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 …
If you want to draft a will, create a trust, or prepare a power of attorney, you will need to work with an attorney. An attorney is the only professional licensed to write legal documents. Look for one who specializes in estate planning or elder law. Complex estates such as those with investments, real estate, and/or business assets may require consultation with family members and financial management, tax, and legal experts.
Finding an Attorney
There are several ways you may own real and personal property. The way in which you own property will determine what part of it—if any—you may give away. Moreover, state law defines the types of ownership. If you own property (i.e., real estate) in another state, the laws of that state will apply. For personal property, the laws of the state in which you claim residency will apply.
Joint ownership is a popular way to leave property to loved ones; …
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Factors that must be present in a valid will vary from state to state, so it is wise to check your own state’s requirements. Certain elements are often necessary:
Reasons for Having a Trust
A trust is a property arrangement whereby a trustee (such as a bank trust department or a person) takes care of, holds title to, and, in most cases, manages property for the benefit of someone else. Trusts are not for everyone but can fit the needs of certain people, including those whose estates approach or exceed the federal tax limit and those with young children or disabled family members who are unable to manage their …
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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.
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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 …
