Estate Planning Newsletters

Types of Property

Estate planning involves a person assessing his life, family, and assets. Before a person can prepare an estate plan, he must have a total understanding of the actual contents of his estate. The reason is that he cannot give away what he does not own. Title is the legal right to the possession of property. Title is almost the same as ownership. How a person holds title to property (owns property) determines what he can give away in a will or trust. If a person attempts to give property away and it is later discovered that title was held in a way that did allow such gifts, no gift is made and the bequest is disregarded.
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Power of Attorney for Finances -- Formalities

There are a few technical requirements with which you must comply before a power of attorney for finances will be considered legally valid and binding.
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Special Conditions in a Will

As a general rule, a devise, a bequest, a legacy, or a trust in a will may benefit any person or legal entity. One major limitation is that is that a devise, a bequest, a legacy, or a trust in a will may not benefit a person or legal entity, if it does not meet a condition imposed by the testator. Most conditions are routine, such as rewarding a child with more money if he or she attends college. Some conditions are more unusual, and so, special.
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Executors -- Wrongful Death Claims

If the decedent died intestate (without a will), you have absolute freedom to select an attorney to help administer the estate. If the decedent died testate {with a valid will), you typically have the same flexibility, even if the testator specifically mentioned in the will that she wanted you to employ a particular attorney; this, under the law of most states, usually is considered merely a suggestion and is not binding. Since the attorney is an essential part of the estate administrative team, many executors prefer to have an individual with whom they can work effectively. Whether the attorney is the one selected by the decedent or one selected by you, his services are vital to the successful handling of many estates.
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Exceptions to Medicaid Trusts

Under a 1993 change in federal law, three types of trusts were recognized as exceptions to the rules that would otherwise count the assets in a self-settled Medicaid trust and therefore disqualify the beneficiaries of such trust. These three trusts are commonly called the "under-65 trust," the "pooled trust," and the "Miller trust."
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