Tips About Probate and What to do After the Death of a Loved One
As a Boise Probate Attorney I often counsel people about estate planning and probate. One thing I always remind clients about is preparing for their death. I don't do this to be morbid, I mean it in a practical way. When I see people in probate, I am always amazed at the difficulty loved ones have finding the will or getting access to it. People often aren't sure what to do next. Today I am going to give you tips about what to do after a loved one dies. The aim of this list is to help you remember all the things you should do as a family member or personal representative. It is by no means exhaustive but it is a practical list of steps to take.
Notification
Notification tends to be the first step. While it may be an obvious statement you should first notify all family members and close friends. Other people that need to be notified are the social security administration if the deceased person is receiving any benefits, as well as any other government office providing benefits. This could be Medicaid, Medicare or the Veterans' Administration. Additionally, you should notify the deceased employer, bank, landlord and creditors. In general, any one that the decedent has fiduciary, business, religious or personal contact should be notified.
Death Certificate
Creditors will often require that you provide them with a death certificate. These can be obtained by calling the Department of Vital Statistics and paying for certified copies to be sent to you. The certified death certificates operate as proof to the creditors of the decadent's death. You will also need the death certificate to have insurance funds released to you. It is important to remember that while any life insurance is technically outside of probate and the estate, you, or the personal representative may need to the proceeds to pay creditors so it is wise to hold onto the money until the estate has been closed.
Security
Also, remember that deaths are reported in local papers. Anyone preying on this sort of thing has access to the knowledge that the home is now vacant. You should remember to stop mail and newspaper delivery and ensure that the home is secure. In addition, you should notify the utility companies of the death. You may want to keep the electricity as well as the other utilities on but you will most likely need to change the name on the bill. Depending upon the company, they may only require the bill to be changed to "The Estate of John B. Decedent" or "C/O the Estate of John B. Decedent".
Location of the Will
You will need to locate the most recent copy of the will. As a Boise Estate Planning Attorney I always remind my clients not to store their will in a locked safety deposit box. Without the will it can be difficult to have the personal representative identified correctly and letters testamentary created in the name of the representative appointed by the decedent. It is very difficult and often not possible to do anything for the estate without letters testamentary. While some creditors or individuals will deal with a person who identifies themselves as the personal representative without the letters, the majority will not. An example where this happens is the transfer of property. It is important to remember that a power of attorney expires upon death. If you held the power prior to death and dealt with the finances of the decedent, upon their death you will need to replace the power of attorney with the letters testamentary. You will not be able to transfer property without them.
Boise Probate Attorney
While you may not be required to go through probate it is always important to contact a Boise Probate Attorney. These trained professionals can explain to you what further steps you must take. In the administration of an estate, the person who has been appointed personal representative has many duties and obligations. A Probate Lawyer can help you get started on the right foot. The last thing you want to do is to compromise the estate, transfer of property or waste funds intended for beneficiaries.
If you need to speak with a Boise Probate Attorney or an Idaho Estate Planning Attorney, please give us a call, (208) 472-2383 and see what we can do for you.
Showing posts with label Boise Estate Planning Attorney. Show all posts
Showing posts with label Boise Estate Planning Attorney. Show all posts
Friday, October 5, 2012
Friday, August 10, 2012
Boise Probate Attorneys - Estate Planning (208) 472-2383
Probate and Minor Beneficiaries
As a Boise Probate Attorney I regularly assist clients in the probate of a loved one's estate. These probate issues often come to me after the fact, meaning that I did not draft the original will. One of the major issues I see has to do with providing for minor children under a will. No one hopes to die before their children come of age. The big problem comes in if you do die before your children reach the age of majority and you have failed to provide anything specific under the will for them.
While some individuals create very complex wills or living trusts to assist in their estate plan, many people rely on simple wills. In general, these wills leave everything to the spouse and if the spouse predeceases them, then to their children. This works fine, unless your children are under the age of 18. Who wants a $250,000 estate to go directly into the hands of a minor?
Estate Planning Solutions for Minor Beneficiarie:
Will Solutions
What, then, do you do? As an Estate Planning Attorney I would suggest a few different approaches. First, of course, you should try to deal with the issue before it becomes an issue. By this I mean, even if you only want a simple will, you should make a provision dealing with the distribution of property in case you die before your child reaches majority. The way to go about this is to insert a trust provision which handles who will distribute the property or funds to the child, when and in what amounts. This effectively allows you to prevent a very large sum of money ending up in the hands of a child. You can do this very simply by creating the trust and naming the trustee. You could also simply nominate a custodian for any beneficiary under the age of 21. In this situation, it is helpful to add a letter of direction, telling the custodian what you want them to do with your property and how to distribute or invest it for your minor children. This allows you to have control of how the property is distributed until your children reach the age of 21 instead of the age of 18. You can create further control over distribution if you follow the Idaho Uniform Custodial Trust Act (UCTA). This Code section technically allows a beneficiary to terminate a trust at the age of 18. However, if the will provision is created stating the share of any beneficiary under 30 is to be held in trust, you can bypass the beneficiaries ability to terminate it sooner.
Another solution is to create a living trust. In effect, a living trust takes your property out of your estate. You can establish revocable trust directing where your property will go and how it will be distributed. This approach also allows you to bypass probate if you place all your property in the living trust.
Probate Solutions
So what happens if you are on the opposite end of the situation and both parents of a minor child have died? If you have a small estate (under $10,000) the personal representative has the option of doing four different things. They may distribute the money directly to the child if the child is 18 or older or married. The PR may distribute the money or property to the person who has the care and custody of the child and with whom the child resides. The PR may direct the money to the guardian of the child. Or, lastly, the PR can place the money in an account in the minor's name.
If the estate is larger than $10,000 the Personal Representative has two courses of action. They can distribute the funds to a conservator or petition the court to transfer the moneys under the Idaho Uniform Transfer to Minors Act (UTMA). The difficulty relying on this code section for probate attorneys is that the act provides no guidance to the conservator, nor do they have any guidance from the deceased parents. There is no way they can hope to carry out the wishes of the parents. In addition, under the act, the money must be distributed when the child turns 18. In some situations, the court will hear a petition to extend that to age 21.
As a Boise Probate and Estate Planning Attorney, I feel that it is better to anticipate a potential problem by inserting a very specific plan into your will. It may never have to come into place, but if it does, your minor children can be provided for and you can prevent them from squandering their inheritance before they reach maturity.
If you have a probate or estate planning issue and you need to speak to an attorney, please give us a call, (208) 472-2383 and see what we can do for you.
As a Boise Probate Attorney I regularly assist clients in the probate of a loved one's estate. These probate issues often come to me after the fact, meaning that I did not draft the original will. One of the major issues I see has to do with providing for minor children under a will. No one hopes to die before their children come of age. The big problem comes in if you do die before your children reach the age of majority and you have failed to provide anything specific under the will for them.
While some individuals create very complex wills or living trusts to assist in their estate plan, many people rely on simple wills. In general, these wills leave everything to the spouse and if the spouse predeceases them, then to their children. This works fine, unless your children are under the age of 18. Who wants a $250,000 estate to go directly into the hands of a minor?
Estate Planning Solutions for Minor Beneficiarie:
Will Solutions
What, then, do you do? As an Estate Planning Attorney I would suggest a few different approaches. First, of course, you should try to deal with the issue before it becomes an issue. By this I mean, even if you only want a simple will, you should make a provision dealing with the distribution of property in case you die before your child reaches majority. The way to go about this is to insert a trust provision which handles who will distribute the property or funds to the child, when and in what amounts. This effectively allows you to prevent a very large sum of money ending up in the hands of a child. You can do this very simply by creating the trust and naming the trustee. You could also simply nominate a custodian for any beneficiary under the age of 21. In this situation, it is helpful to add a letter of direction, telling the custodian what you want them to do with your property and how to distribute or invest it for your minor children. This allows you to have control of how the property is distributed until your children reach the age of 21 instead of the age of 18. You can create further control over distribution if you follow the Idaho Uniform Custodial Trust Act (UCTA). This Code section technically allows a beneficiary to terminate a trust at the age of 18. However, if the will provision is created stating the share of any beneficiary under 30 is to be held in trust, you can bypass the beneficiaries ability to terminate it sooner.
Another solution is to create a living trust. In effect, a living trust takes your property out of your estate. You can establish revocable trust directing where your property will go and how it will be distributed. This approach also allows you to bypass probate if you place all your property in the living trust.
Probate Solutions
So what happens if you are on the opposite end of the situation and both parents of a minor child have died? If you have a small estate (under $10,000) the personal representative has the option of doing four different things. They may distribute the money directly to the child if the child is 18 or older or married. The PR may distribute the money or property to the person who has the care and custody of the child and with whom the child resides. The PR may direct the money to the guardian of the child. Or, lastly, the PR can place the money in an account in the minor's name.
If the estate is larger than $10,000 the Personal Representative has two courses of action. They can distribute the funds to a conservator or petition the court to transfer the moneys under the Idaho Uniform Transfer to Minors Act (UTMA). The difficulty relying on this code section for probate attorneys is that the act provides no guidance to the conservator, nor do they have any guidance from the deceased parents. There is no way they can hope to carry out the wishes of the parents. In addition, under the act, the money must be distributed when the child turns 18. In some situations, the court will hear a petition to extend that to age 21.
As a Boise Probate and Estate Planning Attorney, I feel that it is better to anticipate a potential problem by inserting a very specific plan into your will. It may never have to come into place, but if it does, your minor children can be provided for and you can prevent them from squandering their inheritance before they reach maturity.
If you have a probate or estate planning issue and you need to speak to an attorney, please give us a call, (208) 472-2383 and see what we can do for you.
Monday, July 25, 2011
Boise Estate Planning Attorneys - Probate Lawyers - Wills, Trust Attorney
Planning your estate is a very important element of planning for your future. Call (208) 472-2383 to speak to Boise Estate Planning Attorneys at Kershisnik Law today.
People often think that the elements of estate planning only consist of writing your will, creating a trust and establishing a personal representative to direct and administer your estate during probate. While these are important elements of estate planning, it is also critical to think about your future in terms of elder law issues.
What I mean by elder law issues is will you be cared for in a nursing home, hospice or will you stay in your own home? While we may all want to stay in our own homes, ultimately we may not be able to do that. We may have to go to a nursing home. Nursing homes can be very expensive and can drain the value of your estate very quickly. While this sounds frightening, it can be prevented. There are insurance policies available for long term care in a nursing facility. They can include care for assisted living as well as more round the clock care as is provided in a traditional nursing home.
Estate planning is designed for wealth preservation, however, you cannot preserve your wealth if you need to spend any length of time in a nursing home. Estate Planning Attorneys sometimes overlook this obvious detail of estate planning. No one wants to spend a ton of money on insurance but insurance can be a very important factor in wealth preservation.
If you need to plan your estate and want to speak to a Boise Estate Planning Attorney or if you need to probate an estate and want to talk with a Boise Probate Lawyer, give us a call today, (208) 472-2383.
People often think that the elements of estate planning only consist of writing your will, creating a trust and establishing a personal representative to direct and administer your estate during probate. While these are important elements of estate planning, it is also critical to think about your future in terms of elder law issues.
What I mean by elder law issues is will you be cared for in a nursing home, hospice or will you stay in your own home? While we may all want to stay in our own homes, ultimately we may not be able to do that. We may have to go to a nursing home. Nursing homes can be very expensive and can drain the value of your estate very quickly. While this sounds frightening, it can be prevented. There are insurance policies available for long term care in a nursing facility. They can include care for assisted living as well as more round the clock care as is provided in a traditional nursing home.
Estate planning is designed for wealth preservation, however, you cannot preserve your wealth if you need to spend any length of time in a nursing home. Estate Planning Attorneys sometimes overlook this obvious detail of estate planning. No one wants to spend a ton of money on insurance but insurance can be a very important factor in wealth preservation.
If you need to plan your estate and want to speak to a Boise Estate Planning Attorney or if you need to probate an estate and want to talk with a Boise Probate Lawyer, give us a call today, (208) 472-2383.
Tuesday, June 21, 2011
Boise Probate Attorneys - Estate Planning Lawyers - Divorce Attorney - Criminal Lawyer
Boise Probate Attorneys, Estate Planning Lawyers, Divorce Attorney, Criminal Lawyer, call (208) 472-2383 - probate, wills, estates, trusts, estate planning, divorce, custody, criminal law, DUI.
As a Boise Estate Planning Attorney I regularly get calls from people who want to know if they can write their will by themselves. People ask this not because they don't like attorneys (I hope) but because they want to save money. There are endless estate planning and will kits out there all which advertise that you can save money and do it yourself. The question really is do you want a computer program, which is only as good as the input given by the user, to plan your estate or write your will?
These programs are good enough, but it is user error that can mean the difference between your will being carried out or your will being thwarted. The programs ask a series of questions and you are supposed to fill in the appropriate box. How many times have you been confronted with this type of questionnaire and not known what to fill in or wished that there was a comment section so you could explain your answer? Herein lies the problem.
The programs sometimes don't know the complexity of the law and therefore the appropriate question cannot be asked. Divorce situations often trip up the program and the user. Disowned children also create huge problems that the estate planning software can't address. If you don't know the law it is highly possible that you may check the wrong box.
What happens if you check the wrong box and then you die? Your property may go to someone you don't want to have it or your estate may have to spend a huge amount of money trying to protect your assets. If you purchased the will or estate planning software for the express purpose of saving money, you may end up spending way more than if you had just had an attorney in the first place, especially if the probate is challenged and litigated.
The other problem is that only you know what you really want done with your property. If you had to check a box that didn't really fit what you wanted and then you die, when your will goes to probate how can the personal representative really do what you wanted?
So, as a Boise Estate Planning Attorney my best advice to you is make certain if you buy estate planning and will writing software and you have complicating issues like divorce or disowned children make certain you know what you are checking or if you don't or you are unsure, call an attorney.
To speak with a Boise Probate Attorney call (208) 472-2383 today.
As a Boise Estate Planning Attorney I regularly get calls from people who want to know if they can write their will by themselves. People ask this not because they don't like attorneys (I hope) but because they want to save money. There are endless estate planning and will kits out there all which advertise that you can save money and do it yourself. The question really is do you want a computer program, which is only as good as the input given by the user, to plan your estate or write your will?
These programs are good enough, but it is user error that can mean the difference between your will being carried out or your will being thwarted. The programs ask a series of questions and you are supposed to fill in the appropriate box. How many times have you been confronted with this type of questionnaire and not known what to fill in or wished that there was a comment section so you could explain your answer? Herein lies the problem.
The programs sometimes don't know the complexity of the law and therefore the appropriate question cannot be asked. Divorce situations often trip up the program and the user. Disowned children also create huge problems that the estate planning software can't address. If you don't know the law it is highly possible that you may check the wrong box.
What happens if you check the wrong box and then you die? Your property may go to someone you don't want to have it or your estate may have to spend a huge amount of money trying to protect your assets. If you purchased the will or estate planning software for the express purpose of saving money, you may end up spending way more than if you had just had an attorney in the first place, especially if the probate is challenged and litigated.
The other problem is that only you know what you really want done with your property. If you had to check a box that didn't really fit what you wanted and then you die, when your will goes to probate how can the personal representative really do what you wanted?
So, as a Boise Estate Planning Attorney my best advice to you is make certain if you buy estate planning and will writing software and you have complicating issues like divorce or disowned children make certain you know what you are checking or if you don't or you are unsure, call an attorney.
To speak with a Boise Probate Attorney call (208) 472-2383 today.
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