Is Probate Always Required from Michael Robinson After your death, the trustee can distribute assets to the beneficiaries free of the probate process. Your agent will be empowered to handle your financial affairs in the event of your incapacitation. Learn more about is probate always required in this presentation. … [Read more...] about Is Probate Always Required
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Can I Protect My Injury Settlement With a Special Needs Trust?
People with disabilities are often incapable of earning much income, so they qualify for need-based government benefit programs. Medicaid is a government run health insurance program that is jointly administered by the federal government along with the state government. It is potentially available to people who can prove that they have a significant level of financial need, and Supplemental Security Income can act as a source of support for disabled individuals with limited resources. Once … [Read more...] about Can I Protect My Injury Settlement With a Special Needs Trust?
What Are the Disadvantages of a Power of Attorney?
Incapacity planning is an important part of the equation if you want to be comprehensively prepared for the eventualities that you may face toward the latter portion of your life. Approximately 45 percent of people who are at least 85 are suffering from Alzheimer's disease, and of course this is not the only cause of incapacitation among elders. If you take no action to prepare for possible incapacity in advance, a guardianship hearing could be convened if interested parties felt as though … [Read more...] about What Are the Disadvantages of a Power of Attorney?
Is Every Asset Transfer Subject to the Probate Process?
The probate process can come into play under certain circumstances when assets are being transferred after you pass away. If you use a will, you would nominate an executor in the document. After your passing, the executor would be required to admit the will to probate. The Surrogate's Court would subsequently supervise the administration of the estate. This process is not inherently negative, and the state of New York does everything possible to provide efficiency. However, there is no … [Read more...] about Is Every Asset Transfer Subject to the Probate Process?
What’s the Difference Between a Guardianship and a Power of Attorney?
You should consider the matter of guardianship when you are planning ahead for the eventualities of aging. If you were to become incapacitated without taking any steps in advance to prepare for this contingency, a guardianship hearing could be convened. Ultimately, the state could appoint someone to manage your affairs. While this mechanism is in place to provide a safeguard, most people would prefer to avoid guardianship proceedings. The situation is completely out of your hands if the state … [Read more...] about What’s the Difference Between a Guardianship and a Power of Attorney?
