The Law Office of Mary Beth Kelly, LLC

Description

Estate Planning 'Life planning' is an essential and rewarding process for individuals and families. Wills & Trusts Planning while you are alive for how your assets will pass upon your death is the greatest gift you can leave to your loved ones. Probate Identifying and collecting assets of a decedent, pay debts, and distribute the balance to the beneficiaries. I practice in the area of Wills, Trusts & Estates. I welcome the opportunity to help you make a will, create a trust, be named healthcare surrogate for your children as they turn 18, handle the probate process after the death of a loved one; prepare a power of attorney; establish a living will; protect your assets; and/or qualify for Medicaid. Many people believe that estate planning is only for people who are particularly wealthy, have elaborate schemes in mind for passing their money to their heirs, or for people who are acutely ill and contemplating their death. This could not be farther from the truth! Estate planning is for every husband, wife, mother, father, grandparent, business owner, professional, or anyone else who has someone they care about, are concerned about providing responsibly for their own well-being and for the well-being of those they love, and for anyone who seeks to make a difference in the lives of others after they're gone. Estate planning is not 'death planning'; it's 'life planning', and an essential and rewarding process for individuals and families who engage in it. Some clients will decide on the will-based, traditional estate plan, opting against the planning, titling and funding necessary to establish a trust. A Will (formerly referred to as Last Will and Testament) is a legal document requiring formal execution that disposes of property after death. Using the traditional estate planning, clients own their assets, individually or jointly depending on their circumstances, and their Will would direct where their assets (without prior beneficiary designation) would go upon their death. You can think of a Will as a type of map instructing how to get from Point A (prior to death when you own the assets), to Point B (after death when your beneficiaries come to own the assets). Probate is the Court-supervised process of identifying and collecting the assets of a decedent, paying the decedent's debts, and distributing the balance to the decedent's beneficiaries. Assets are distributed to beneficiaries in accordance to the instructions written in the decedent's will. Even if there are no assets subject to probate, the original Will and a death certificate need to be filed with the probate court in the county where the decedent died. Not all assets require probate. Probate administration only applies to probate assets. What are probate assets? Probate assets are the assets that were owned solely by the decedent at the time of death. If the asset had a joint tenant with a survivorship interest or a designated beneficiary, then the asset will not be subject to probate administration.