Leydorf Law Firm, PLLC

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Frequently Asked Questions about Estate Planning

Estate planning can often seem overwhelming and confusing. To add some clarity to the process, our attorneys have compiled a list of our FAQs about estate planning in the space below. If you have further inquiries, do not hesitate to contact our office, and we will happily answer your questions.

What is Probate?

Probate is the court and process that looks after people who cannot make their own personal, health care and financial decisions. These people fall into three general categories: Minor Children (under age 18 in most states); Incapacitated Adults; and People who have died without legal arrangements to avoid probate. Probate proceedings can be expensive and time-consuming. Additionally, the court proceeding and associated documents are all a matter of public record. Many people choose to avoid probate in order to save money, spare their heirs a legal hassle, and keep their personal affairs private.

What is Joint Tenancy with Rights of Survivorship? (in some states “Tenancy by the Entirety” when between spouses)

This is the most common form of asset ownership between spouses. Joint tenancy (or TBE) has the advantage of avoiding probate at the death of the first spouse. However, the surviving spouse should not add the names of other relatives to their assets. Doing so may subject their assets to loss through the debts, bankruptcies, divorces and/or lawsuits of any additional joint tenants. Joint tenancy planning also may result in unnecessary death taxes on the estate of a married couple.

What is a Will?

The document a person signs to provide for the orderly disposition of assets after death. Wills do not avoid probate. Wills have no legal authority until the willmaker dies and the original will is delivered to the Probate Court. Still, everyone with minor children needs a will. It is the only way to appoint the new “parent” of an orphaned child. Special testamentary trust provisions in a will can provide for the management and distribution of assets for your heirs. Additionally, assets can be arranged and coordinated with provisions of the testamentary trusts to avoid death taxes.

What is a Living Will?

Sometimes called an Advance Medical Directive, a living will allows you to state your wishes in advance regarding what types of medical life support measures you prefer to have, or have withheld/withdrawn if you are in a terminal condition (without reasonable hope of recovery) and cannot express your wishes yourself. Oftentimes a living will is executed along with a Durable Power of Attorney for Health care, which gives someone legal authority to make your health care decisions when you are unable to do so yourself.

What does Intestacy mean?

If you die without even a Will (intestate), the legislature of your state has already determined who will inherit your assets and when they will inherit them. You may not agree with their plan, but roughly 70 percent of Americans currently use it.

What are Beneficiary Designations?

You may avoid probate on the transfer of some assets at your death through the use of beneficiary designations. Laws regarding what assets may be transferred without probate (non-probate transfer laws) vary from state to state. Some common examples include life insurance death benefits and bank accounts.

What is a Durable Power of Attorney and when do I need one?

These allow you to appoint someone you know and trust to make your personal health care and financial decisions even when you cannot. If you are incapacitated without these legal documents, then you and your family will be involved in a probate proceeding known as a guardianship and conservatorship. This is the court proceeding where a judge determines who should make these decisions for you under the ongoing supervision of the court.

What is a Revocable Living Trust?

This is an agreement with three parties: the Trust-makers, the Trustees (or Trust Managers), and the Trust Beneficiaries. For example, a husband and wife may name themselves all three parties to create their trust, manage all the assets transferred to the trust, and have full use and enjoyment of all the trust assets as beneficiaries. Further “back-up” managers can step in under the terms of the trust to manage the assets should the couple become incapacitated or die. Special provisions in the trust also control the management and distribution of assets to heirs in the event of the trustmaker’s death. With proper planning, the couple also can avoid or eliminate death taxes on their estate. The Revocable Living Trust may allow them to accomplish all this outside of any court proceeding.

Who Should Have a Revocable Living Trust?

Whether you are young or old, rich or poor, married or single, if you own titled assets such as a house and want your loved ones to avoid court interference at your death or incapacity, consider a revocable living trust. A trust allows you to bring all of your assets together under one plan.

Client Success Stories

Leah Atkinson
Leah Atkinson
March 7, 2022.
Nick has been helping me with my mother's estate since she passed over 2 years ago. He has been a godsend! Always easily flexible and responds very quickly if something urgent came up. He was very helpful with understanding the processes of everything we were doing. Then after almost 2 & 1/2 years, his final invoice was wayyy cheaper than I expected (not really knowing the going rate for estate work). This was a very trying time in my family's life and Nick made it so much easier! Thank you Nick!
Tanya Pattison
Tanya Pattison
August 2, 2020.
Roger deuce
Roger deuce
July 30, 2020.
Provides top notch services at affordable prices. Highly recommended
LouisDMichael
LouisDMichael
July 30, 2020.
If you’re in need for an attorney in the greater Lansing area, you can do no better than Nicholas Leydorf. Do yourself the justice of having him as your counselor.
Shandra Bremer
Shandra Bremer
July 30, 2020.
Needing a lawyer is never fun, but Mr. Leydorf made the experience quick and painless. He got the job done, and we felt like we were in good hands the entire time.
Anjuli Baraily
Anjuli Baraily
July 28, 2020.
Roy Salas
Roy Salas
July 24, 2020.
Mr leydorf represented me like he was the one on the stand. Best court experience ever!!!
Erica Johnson
Erica Johnson
July 17, 2020.
Nick is an excellent attorney! From the first time I met him he was very informative, responded to all my questions and was caring and understanding. I got the best possible outcome and I will definitely refer Nick to anyone that needs a great attorney! He goes above and beyond for his client!
Gravity Smokehouse
Gravity Smokehouse
June 24, 2020.
Nick followed through with everything and was very responsive with any questions or concerns that came up. Nick is very personable and easy to talk with as well.
Megan Bryers
Megan Bryers
March 6, 2020.

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