- Do IRAs Go Through Probate? Estate Planning Rules
Individual retirement accounts (IRAs) are popular retirement savings vehicles that offer tax advantages, but do IRAs go through probate? Unlike many other assets that you own, IRAs typically bypass the probate process entirely—provided you properly designate your beneficiaries. This distinction can save your loved ones significant time, money and stress during an already difficult period.… read more…
- How Tenancy By the Entirety Works in Pennsylvania
Owning property with a spouse in Pennsylvania comes with specific legal benefits, especially under tenancy by the entirety. This form of ownership is available only to married couples and offers protection from each spouse’s individual creditors. If you live in the Keystone State, knowing how tenancy by the entirety works is important for estate planning,… read more…
- How a Durable Power of Attorney in Healthcare Works
A medical power of attorney is a legal assignment that gives someone the authority to make medical decisions on your behalf if you are incapacitated. By definition, you must make this a durable power of attorney grant. Although power of attorney is an important part of planning for your estate and aging, medical power of… read more…
- How to Create a Financial Power of Attorney in Texas (TX)
In Texas, a financial power of attorney can allow someone to manage your financial and legal tasks, like paying your bills and signing contracts, but not making medical decisions or changes to your estate. You can choose to give someone broad authority or specify exact powers and limitations. A financial advisor can also help you… read more…
- Types of Power of Attorney in Ohio
Power of attorney in Ohio is substantially similar to most other jurisdictions. This means that there are two types of power of attorney you can assign in Ohio: statutory (otherwise known as financial) and medical. Within those categories, there are several different ways that you can structure your grant of authority. Here’s what you need to know… read more…
- How Much Does the Average Estate Sale Make?
According to EstateSales.net, a company that services the industry, the average estate sale brings in more than $18,000. Commissions and fees could be around 35%, which would leave the seller with just under $12,000. Estate sale companies oversee many sales, helping to organize, catalog, price and display items as well as advertise and conduct the… read more…
- Who Can Override or Revoke a Power of Attorney?
A power of attorney (POA) grants an appointed agent the legal authority to act on behalf of the principal. The principal can revoke this authority at any time, provided they are mentally competent. If the principal is incapacitated and the agent is suspected of misconduct, family members can petition the court to override the POA… read more…
- Joint Tenancy on a Deed: What Does It Mean?
Joint tenancy on a deed is a form of property ownership that enables two or more individuals to hold equal shares of a property, subject to specific rights and conditions. This kind of ownership is often used by married couples or family members, as joint tenancy provides a way for co-owners to share ownership equally,… read more…
- If You’re Not Married, Who’s Next of Kin for Your Estate?
If you’re not married, determining who is next of kin for your estate can become more complex. When there is no will, the rules governing next of kin can ultimately determine who is legally entitled to inherit assets, though the specifics vary depending on local inheritance laws. Typically, next of kin refers to the closest… read more…
- What Is Next of Kin and What Does It Mean for Estate Planning?
Understanding the concept of “next of kin” is crucial when it comes to estate planning. This term, often used in legal and medical contexts, refers to a person’s closest living relatives. While it might seem straightforward, the implications of who qualifies as next of kin can significantly impact the distribution of an estate after someone… read more…
- Next of Kin vs. Power of Attorney: What’s the Difference?
Next of kin and power of attorney (POA) serve different roles in managing someone’s affairs. A POA gives legal authority to an appointed agent to make financial or healthcare decisions. Next of kin, the closest living relative, has no legal authority unless formally granted through a POA or court order. A financial advisor can help… read more…
- Types of Power of Attorney in New Jersey
In New Jersey, a power of attorney (POA) is a legal document that grants someone the authority to act on another’s behalf in specific areas. These can include managing finances or making healthcare decisions. The Garden State recognizes various types of POAs that offer varying levels of authority and serve different purposes. A financial advisor… read more…
- Types of Power of Attorney in Illinois
In Illinois, a power of attorney (POA) is a legal document that allows one person to act on behalf of another in specific matters, such as financial transactions or healthcare decisions. The state offers several types of POAs, each designed for different purposes and levels of authority. A financial advisor can help determine which type… read more…
- Types of Power of Attorney in Georgia
A power of attorney (POA) is a legal document that grants one person the authority to act on behalf of another, making it a fundamental tool for managing personal, financial or medical affairs. State laws govern powers of attorney, and Georgia’s approach is different from many, with many options tailored to specific uses. A financial… read more…
- Types of Power of Attorney in Missouri
Anyone who begins the estate planning process, or assists a loved one in doing so, needs to understand the different types of power of attorney and how they operate according to state and local laws. In Missouri, power of attorney gives someone the legal authority to act on behalf of someone else. The Show-Me State… read more…
- How Limited Guardianship for Adults Works
When an adult is unable to make all decisions independently, whether due to physical or mental incapacity, limited guardianship may be beneficial. Limited guardianship for adults is a legal arrangement that grants a guardian authority to make specific decisions on behalf of an individual. Meanwhile, this individual, also known as the ward, retains some independence.… read more…
- How Limited Guardianship Works in Michigan
Limited guardianship in Michigan is a legal arrangement where a guardian is appointed to make certain decisions on behalf of another individual who can’t fully care for themselves. In Michigan, the process of establishing limited guardianship involves filing a petition in probate court, where a judge evaluates the necessity of guardianship and outlines the specific… read more…
- What Is Limited Guardianship and How Does It Work?
A limited guardianship is a legal arrangement where a guardian is appointed to assist an individual, known as the ward, with specific areas of decision-making while allowing the ward to retain some level of autonomy in other areas. Unlike full guardianship, which grants the guardian broad authority over the ward’s life, limited guardianship is tailored… read more…
- What Is Short-Term or Temporary Guardianship?
Short-term or temporary guardianship is a legal arrangement in which a designated guardian is given the authority to care for a child for a specific period. This type of guardianship is often used in situations where the child’s parents are unable to provide care due to circumstances such as illness, military service or emergencies. Unlike permanent… read more…
- How Much Probate Attorneys Can Cost
Like all professional services, attorney’s fees can vary widely. In general, attorneys will charge based on either an hourly rate, a flat fee or a commission structure. The nature of billing often depends on the nature of the services involved. Probate is no different, although sometimes the fees are influenced by state law, so there’s… read more…
- How to Avoid Probate in Iowa
Probate is a legal process that validates a will, settles debts and distributes assets of a deceased person. In Iowa, this can be time-consuming and costly, prompting many to seek ways to avoid it. For example, one effective strategy to avoid probate is establishing a living trust, allowing assets to transfer directly to beneficiaries without… read more…
- How to Sell the Car of a Deceased Person
If you’re wondering how to sell the car of a deceased person it starts with proving they’re dead. You must first obtain a death certificate, and possibly a court order, to verify your legal authority to sell the vehicle. Preparing the car for sale involves ensuring it is clean, in good working order and ready… read more…
- Can You Live in a House During the Probate Process?
If someone passes away and their home enters probate, you might wonder whether you can live there while the estate is being settled. In many cases, heirs or designated occupants can stay in the property, but that doesn’t mean they own it yet. Until probate is complete, the home legally belongs to the estate, and… read more…
- Creating a Financial Power of Attorney in North Carolina
Power of attorney in North Carolina follows rules and procedures substantially similar to most jurisdictions. It is governed by the North Carolina Uniform Power of Attorney Act. The state offers two powers of attorney: statutory (otherwise known as “financial”) and medical. To assign statutory power of attorney, you can use a written form provided by… read more…
- What Is a Probate Lawyer and What Do They Do?
A probate lawyer is a legal professional who specializes in guiding individuals through the probate process, which involves the administration and settlement of a deceased person’s estate. They assist in validating wills with the purpose of distributing assets accurately and handling any disputes that may arise among beneficiaries. Probate lawyers also provide crucial support in… read more…