Tag: legal topics

Legally Secure Your Financial Future is a self-study curriculum to help you organize your important papers, communicate your wishes about legal and other issues, and prepare your financial affairs.

Content development by:

Marilyn C. Bischoff, M.S., Team Leader, Extension Professor and Family Economics Specialist, University of Idaho Extension; University of Idaho–Boise, 322 E. Front St., Ste. 180, Boise, ID 83702-7364; 208-364-9910; mbischof@uidaho.edu

Joanne Bankston, Ph.D., Family Economics and Management Specialist, Kentucky State University Cooperative Extension Program, Frankfort

Elizabeth E. Gorham, …

Initiating Discussions about Property Distributions

Do you have concerns about property-distribution issues? Discuss these particular situations with your adult children, trusted friends, or parent/guardian. The correct responses are provided for residents of Idaho, Iowa, Kentucky, North Dakota, and South Dakota.

• Prepare Your Estate Plan Case Study 3: The disadvantages of writing your own will
• Prepare Your Estate Plan Case Study 4: The surviving spouse’s share
• Prepare Your Estate Plan Case Study 5: How much will each heir inherit?
• Prepare Your

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Several types of joint ownership are described below:

Community Property: The laws of some states specify that most property acquired by either spouse during a marriage is held equally by husband and wife as community property. Laws in a community property state provide that any property purchased or salary earned by a married couple during the course of their marriage is owned equally by each.

Joint Tenancy with Rights of Survivorship: This type of joint ownership states that, upon death, …

IMPORTANT NOTE: The information on this Website is not legal advice. The information in this lesson will provide general information and help to make you a better informed consumer of legal services. It is designed to help families become better acquainted with some of the concepts and tools used in estate planning and to create an awareness of the need for such planning. Laws vary dramatically from state to state, and future changes in laws cannot be predicted. The statements …

The person who carries out the plan for settlement of an estate is called a “personal representative.” This can be a family member or trusted friend, a bank with trust authority, or a trust company.

The court determines whether a proposed personal representative named in a will or trust is legally competent to serve. If legally competent, the court will appoint that person. If there is no will or trust naming a personal representative, a personal representative is named by …

After narrowing the attorney list to two or three, contact the attorneys and request a face-to-face meeting. If you outline your needs in advance, many lawyers are willing to meet with you for a half-hour consultation at no charge. You should ask the attorney whether he or she charges a fee for an initial consultation. During this meeting, pay attention to your comfort level with the attorney. Ask all prospective lawyers:

• What is your experience in this area of law?

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Duties of the Personal Representative

The personal representative:

• Proves the will in probate court
• Collects and inventories property
• Pays bills and collects debts
• Files tax returns
• Manages probate property
• Defends or brings lawsuits, if needed
• Distributes property

Selection Criteria for the Personal Representative

Choose your personal representative carefully. The person you select must be:

• Able to do the job
• Willing
• Able to keep peace among family members
• Able to meet legal requirements
• Conveniently located nearby, if possible

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Assets in a will, such as property, can be listed simply or detailed. They may include such non-titled property as family heirlooms and keepsakes, which have much more sentimental than financial value. Oftentimes, distributing family heirlooms and keepsakes presents greater challenges for family members than transferring titled property.

It is important to learn your state’s laws regarding non-titled property transfer. The law varies widely from state to state on what is required to make wishes regarding personal property binding on …

Once you have the names of several lawyers, you can find additional information about them in the Martindale-Hubbell Law Directory, available in many libraries and on the Internet (see http://www.martindale.com/). The directory contains biographical information, experience, specialties, education, and other professional information. Some attorneys are not listed because they are new to the profession or practice in a rural location where there are too few other attorneys or judges to rate them.

Almost every attorney listed in the directory …

The decision to create a trust is a complex one. You will want to discuss your personal needs with financial and legal experts. It is not uncommon for an individual who owns a small parcel of land, a home, and a few investments to have an estate that exceeds the federal estate-tax limits, resulting in large tax implications. In addition, if you own assets that require ongoing management, such as rental property, a trust may help facilitate their management in …