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Frequently Asked Questions
What is probate?
Probate is the legal process of validating a deceased person's will and distributing their assets according to their wishes or state law if there is no will.
What is estate planning and why is it important?
Estate planning involves preparing legal documents that outline how your assets will be managed and distributed after your death. It is important because it ensures your wishes are honored and can help minimize taxes, legal fees, and family disputes.
How are assets divided in a divorce?
Assets are typically divided based on state law, which can follow either community property or equitable distribution principles. The goal is to divide assets fairly, though not necessarily equally.
What should I do if I want to contest a will?
If you believe a will is invalid, you can contest it by filing a lawsuit in probate court. Grounds for contesting a will include lack of capacity, undue influence, fraud, or improper execution.
What are the responsibilities of a guardian?
A guardian is responsible for making decisions about the personal and financial affairs of the incapacitated individual, ensuring their well-being and managing their assets responsibly.
What is a trust?
A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another party (the beneficiary).
How long do I have to contest a will?
The time frame to contest a will varies by state but is typically between six months to a year from the date the will is admitted to probate.
What are the benefits of setting up a trust?
Trusts can help avoid probate, provide privacy, manage assets for minors or incapacitated individuals, and may offer tax benefits.
Can we agree on asset division without going to court?
Yes, many couples reach a settlement agreement through mediation or negotiation, which can then be approved by the court.
What documents are typically included in an estate plan?
An estate plan typically includes a will, power of attorney, healthcare directives, and trusts. Depending on your situation, other documents might be necessary.
How do I establish guardianship for an elderly parent?
Establishing guardianship involves filing a petition with the court, providing evidence that your parent is incapacitated and unable to make decisions, and attending a court hearing where a judge will determine the need for guardianship.
What is elder law?
Elder law encompasses legal issues affecting older adults, including estate planning, long-term care, guardianship, retirement, and elder abuse.
How long does the probate process take?
The duration of probate can vary widely depending on the complexity of the estate, but it typically takes between six months to a year.
What is the role of power of attorney?
Power of attorney is a legal document that allows someone else to act on your behalf in financial or legal matters.
Why should I consider estate planning if I don't have a large estate?
Even if you don't have significant assets, estate planning can ensure your healthcare wishes are known, appoint guardians for minor children, and streamline the distribution of any assets you do have.
When should I update my estate plan?
You should review and update your estate plan whenever significant life events occur, such as marriage, divorce, birth of a child, or acquisition of new assets.
What are the differences between a will and a trust?
A will takes effect after your death and specifies how your assets will be distributed. A trust can take effect immediately and can manage your assets during your lifetime and after your death according to your instructions.