Wills, Estates & Probate

DISCLAIMER: NATIONAL PARALEGAL SERVICES ("NPS") is not a law firm, does not act as your attorney, and is not a substitute for advice from an attorney.

Losing a loved one is a sad and difficult time for family, relatives, and friends. In addition, those left behind must often figure out how to transfer or inherit property from the person who has died.

To do this, you must usually go to court. And dealing with the courts and the property of someone who has died is very complicated. Sometimes, however, family or relatives may be able to transfer property from someone who has died without going to court. But it is not always easy to tell whether you need to go to court or qualify to use a different procedure.

Let us guide you through your estate planning now. We can assist you with putting together a personalized portfolio of all the pertinent information needed in case you become incapacitated or are no longer able to make decisions for yourself. Whether it is temporary or permanent, everyone should have their affairs in order.

What is probate?

Probate means that there is a court case that deals with:

• Transferring the property of someone who has died to the heirs or beneficiaries;
• Deciding if a Will is valid; and
• Taking care of the financial responsibilities of the person who died.

In a probate case, an Executor (if there is a Will) or an Administrator (if there is no Will) is appointed by the court as personal representative to collect the assets, pay the debts and expenses, and then distribute the remainder of the estate to the beneficiaries (those who have the legal right to inherit), all under the supervision of the court. The entire case can take between 9 months to 1 ½ years, maybe even longer.

Every service is personalized. Please free feel to email or call us directly at nationalparalegalservices@gmail.com or 216-409-6676 with any questions regarding our services and what you would like us to assist you with, and we will be more than happy to discuss with you directly.

A WILL DOES NOT COVER EVERYTHING YOU OWN

Generally speaking, your Will affects only those assets that are titled in your name at your death. Those assets that are not affected by your Will include Life insurance. The cash proceeds from an insurance policy on your life are paid to whomever you have designated as beneficiary of the policy in a form filed with the insurance company—no matter who the beneficiaries under your Will may be.

Retirement plans. Assets held in retirement plans, such as a 401(k) or an IRA, are transferred to whomever you have named as beneficiary in the plan documents—no matter who the beneficiaries under your Will may be.

Assets owned as a joint tenant with right of survivorship. Assets such as real estate, automobiles, bank accounts and stock accounts that are held in joint tenancy with right of survivorship will pass to the surviving joint tenant upon your death, and not in accordance with any directions in your Will.

“Transfer on death” or “pay on death.” Certain securities and brokerage accounts include a designation of one or more beneficiaries to receive the assets in that account when the account owner dies. The names of the beneficiaries are preceded by the words “transfer on death” or “TOD.” Other assets, such as bank accounts and U.S. savings bonds, may be held in a similar form using the owner’s name and the beneficiaries’ names preceded by the words “paid on death” or “POD.”

Living trusts. Generally, assets held in a Revocable Living Trust are distributed according to the instructions in the Trust regardless of the instructions in your Will—with no need for court supervision. You can name yourself as the initial trustee of your Living Trust (most people do), and then name a successor trustee to manage the Trust if you become unable to do so. With a Living Trust, your assets are managed for your benefit during your lifetime and then transferred to your beneficiaries when you die without court supervision.

Your spouse’s "half". All state laws are not created equal. In Ohio, any assets acquired by you and your spouse are considered marital property and thus subject to division during the divorce process. You and your spouse own those assets, however, during a divorce, equitable distribution will be decided by the court . Your Will, therefore, affects only your distribution of the property. Assets that either of you owned before your marriage, and gifts or inheritances acquired later, are usually separate property. Your Will affects all of your separate property assets.

WHAT SHOULD BE IN MY PERSONAL PORTFOLIO?

There are no Estates that are identical. But there are some basic important documents that everyone should have that clarifies what your wishes are in the case you become incapacitated or upon your death.

LAST WILL AND TESTAMENT

A Last Will allows you to:

Decide who will get your property after your death;
Choose how your property will be divided among your various beneficiaries;
Give specific items of property to specific people;
Appoint someone you trust to administer your estate; and
Appoint a guardian for your minor children.

If you die without a Will, your property will be distributed by a court-appointed administrator according to statutory plans for "intestate succession." Your property will be divided among your surviving spouse, children, and possibly other relatives in whatever manner the law of your jurisdiction specifies. You will not have a chance to give property to non-relatives or to exclude relatives. Additionally, if you have no relatives, your property will go to the state rather than to a friend or charity of your choice.

HEALTH CARE DIRECTIVE

A Health Care Directive also known as a Medical Power of Attorney or a Living Will gives the person you designate (the attorney in fact) the power to make most health care decisions for you if you lose the capacity to make informed health care decisions for yourself. This power is effective only when your attending physician determines that you have lost the capacity to make informed health care decisions for yourself and, notwithstanding this document, as long as you have the capacity to make informed health care decisions for yourself, you retain the right to make all medical and other health care decisions for yourself.

DURABLE POWER OF ATTORNEY

A Durable Power of Attorney gives the person whom you designate as your attorney-in-fact broad powers to handle your property during your lifetime, which may include powers to mortgage, sell, or otherwise dispose of any real or personal property without advance notice to you or approval by you.

These powers will continue to exist even if you become disabled or incompetent. You do have the right to terminate or revoke the Power of Attorney and any or all powers granted within at any time up to the point of your incapacity.

This document does not authorize anyone to make medical or other health care decisions. You may execute a health care proxy (also known as a health care or medical power of attorney) to do this.

LIST OF FINANCIAL OBLIGATIONS

Compiling a list of your current financial responsibilities (i.e. utility accounts, mortgages, insurance payments, credit cards and so forth) is critical and very necessary in the case where someone needs to step into your shoes to manage your household.

Can you imagine what it takes to be you when they never have?

COPY OF INSURANCE POLICY

Providing a copy of your Insurance Policy or merely knowing that one exists and where it can be found during such an emotional time for your loved ones, certainly eases their already emotional state of being.

In your Personal Portfolio, you may add as much as you would like to it. The KEY is providing the information regarding your estate and your wishes as clear and concise as you can.