LOCAL AUTHORITY

The word “probate” may seem scary, but it doesn’t have to be. “Probate” typically involves the process of validating a Will if one exists, and appointing a person to handle the administration of a decedent’s estate. In New York State we have Surrogate Courts; other jurisdictions may refer to these specialized courts as Probate Court. When a person dies owning assets in their individual names that don’t have a named beneficiary, the asset is known as a “probatable” asset. Assets that are jointly owned with a person who survives the decedent, or if there is a named beneficiary are not part of the decedent’s estate and are commonly referred to as “non-probatable” assets.

In addition to owning an asset jointly with another or naming a beneficiary, another way to avoid the probate process (or oversight by the court) is through the use of Inter-vivos trusts. Assets owned by a trust typically avoid probate and may be distributed to the beneficiaries without delay, and without court involvement.

For more information check out our blog on Understanding Probate:

https://www.themeierlawfirm.com/blog/understanding-probate-key-steps-in-the-estate-administration-process

2. What happens if I'm incapacitated but don't have a set estate plan in place?

3. Who is the best person to appoint as power of attorney?

Many people believe that a Power of Attorney is a document people need in place later in life; however, that is not true. A Power of Attorney is one of the most important documents that every person should have in place once they turn eighteen (18) years old. Without this document, if you become incapacitated, there may be no one to manage your finances for you.

Things to consider when naming your agent are:

1) is this person over 18;

2) are they fiscally responsible;

3) do they have an attention to detail;

4) if they are not close to you in proximity, do they have the ability to manage your affairs from a distance;

5) are they trustworthy

6) do you believe he or she will act in your best interest?

For information check out our blog on powers of attorney:
https://www.themeierlawfirm.com/blog/the-importance-of-a-power-of-attorney-health-care-proxy-and-living-will; https://www.themeierlawfirm.com/blog/what-are-powers-of-attorney; and
https://www.themeierlawfirm.com/blog/tips-for-crafting-a-power-of-attorney-document