Taking Care of Legal Matters for Families and Small Businesses

Estate planning means  taking care of yourself and your family by planning for your incapacity  or death. It does not necessarily mean you are wealthy. Estate planning  deals with issues such as:

• Who should raise your minor children if something happens to you?
• Who should be in charge of the investments you have left for your children?
• Who should be in charge of your investments and debts if you become incapacitated due to coma, dementia, or other ailment?
• Are you paying more than you need in estate taxes?
• Are your documents drafted correctly—or are you unnecessarily leaving your estate subject to expensive litigation?
• Should you have a Will or a Trust? 

Melissa Garrison has been helping estate planning clients since 1984!

Probate and trust administration are  processes used to legally transfer the assets of a deceased person to  others, including heirs and intended beneficiaries. The probate court  may also be used to:

• Clear title to real property and investment accounts
• Collect debts owed to the deceased person
• Resolve inheritance disputes between heirs, beneficiaries, and creditors

During  probate, a Petition is filed with the court asking the court to appoint  a Personal Representative. The Personal Representative will be required  to file with the court the following information:

• A list of all the deceased person's heirs and intended beneficiaries
  
• A list of all the deceased person's assets and debts with the value of each

The Personal Representative is required to provide a notice  to all known persons who may possibly be interested in the estate, and  to further publish a notice to creditors in a local newspaper. The  Personal Representative is responsible for paying the decedent's  creditors, and filing all necessary tax returns. After receiving  permission from the court, the Personal Representative then distributes  the assets of the estate to the proper parties. The Personal Representative's attorney's fees are paid at the conclusion of the probate from the assets of the estate.