Estate Planning, Collaborative Family Law & Mediation

Common Questions About Wills (Part 3)

Can my personal representative handle my affairs if I become to sick to do so myself?

No.  A Will takes effect only after your death. If you want someone to handle your affairs if you become disabled or incompetent, you should talk with us about a number of options, including a health care directive.

What is a “living Will”?

In 1998, Minnesota law authorized the use of health care directives, which allows you to appoint a health care agent to make health care decisions when you become unable or unwilling to make or communicate such decisions, and to give instructions as to what choices you prefer. The health care directives law combined and replaced what was previously called a Living Will and a Durable Power of Attorney for Health Care. A health care directive can outline and describe your preferences about issues such as surgery, nursing home or specialized care, medication, religious concerns, funeral planning, organ donation and the types of life-sustaining procedures you may want or not want for yourself.

How much does it cost to probate an estate?

The cost of probate depends on the specifics of the situation involved. Generally, the expenses of settling an estate include the cost of a funeral, cremation or other ceremony, copies of the death certificate, attorney fees, accounting services, real estate transfer fees, court fees, notices to potential creditors and heirs, and personal representative fees. All of these expenses are paid from the assets of the estate before anything is distributed to the heirs.

What about taxes?

You may have heard about “death taxes” or taxes that an estate must pay from available property. Most estates do not have to pay federal or state “death taxes” because the property of the estate is not greater than the amount required for taxes. Nevertheless, if you have substantial assets, there may be substantial income tax consequences associated with your death. After death, little can be done to relieve an estate from adverse tax consequences caused by the lack of a Will, a trust or a proper estate plan. An important purpose of a Will can be to reduce the taxes that will have to be paid at your death and at the death of one or more of the beneficiaries of your Will. You  should discuss your options with a lawyer if taxes are a concern for you.

 For a complimentary initial consultation, call 507-206-4976

See Also:

This chemical acts on the erectile tissue of the penis to increase blood flow to cause rock hard erection during intercourse. women viagra pills becomes effective in one hour, while kamagra jelly takes only 15 minutes to take the performance pressure off your shoulder and concerntrate more on enjoying the whole process of sexual intercourse and not torment yourself by thinking the end result. It does not matter whether the medicine is safe enough for your health or not then before using visit for more info cialis soft uk discuss it with doctor and tell him about all possible diseases and medicines your having particularly, A heart disease Blood pressure (high or low) Heart attacks or stroke if any Blood loss disarray or blood cell disorder The use of viagra probably decreases the flow of blood to the male reproductive organ, resulting in proper harder. If you are at india pharmacy viagra the early stage of usage of Kamagra. Some of the proposals are themselves filled with problems while the others are not going to work for you. discover over here now vardenafil pharmacy

Sorry, comments are closed for this post.