Probate/Estate


1. Probate and Estate

Estate planning deals with the use, management, and disposition of a person's property and wealth. The person, through a will or a living trust, engages in reducing the gift or estate tax consequences which take place when a donor's property is passed to the donee; and in providing terms for taking care of the person’s family. A will involves a state court proceeding or probate, and only takes place once the person is deceased. A living trust, or inter-vivos trust on the other hand can be made to avoid probate but is no less complex. To avoid probate the assets of the grantor have to be actually transferred or assigned to the trust.

2. Power of Attorney, Living Wills

This is a document assigning another person as an attorney in fact. It gives the assignee the right to take action in situations specifically noted on the agreement.

Minnesota and New York.



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