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Timothy Pickart

Law Office of Timothy Cahill Pickart


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email: tim@pickartlaw.com

A Will is a traditional legal document which:

  • Names individuals (or charities) who will receive your assets after your death.
  • Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will.
  • Nominates guardians for your minor children.

Most assets in your name alone at your death will be subject to your Will. Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities. Such assets would pass directly to the beneficiaries and would not be included in your Will.

 

A Will is a traditional legal document which:
Names individuals (or charities) who will receive your assets after your death.
Nominates an executor who will be appointed and supervised by the probate court to manage your estate; pay your debts, expenses and taxes; and distribute your estate according to the instructions in your will. Nominates guardians for your minor children. Most assets in your name alone at your death will be subject to your Will. Some exceptions include securities accounts and bank accounts that have designated beneficiaries, life insurance policies, IRAs and other tax-deferred retirement plans, and some annuities. Such assets would pass directly to the beneficiaries and would not be included in your Will Benefits to Clients I am committed to keeping my clients fully informed and offering them the guidance and support they need to make good choices between different legal alternatives. My clients always will receive the same dedication and quality of service that brought them to me in the first place.

WHAT IS PROBATE?

Probate is a court-supervised process for transferring a deceased person's assets to the beneficiaries listed in his or her Will.

Typically, the executor named in your Will would start the process after your death by filing a petition in court and seeking appointment. Your executor would then take charge of your assets, pay your debts and, after receiving court approval, distribute the rest of your estate to your beneficiaries.

Simpler procedures are available for transferring property to a spouse or for handling estates in which the total assets amount to less than $100,000. The probate process has advantages and disadvantages.

The probate court is accustomed to resolving disputes about the distribution of assets fairly quickly through a process with defined rules. In addition, the probate court reviews the personal representative's handling of each estate, which can help protect the beneficiaries' interests.

One disadvantage, however, is that probates are public. Your estate plan and the value of your assets will become a public record. Also, because lawyer's fees and executor's commissions are based on a statutory fee schedule, a probate may cost more than the management and distribution of a comparable estate under a living trust.

Time can be a factor as well. A probate proceeding generally takes longer than the administration of a revocable living trust. Discuss such advantages and disadvantages with an estate planning lawyer before making any decisions.

How an Estate Planning Attorney Can Help You?


Estate planning is often undertaken by individuals; however, to plan your estate well, you should find an experienced estate planning attorney to help you through the process. Aside from drafting a will, estate planning takes a lot of work that is often detail-oriented and time consuming. Hiring an estate planning attorney will make certain that nothing is overlooked and everything is done correctly. An attorney can help ensure that your property is transferred to those you have identified with as little trouble as possible, minimize potential taxes and fees, help you avoid the probate process, and direct arrangements once you die or if you should you ever become incapacitated.

Generally, people avoid using attorneys due to financial reasons. When planning your estate, however, it is important to hire an estate planning attorney not only to be sure everything is done correctly, but also to save money that would otherwise be lost on taxes, fees, or spent on probate court.

Estate planning services include:

 

 

A Revocable Living Trust (sometimes called a Living Trust, Revocable Trust, Family Trust, Inter Vivos Trust) is a legal document that can, in some cases, partially substitute for a Will. With a revocable living trust, your assets are put into the trust, administered for your benefit during your lifetime and transferred to your beneficiaries when you die - all without the need for court involvement.

Most people name themselves as the trustee in charge of managing their living trust's assets. By naming yourself as trustee, you can remain in control of the assets during your lifetime. In addition, you can revoke or change any terms of the trust at any time as long as you are still competent. However, the terms of the trust become irrevocable when you die.

In your revocable living trust, you will also name a successor trustee (a person or institution) who will take over as the trustee and manage the trust's assets if you should ever become unable to do so. Your successor trustee would also take over the management and distribution of your assets when you die.

A revocable living trust does not, however, remove all need for a Will. Generally, you would still need a Will - known as a Pour Over Will - to cover any assets that have not been transferred to the revocable living trust.

What is an estate?

An estate is all property owned or controlled by a person, either in his/ her name, a business entity, a trust, or a joint ownership. It also includes any other money generated in the event of the person's death, such as life insurance. An estate includes:

Real estate and all things attached (a house, rental property, etc.)
Personal property (bank accounts, stocks and other securities, cash, automobiles, jewelry, etc.)
Businesses and business interests (corporations, partnerships, limited liability companies, joint ventures, business property, etc.)
Powers of appointment (the right to direct who gets what)
Retirement Accounts, pension benefits, annuity contracts, life insurance, etc.

How an Estate Planning Attorney Can Help You?

Estate planning is often undertaken by individuals; however, to plan your estate well, you should find an experienced estate planning attorney to help you through the process. Aside from drafting a will, estate planning takes a lot of work that is often detail-oriented and time consuming. Hiring an estate planning attorney will make certain that nothing is overlooked and everything is done correctly. An attorney can help ensure that your property is transferred to those you have identified with as little trouble as possible, minimize potential taxes and fees, help you avoid the probate process, and direct arrangements once you die or if you should you ever become incapacitated.

Generally, people avoid using attorneys due to financial reasons. When planning your estate, however, it is important to hire an estate planning attorney not only to be sure everything is done correctly, but also to save money that would otherwise be lost on taxes, fees, or spent on probate court.

Estate planning services include:

Traditional estate planning, including Wills, Revocable Living Trusts, Durable Powers of Attorney, and Advance Health Care Directives

Advanced estate planning including Irrevocable Life Insurance Trusts (ILITs), Grantor Retained Annuity Trusts (GRATs), Installment Sales to Intentionally Defective Grantor Trusts (IDITs), Qualified Personal Residence Trusts (QPRTs), Charitable Remainder Trusts (CRTs), and Charitable Lead Trust (CLTs)


Business planning, including corporations, partnerships, limited liability companies, structured ownership, reorganization, succession planning
Probate, trust and estate administration

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Estate Planning

Estate planning is often undertaken by individuals; however, to plan your estate well, you should find an experienced estate planning attorney to help you through the process. Aside from drafting a will, estate planning takes a lot of work that is often detail-oriented and time consuming. Hiring an estate planning attorney...
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Probate

Probate is a court-supervised process for transferring a deceased person's assets to the beneficiaries listed in his or her Will.

Typically, the executor named in your Will would start the process after your death by filing a petition in court and seeking appointment. Your executor ....
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Business Planning

Estate planning and business planning often go hand-in-hand. This is because for many individuals and families, a business represents their most valuable asset. ...
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Trust Administration

Losing a loved one is a traumatic experience. Making important financial and legal decisions while grieving is extremely difficult. Unfortunately, tax planning does not stop at death. The estates and trusts that receive the assets of decedents present their own separate tax issues. ...
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