By: Barry E. Haimo, Esq. May 19, 2015 Can My Power of Attorney Document Make or Change My Will? A power of attorney document allows a designated fiduciary to help you keep your financial and administrative affairs in order. If you wish, multiple agents can be appointed, and...
How Long Is a Will Valid? By: Barry E. Haimo, Esq. May 19, 2015 [VIDEO TRANSCRIPT] BARRY HAIMO: A will is valid indefinitely. It’s important, however, to review it every 3 years or so, as the laws frequently do change. [END TRANSCRIPT] A “valid will” is a will that is executed...
What property does my will control? A "Last Will and Testament" or a "Will" is a legal document that expresses your postmortem wishes. It appoints a personal representative or executor to administer your estate. It designates a guardian of the person and property of minor children....
My spouse died with a will and did not leave me anything in their will. Do I have any special rights? Whether or not you have a validly executed Will, your estate will go through Probate to the extent that you die owning assets in your...
By: Barry E. Haimo, Esq. May 19, 2015 Do Beneficiaries Have to Pay Creditors Out of Their Own Pocket If the State Is Involved? [BEGIN TRANSCRIPTION] BARRY HAIMO: Generally, in probate proceedings, the assets from an estate are pooled together and creditors are paid out of the estate assets....
Do Life Insurance and Retirement Benefits Need to Go Through My Estate? By: Barry E. Haimo, Esq. May 19, 2015 [VIDEO TRANSCRIPT] BARRY HAIMO: Generally, if structured properly, life insurance and qualified retirement accounts will not go through your estate, because they will go to the proper beneficiary. [END...
Who pays for the costs of probate and estate administration? Whether or not you have a validly executed Will, your estate will go through Probate to the extent that you die owning assets in your name. "Probate" is the legal process through which a deceased person's...
By: Barry E. Haimo, Esq. May 19, 2015 How Does Property Transfer After Death? [BEGIN TRANSCRIPTION] HAIMO: At your point of death, your property will be pooled together and called your probate estate. Through the probate proceedings, your property will be devised to the appropriate beneficiary or beneficiaries. This...
What types of property transfers by operation of law? Whether or not you have a validly executed Will, your estate will go through Probate to the extent that you die owning assets in your name. "Probate" is the legal process through which a deceased person's affairs...
By: Barry E. Haimo, Esq. May 19, 2015 How Long Does the Probate or Administration of an Estate Take? [BEGIN TRANSCRIPTION] HAIMO: The amount of time that a probate or administration of an estate can take depends on the size and complexity of the estate. Some estates can be...