A self-proving affidavit, used in most states, is a document that goes along with a will that allows a probate court to easily accept it as the true will of a person who has died. The affidavit is signed by two witnesses, under penalty of perjury, who observed the will maker (testator) sign the will and heard the will maker say that it was his/her will.
A self-proving affidavit makes it unnecessary for your witnesses to appear in court to …
A will is an estate-planning tool that serves as your set of instructions regarding who gets your property and resources when you die. At a minimum, everyone needs a simple will. It is the document that most people use for transferring their property, and it is often the choice of young families and of others whose situations involve neither complex tax planning nor resource management for incapacitated family members. After death, the will is settled through the probate process.
To …
Contents |
Eddie, age 70, decides to write his own …
It is important to evaluate the effects of federal and estate taxes on estate planning. An estate may be subject to taxes before it is distributed to beneficiaries.
A specified portion of an estate is exempt from estate taxes. During 2012, the first $5,120,000 of an estate can be distributed to children or other heirs tax-free. The top federal estate tax rate on the taxable portion of an estate is 35% in 2012.
While most gifts or estates are not …
Contents |
George, a 98 year-old widower, has two children, Alice and …
A gift is a tax-free distribution of funds from one person to another. The 2013 Internal Revenue Service code allows you to give cash and/or property valued up to $14,000 to each of an unlimited number of recipients per year without tax consequences. A married couple can give up to $28,000 per year, per recipient.
Gifts made to recipients over time can help reduce a large estate, and the gifts are tax-free to recipients. The unlimited marital deduction permits gifts …
Contents |
Sarah and Joe have three children. Joe worries that his wife, Sarah, seemed too …
A will is not a good do-it-yourself project. The cost of working around a minor mistake in a will can far exceed the cost of having a will properly prepared by an attorney.
Nevertheless, will kits and forms are widely available on the Internet, in bookstores, office supply stores, and other places. People can be attracted to these products by their apparent simplicity and low cost, but it’s important to use them with caution. Always have an attorney review any …
Prepare Your Estate Plan Case Studies
Do you have concerns about property-distribution issues? Discuss these particular situations with your adult children, trusted friends, or parent/guardian. Each case study includes a quiz. The correct responses are provided for each case for residents of Idaho, Iowa, Kentucky, North Dakota, and South Dakota.
Case Study 3 – The disadvantages of writing your own will
Case Study 4 – The surviving spouse’s share
Case Study 5 – How much will each heir inherit?
Case …
There are several types of wills:
Attested wills are the most common type of wills. An attested will is usually prepared by a lawyer in typewritten form and signed in front of several witnesses who have no benefit in the will. All of the witnesses must sign it in front of one another and in front of the person making the will. The will-maker must also sign it in front of all of the witnesses. All of the previously mentioned …
