Estate Planning Law Center
Fundamentals of Estate Planning, Will & Testaments, Advance Medical Directives, Probate
- What is Estate Planning
- Fundamentals of Estate Planning
- Estate Executors and Administrators
- Fundamentals of Wills and Last Testaments
- Types of Wills and Testaments
- Advance Medical Directives
- Fundamentals of Trusts and Living Trusts
- Types of Trusts
- Property That Does Not Pass Via a Will
- Other Estate Planning Issues
- More Information about Estate Planning
- Estate Planning, Trust and Probate Law
- Wills and Testament Law
- Wills and Testament Law by State
What is Estate Planning
Your estate consist of all your property, which includes your house and other real estate; tangible personal property; and intangible property, like insurance, bank accounts, stocks and bonds, pensions, etc.
The elements of an estate plan include a will; assignment of power of attorney; a living will or health-care proxy; and for some people, a trust.
When you are setting up an estate plan, ask yourself the following questions:
- Whom do you want to inherit your assets?
- Whom do you want handling your financial affairs if you are ever incapacitated?
- Whom do you want making medical decisions for you if you become unable to make them yourself?
Recent Articles Related to Estate Planning
- What is Florida Probate?Florida Probate Guide - a discussion of the different types of probate options in Florida.
- Four Grounds to Contest a WillSimply being unhappy with the distribution of assets or the delay of the probate proceeding in general is not sufficient grounds to successfully contest the validity of a last will and testament. An heir of an estate or a beneficiary of a prior will can commence a will challenge based on a number of enumerated grounds.
- Knowledge Is the Best Weapon Against UncertaintyAs you embrace your life changes and follow the goals you set, we would like to encourage you to include Estate Planning on your list. Most of us do not realize the importance of having a Last Will & Testament, a Living Will with Medical Surrogate, Prenuptial/Post-nuptial Agreements, or a Power of Attorney until it is too late. Do you know which option would suit you and your family best?
- Grounds and Procedures for Contesting a WillA person’s Last Will and Testament declares how he or she wants property distributed upon death. This legal document has great power, and courts follow the directions when possible. However, a will contest can disrupt probate proceedings and derail them entirely.
- Contesting a TrustWhile many individuals have heard of contesting a will, a trust may also be contested in certain circumstances. If a trust is successfully contested, the trust can be modified or even eliminated in some situations.
- Having a Plan for Your Family Is the Right Thing To DoFor most people, Estate Planning is a mystery; for others, it’s simply not a priority for the simple reason that there is always time to do it “later”. Most individuals consider Estate Planning to be an issue for elderly individuals. Unfortunately, it applies to all individuals in any walk of life because we are never promised tomorrow.
- Debunking Two Common Florida Probate MythsPeople unfamiliar with Florida probate law can make some unfounded assumptions about what happens to debt and property after a family member dies. Here are two of the most common myths and the actual facts.
- What is the “Residue” of a California Probate Estate?What does residue mean as a legal definition, and how is it important in a California probate lawsuit?
- How to Contest a Will or TrustA will is considered the final words of an individual and as such, it is given much consideration by the court. Trusts are created during the lifetime of the settlor. If a person believes that a will or trust does not reflect the desires of the testator or grantor, he or she may choose to contest the will or trust.
- Finding the Right Probate and Estate AttorneyWhen it comes to dealing with the loss of a loved one, one of the last things that any family member wants to do is call a probate or estate attorney. This is understandable given that the family is grieving with the loss. Finding a lawyer should be not be a complicated matter. Finding the right lawyer to handle an estate, whether it requires planning or for the will to be probated, however, requires due diligence.
- Divorce and Estate Planning
If you are going through or even contemplating a divorce, the single most important step you can take to make sure that your desires are carried out is to execute a new will, power-of-attorney and health care proxy.
- DIY Estate Plans
Many people view estate planning as selling of commodity documents (like wills, trusts, etc.). And if that is all there is to it, then they are right to choose DIY options like the form sites that are available. This article discusses DIY estate planning.
- Do-It-Yourself Wills Leave Families Unprotected
As the economy crawls sluggishly toward recovery, individuals and families continue to make difficult financial choices. In an effort to save money, people are increasingly attempting to personally handle tasks that were once reserved for professionals.
- Golden Years can be Tarnished by Lack of Planning
Retirees often come to Arizona to enjoy their golden years in great weather and an affordable state with spectacular natural beauty. Things sometimes turn ugly and expensive for seniors in Arizona, however.
- Is This a Good Time to Transfer Your Wealth to Your Children?
Is this a good time to transfer your wealth to your children? With the interest rates at a really low rate, and with the economic fallout from the present economy, even people with money do not feel flush now and may decide that they do not want to make gifts to the next generation. Even though the economy has been in recession many times before and has come out of it to prosperity, sometimes it is hard to look beyond the present time to see that prosperity.
- Making Estate Planning a Family Affair
Very few people are excited about drawing up their estate plans.
- Pet Trusts Are an Important Part of Estate Planning
A pet trust should be included as part of any good estate plan, just as a will, POS, HCP, and LW are the minimums everyone should have. The Helmsley debacle outlined some problems in her Pet Trust and will. Good drafting goes a long way.
- Repeal of Estate Tax Likely to be Short-Lived
As December 31 came and went, so did the federal estate tax - or at least for the time being. The estate tax, or the "death tax" as it is more affectionately known, is a tax imposed on the property and assets (i.e. "the estate") that an individual leaves behind at death. Under 2009 rates, the first $3.5 million of the estate was exempt from the tax while any amount over this was taxed at 45 percent.
- Seniors – Planning Ahead is Key to Financial Stability
Recently, there was a case in the news of a Brooks Astor, a New York socialite, who is now 104 years old. Her grandson is in a heated battle to remove his dad as Mrs. Astor's caregiver. In court papers that were filed, the grandson accused his father of ignoring Mrs. Astor's health and personal needs and requested a friend of Mrs. Astor's be appointed as her guardian.
- The Pitfalls of Improper Titling of your Assets
Even if the terms of your estate plan meet your current goals, your estate plan could be defeated if your assets are not titled in accordance with your particular estate plan.
- The Value of Gifts to Estate Planning
Gifts offer an important tool for Estate Planners to avoid federal estate taxes. However if gifts do not take into account the special circumstances of the giver and recipient it may create more harm than help.
- Three Ways to Ensure your Minor Children can Inherit without Costly Guardianship Proceedings
While it’s not a pleasant subject, sometimes parents pass away while their children are still under the age of 18. What happens then? In this article, we discuss the perils of guardianship and three ways to avoid it.
- What is IRS Section 529?
IRS section 529 or Qualified Tuition Programs (QTP's) are found under Title 26, Subtitle A, Chapter 1, Subchapter F, Part VIII, Section 529 of the Internal Revenue Code or "IRC". It is considered the most complicated and hard to read section of the Code and a good treatment for insomnia. This section deals with special tax breaks for families, hence the "insomnia effect".
- Why You Need an Estate Plan
With the repeal of the estate tax (and generation skipping tax or "GST"), you may have put your estate plan on hold. This could be a serious mistake and put your family's (and business') financial future in jeopardy!