planning is simply the writing of a will. But it encompasses much more. As you will see, estate planning may involve financial, tax, medical and business planning. A will is one part of that planning process, but other documents are needed to fully address your estate planning needs. Also note, just as people, assets and laws change. It may well be necessary to adjust your estate plan every so often to reflect those changes.
When considering your estate plan, you should ask yourself the following questions:
- What are my assets and what is their approximate value?
- Whom do I want to receive those assets - and when?
- Who should manage those assets if I cannot, either during my lifetime or after my death?
- Who should have the responsibility for the care of my minor children if I become incapacitated or die?
- If I cannot take care of myself, who should make decisions on my behalf concerning my care and welfare?
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| Who Needs Estate Planning? |
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Whatever the size of your estate, you should designate a person who, in the event of your incapacity, will have the responsibility for the management of your assets and your care, including the authority to make health care decisions on your behalf. If your estate is small in value, you may focus simply upon who is to receive your assets after your death and who should be in charge of its management and distribution. If your estate is larger, your lawyer will discuss with you not only who is to receive your assets and when, but also various ways to preserve your assets for your beneficiaries and to reduce or postpone the amount of estate tax which otherwise might be payable upon your death.
If one does no planning, then California law provides for the court appointment of persons to take responsibility for your personal care and assets. California also provides for the distribution of assets in your name to your heirs pursuant to a set of rules to be followed if you die without a will; this is known as "intestate succession." Contrary to popular myth, if you die without a will, everything does not automatically go to the state. Your relatives, no matter how remote, and in some cases the relatives of your spouse, will have priority in inheritance ahead of the state. Nonetheless, they may not be the people you would want to inherit from you; therefore, a will is the preferable approach. |
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| What Is Included In My Estate? |
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Your estate consists of all property or interests in property of which you own. The simplest examples are those assets which are in your name alone, such as a bank account, real estate, stocks and bonds, and furniture, and jewelry. You may also hold property in many forms of title other than in your name alone. Joint tenancy is a common form of ownership which takes assets away from control by will or living trust. Beneficiary designations on securities accounts and bank accounts are alternatives which must be carefully considered as well. Finally, assets which have beneficiary designations, such as life insurance, IRAs, qualified retirement plans and some annuities are very important parts of your estate which require careful coordination with your other assets in developing your estate plan. The value of your estate is equal to the "fair market value" of each asset that you own, minus your debts including a mortgage on your home or a loan on your car. The value of your estate is important in determining whether, and to what extent, your estate will be subject to estate taxes upon your death. Planning for the resources needed to meet that obligation at your death, is another important part of the estate planning process. |
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| What Happens If I Die
Without An Estate Plan? |
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| If you die without an estate plan, you're leaving everything to chance. Simply put, you won't have any idea what will happen to your loved ones in the event of your death or disability. That's not to say that you're loved ones won't survive or even prosper after you're gone. The laws of all 50 states provide for the orderly settlement of estates even though there may not be a Will or other legal documents in place. While those laws are designed to make sure that your creditors are paid and that all remaining property is distributed to the "natural objects of your bounty," they certainly don't take into consideration the particular needs of any of your loved ones, nor do they seek to minimize estate settlement costs or the delays often associated with probate. Family and friends will know through the estate plan, just what was left to them. This will minimize any or all created arguments and or disagreements that could follow without an estate plan in place. The only way to be satisfied that you have done all that you can do is to take the initiative and develop an effective estate plan. |
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| Do I Need An Attorney
To Prepare My Estate Plan? |
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It's certainly a good idea to have a qualified estate planning attorney assist you in articulating, designing and implementing your estate plan. If nothing else, you should at least consult with an attorney at some point, even if only to review your plan and the documents you may have prepared yourself or purchased over the internet. Estate planning is often full of complicated issues requiring an expert's knowledge of probate laws, property laws, inheritance laws and federal estate tax laws. Too often, these issues are never addressed until after the fact when all the complications arise. At that point, it is almost always too late. The better practice, by far, is to have a qualified estate planning attorney or other professional review everything for you.
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| What Are The Most Common
Estate Planning Documents? |
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A Will is used to transfer property held in your name to the individuals or organizations you would like to receive it. A will names someone whom you have selected to be your Personal Representative (or Executor). This person will carry out your instructions upon your death. A will becomes effective upon your death and after it is admitted to probate (the court process for administering a will.)
A Durable Power of Attorney for Health Care selects a person you choose to make decisions regarding your health care treatment in the event that you are unable to do so yourself.
A Living Will or Advance Directive gives doctors and hospitals your instructions regarding the nature and extent of the care you want should you suffer a permanent incapacity.
A Durable Power of Attorney for Property selects a person of your choice to act or handle your financial matters should you be unable or even unavailable to do so.
A Revocable Living Trust is used to hold title and manage your property. You can select the person you want, even yourself as the trustee to carry out the instructions in the Trust. Unlike a will, a trust becomes effective immediately and continues during your lifetime even in the event of your incapacity and continues after your death. Many trusts are revocable - meaning you can make future changes and even terminate them. Trusts also help minimize the expenses, delays and publicity of probate.
A living trust is also a good tool for preparing for disability. In a living trust you can name a successor or co-trustee who can manage the property for your benefit if you become incapacitated.
An Irrevocable Life Insurance Trust is a device used to move a life insurance policy out of the insured persons taxable estate. An existing policy can be transferred to a trust or the trust may purchase a new policy. Removing the policy from one's taxable estate can save a significant amount of estate taxes for individuals with large estates.
Specials Needs Trusts are used to hold the assets of a disabled person. A proper special needs trust would provide distributions as needed to enhance the life of a disabled person while protecting the assets in the trust from being viewed as assets which disqualify the person for state and federal benefits.
Charitable Remainder Trusts are created to pay income from the trust to the Grantor (or any other designated beneficiary) and distribute the remainder of the assets to a charity. By designating assets to charity the Grantor receives a tax deduction and removes those assets from his/her taxable estate.
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