Joint Owner - One Estate Planning Tool

Clients frequently desire to avoid the probate process to transfer their home and other assets upon their death. One method frequently requested is the preparation of a Quit Claim deed which serves to add the name of an intended beneficiary as owner of the home to avoid the probate process. The term Quit Claim deed refers to a type of deed which transfers ownership of real estate without any types of warranties. The types of ownership conveyed in a Quit Claim deed....(full article)

 Methods of Estate Transfer

One of the important benefits of estate planning is the ability to name your heirs, specify the share of your estate each will receive, and dictate the manner and timing at which they will receive their share. Generally speaking this part of your estate planning may be done with either a will or a trust. But it will take a trust to avoid probate, protect your estate from legal problems and minimize death taxes.  To better understand what your needs may be, let’s first briefly explore the basic methods of estate transfer and the impact each may have ...(full article)

 Documents to Consider During Estate Planning

Two other documents should be discussed while developing an overall estate plan. First is the “Durable Power of Attorney”. This document provides for the appointment of a spouse, relative or close friend to undertake very broad powers on your behalf, such as banking privileges, transferring realty or business interests, and to enter into contracts for you. The Durable Power of Attorney is effective until terminated by you and is also valid if you become incapacitated. It also replaces the need; expense and aggravation of having a court appoint a Conservator for you if you become incapacitated, since a timely and properly prepared Durable Power of Attorney can avoid the necessity of an individual being placed under Court supervision.

A Durable Power of attorney is best used as a supplement to an estate plan.  It should never serve as a sole estate plan document. The second document to consider is the designation of a “Patient Advocate”. This document allows a person to appoint a Patient Advocate who has the ability to make medical decisions on your behalf if you become incapacitated. The document can also include components of a traditional Living Will in that you Patient Advocate may also direct physicians to withhold or withdraw life sustaining procedures and to permit you to die naturally when those procedures would only serve to artificially prolong life.