https://youtu.be/BWwoJ4tkZdQ Hello, my name is John Potter. I’m an estate planning and elder law attorney in Charlotte, NC. Today we’re going to talk about different types of property powers of attorney. For a variety of reasons, we have times when we need someone else to manage our affairs – whether we’re incapacitated due to illness or injury or just temporarily unable to handle certain decisions or actions. How Does a General Power of Attorney Work? With any power of attorney, you … [Read more...] about Video – Charlotte Estate Planning Attorney Discusses a General Power of Attorney
What are the Primary Purposes of an Estate Plan?
The broad purpose of an estate plan is to prepare you and your family for two events: possible incapacity and inevitable death. There are several options for estate planning. Which estate planning elements you choose will be based on the purpose of your estate plan. First, it helps to understand the primary purposes of an estate plan. Here is what you need to know. Planning for the possibility of incapacity The legal term “incapacity” means a person’s inability to comprehend the nature and … [Read more...] about What are the Primary Purposes of an Estate Plan?
When Do You Need a Probate Lawyer?
The probate process has a reputation for being time-consuming and costly. Still, probate has its place, as do probate attorneys. In fact, many people will end up dealing with a probate lawyer at some point in their lives, or would if they recognized those instances in which they could use an attorney’s services. So, when do you need a probate lawyer? Are You Creating a Will? One area where we can all use a probate attorney is when we create our wills, and we all need to have a Last Will and … [Read more...] about When Do You Need a Probate Lawyer?
Four Things You Should Learn About the Kentucky Inheritance Tax
If you live in Kentucky or are expecting an inheritance from someone who does, then it’s important to understand that state’s inheritance tax. Kentucky is one of only six U.S. states that currently imposes an inheritance tax on bequests, so it’s important to understand how the Kentucky inheritance tax works. Here are four things that you should know. The Location of the Property is Critical It’s vital to understand that the inheritance tax is not assessed against all property owned by a decedent … [Read more...] about Four Things You Should Learn About the Kentucky Inheritance Tax
Should You Settle for Dying Intestate?
A majority of American adults have no Last Will and Testament to handle their estate settlement when they die. Many have already decided that this kind of planning either requires too much effort, costs too much, or is simply unnecessary. Some are simply content to allow state law to govern the settling of their affairs, trusting that their heirs will receive their inheritances even without an estate plan to govern that distribution. The question that you should ask is a simple one: should you … [Read more...] about Should You Settle for Dying Intestate?
Video – How a Living Trust Can Simplify Your Estate Planning
Many people think that the will is the simplest type of estate planning available to them, and in many cases they’re right. The Last Will and Testament is the most basic type of estate plan that you can use – though most people unfortunately don’t even bother to create that basic document. For many estates, however, the will is not as good an option as a living trust. While trusts are often considered a more advanced type of planning, they can help to simplify and bring order to estates. They … [Read more...] about Video – How a Living Trust Can Simplify Your Estate Planning
Essential Facts About the Kentucky Probate Court Process
If you live in Kentucky and have been named to serve as the executor of a will, it’s helpful to better understand some simple facts about the Kentucky probate court process. You Need Court Authorization Even though you are listed as the estate executor in the will document, you have no authority to handle those assets until you’ve been given that power by the appropriate probate court. To get that authority, you need to formally request it. The process is straightforward. You need to complete a … [Read more...] about Essential Facts About the Kentucky Probate Court Process
How the Power of Attorney Protects Your Interests
When a loved one suffers a serious injury or illness, the family finds themselves in a stressful and anxious situation. That fear can be magnified dramatically when that loved one failed to create an incapacity plan to ensure that his medical and financial decisions are properly managed during his incapacitation. If you’ve created an estate plan but haven’t yet created a plan to protect yourself during incapacity, now’s the time. During such times, the power of attorney can be key to protecting … [Read more...] about How the Power of Attorney Protects Your Interests
Is Your Estate Plan Complete? Checking the Essentials
For many people, the concept of estate planning begins and ends with the creation of a simple will detailing how they want their assets to be distributed when they die. However estate planning should involve much more than merely deciding who gets what property. An effective and comprehensive estate plan can provide you with a wide range of protections and benefits. This review of some essential components can help you to determine if your estate plan is truly complete. The Last Will and … [Read more...] about Is Your Estate Plan Complete? Checking the Essentials
Wills and Trusts: Understand the Differences
There are people who make assumptions about estate planning documents. One of them is the notion that wills and trusts are pretty much the same thing. The idea is that a trust is just a fancy will that costs more money to create, but there is really no significant difference. In fact, there are very significant differences between wills and trusts, and there are different types of wills and trusts. Let's look at some of the facts so that you can go forward in a fully informed manner. Last Wills … [Read more...] about Wills and Trusts: Understand the Differences
