Wills and Trusts
Each state has statutes which establish the requirements for a valid
will.
Generally, execution of a valid will requires that the testator be a
minimum age and possess testamentary capacity. In most states, the
minimum age is eighteen. Some states permit an individual below the
minimum age to execute a will if the person is married or in the
military. The testator also must be of sound mind at the time the will is
executed. Sound mind requires that the testator:
The will's format must conform to the standards prescribed under
state law. Most states require that a will be written or typed, signed by
the testator, and attested by two or three witnesses.
Trusts are also useful in estate planning because they can be used
as a way to avoid probate and may have tax advantages. (See Probate)
Estate (Planning)
For the purposes of estate planning, an estate can be considered all
property, real and personal, owned by an individual at the time of of
death and prior to any distribution through a trust or will. Real property
is real estate and personal property includes everything else, for
example cars, household items, and bank accounts.
Estate planning is the process of legally organizing how a individual's
real and personal property will be distributed to that individual's heirs.
Generally, an estate plan will aim to preserve the maximum amount of
wealth possible for the intended beneficiaries and flexibility for the
individual prior to death. A major concern for drafters of estate plans is
federal and state tax law.
Wills and trusts are common ways in which individuals dispose of
their wealth. (See Wills and Trusts) Trusts have the benefit of avoiding
probate, a lengthy and costly legal process that oversees the transfer
of assets. (See Probate) It is also often useful to make gifts during the
donors lifetime in order to minimize taxes but the effect of the federal
gift tax must be considered.
Probate (Estate)
When a property owner dies, assets which do not pass directly to
others through a community property agreement, right of survivorship,
under some form of trusts, or as insurance proceeds are subject to
formal probate proceedings. Probate is the legal process of
transferring the owner's property to the possible heirs.
Each state has statutes which establish the requirements for a valid
will.
Generally, execution of a valid will requires that the testator be a
minimum age and possess testamentary capacity. In most states, the
minimum age is eighteen. Some states permit an individual below the
minimum age to execute a will if the person is married or in the
military. The testator also must be of sound mind at the time the will is
executed. Sound mind requires that the testator:
- Know that he or she is executing a will;
- Know the general nature and extent of his or her property; and
- Know his descendants or other relatives that would ordinarily
be expected to share in the estate.
The will's format must conform to the standards prescribed under
state law. Most states require that a will be written or typed, signed by
the testator, and attested by two or three witnesses.
Trusts are also useful in estate planning because they can be used
as a way to avoid probate and may have tax advantages. (See Probate)
Estate (Planning)
For the purposes of estate planning, an estate can be considered all
property, real and personal, owned by an individual at the time of of
death and prior to any distribution through a trust or will. Real property
is real estate and personal property includes everything else, for
example cars, household items, and bank accounts.
Estate planning is the process of legally organizing how a individual's
real and personal property will be distributed to that individual's heirs.
Generally, an estate plan will aim to preserve the maximum amount of
wealth possible for the intended beneficiaries and flexibility for the
individual prior to death. A major concern for drafters of estate plans is
federal and state tax law.
Wills and trusts are common ways in which individuals dispose of
their wealth. (See Wills and Trusts) Trusts have the benefit of avoiding
probate, a lengthy and costly legal process that oversees the transfer
of assets. (See Probate) It is also often useful to make gifts during the
donors lifetime in order to minimize taxes but the effect of the federal
gift tax must be considered.
Probate (Estate)
When a property owner dies, assets which do not pass directly to
others through a community property agreement, right of survivorship,
under some form of trusts, or as insurance proceeds are subject to
formal probate proceedings. Probate is the legal process of
transferring the owner's property to the possible heirs.
Power of Attorney
The power of attorney is one of the strongest legal documents that an
individual can give to another person. Accordingly, you must be
making it of your own free will. It authorizes your agent (grantee) to act
on your behalf and carry on your business in your absence. A general
power of attorney authorizes your agent to do any number of acts
relating to your property and personal affairs. Because this document
grants broad, virtually unlimited authority to your agent, it should be
given to a person you trust completely. A special power of attorney
authorizes your agent to do one or more certain specified acts, such
as selling your car, shipping household goods, or cashing a
paycheck.
The power of attorney is one of the strongest legal documents that an
individual can give to another person. Accordingly, you must be
making it of your own free will. It authorizes your agent (grantee) to act
on your behalf and carry on your business in your absence. A general
power of attorney authorizes your agent to do any number of acts
relating to your property and personal affairs. Because this document
grants broad, virtually unlimited authority to your agent, it should be
given to a person you trust completely. A special power of attorney
authorizes your agent to do one or more certain specified acts, such
as selling your car, shipping household goods, or cashing a
paycheck.
Wills, Trusts, Estates, Probate & Power of Attorney
 |
| |
 |
| |
 |
| |
 |
| |
 |
5510 Pearl Road, Suite
300Parma, Ohio 44129
(440) 885-LAWS (5297)
(440) 885-5318 Facsimile
E-Mail: chris@shellitolaw.com
300Parma, Ohio 44129
(440) 885-LAWS (5297)
(440) 885-5318 Facsimile
E-Mail: chris@shellitolaw.com