Last Will and
What Can a Will Do For You?
Puts the Decision-Making Power in Your Hands
When you create a will, you are the person who determines what happens after your passing. Instead of leaving it up to your family members to try to figure out what you would have wanted, you get to make the decisions about how your personal property and finances are divided.
Allows You to Name an Executor
Who do you want to oversee the ins and outs of what you leave behind? This trustworthy, personal representative in your life is given full legal authority to execute your will when they are specifically named in the legal document.
Appoint a Guardian for Your Children
In the unfortunate event that your minor children lose you before they are of legal age, a will can determine who you entrust to care for them in your place. This protects your kids and ensures that you know they will be cared for by the person of your choice, rather than leaving this up to family members or the court system to decide.
What Is Involved in Estate Administration?
After a person passes away and the initial probate filing has been made, the case goes through what’s referred to as the Estate Administration. This generally involves identifying property of the deceased, getting control of the property, paying bills and necessary expenses, and then distributing the property to the beneficiaries.
Why Choose a Probate Attorney?
The loss of a loved one is one of the most difficult things we can encounter. Dealing with the property, assets, and finances should be handled objectively and with confidence. Unfortunately, without assistance from an experienced legal professional, probate can become a complicated process.
When it comes to the complexities of legal matters, Port Legal is prepared to help you along the way. We make probate administration a smoother, much less stressful process in your time of grief.
Peace of mind
Without the support of professional legal guidance, it can further complicate the process, from procedural miscues to interpersonal conflicts that arise as an outcome. Dealing with the property, assets, and finances must be handled objectively and with confidence. When it comes to the legalities of probate law, Port Legal is representing clients in need of assistance with estate planning and probate. We ensure that legal matters ranging from estate taxes to probate a less stressful process in your time of grief.
No up-front fees
Most people want to know how much the probate process costs. With the law offices of Port Legal, there are no up-front costs or hidden fees. You won’t pay a dime until the probate process is completed and your loved one’s wishes have been fulfilled.
7 Steps to Creating a Simple Will
Writing a will isn’t always the most-pleasant item on your to-do list. Many of us avoid estate planning when possible. In fact, a survey by AARP noted that 2 out of 5 Americans over 45 do not have a will. Still, making a simple will doesn’t have to be complicated.
What’s The Difference Between a Trust and a Will?
Living trusts and wills share many similarities, but they are very different processes that serve different purposes. Unlike a will, a living trust is considered a wholly separate legal entity from yourself. As such, it provides certain protections a will cannot. There exist some important distinctions between the two, and it’s important to understand them as you make plans for your future.
How Does Trust Administration Work?
Trust administration begins when the grantor appoints a trustee to manage the trust and distribute trust assets upon their death. The trustee is required by law to protect these assets and the interests of the trust beneficiaries. At every point, the instructions of the trust, which are the grantor’s wishes, should be followed.
A trustee is responsible for several trust administration tasks that can be done with the guidance of an attorney. Typically trust administration involves taking an inventory of assets and perhaps having their values appraised. Taxes and other debts related to the trust must be paid and tax returns filed. Investments may need to be managed. Finally, trust beneficiaries must be notified, and their share of the trust will be legally transferred to their names.
At every step, there are trust documents that need prepared and submitted and deadlines to watch. Trusts must be managed according to state laws. A trustee who fails to act in the interest of beneficiaries can be held liable for lost assets. However, with the help of a trusted attorney, trust administration can go smoothly and to the satisfaction of all involved.
Will and Last Testament
To learn more about how Port Legal can help you navigate the complicated and sometimes confusing world of wills and trusts, contact us today.
Talk to an expert. Call us at 614-310-3110 or fill out the form to schedule a consultation.