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string(28) "Stepkids are taking my house"
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string(60) "https://probateattorneyokc.net/stepkids-are-taking-my-house/"
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string(20) "Probate Attorney OKC"
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["pubdate"]=>
string(31) "Mon, 11 Sep 2023 05:46:00 +0000"
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string(20) "Probate attorney OKC"
["guid"]=>
string(38) "https://probateattorneyokc.net/?p=2678"
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string(471) "Step kids are kicking me out of my house!What do I do? Step kids stated I have 90 days to leave the house that I lived in with their father.This is a situation that in fact shows up a lot. The scenario goes like this: a couple marries and possibly they’re on their 2nd or ... Read more"
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Step kids are kicking me out of my house! What do I do? Step kids stated I have 90 days to leave the house that I lived in with their father. This is a situation that in fact shows up a lot. The scenario goes like this: a couple marries and possibly they’re on their 2nd or third marriage. They may have kids from a previous relationship. They move into the hubby’s house For several years they always discussed the truth that your house is simply in the name of the husband. The title of the house simply has hubby’s name. Sally and Johnny have been wed for a long time they keep speaking about it however absolutely nothing ever takes place or possibly they don’t ever talk about it. The important part is that Sally’s name is not on the title of the house. When Johnny passes away Sally is left in the house that she’s been living in for several years, perhaps years. The children realize that the house is titled in their daddy’s name. So what do they do you believe that they do? The step kids will call the other half, their stepmother Sally, and state Sally we have actually been believing now that papa’s gone we would truly like to offer your house you have actually got 90 days. Or, Sally now that dad’s gone we are going to begin charging you lease to reside in that home. Sally is absolutely surprised! This generally happens because there is no last will and testament in place. Nevertheless, it really does not matter whether there is a last will and testament or not. If there was a last will and testament, then the other half, Johnny, might have in fact said when I pass away I desire my home to go to my wife Sally. However, if Johnny didn’t do that, then we have to take a look at the laws of intestate succession in the state that Johnny and Sally lived. Those laws of intestate succession generally specify that a husband and wife if they have been wed then the spouse or the partner has a right to 50 percent of the estate. Due to the laws of intestate succession and the marital interests that Sally has in your house, she has at least typically a 50 interest in that home. The step kids can’t just kick her out of the house. There is most likely a concern of whether she can continue to live there, however again in most states there are laws in place that allow the spouse to declare a homestead. If Sally and Johnny declare that as their marital home then she can typically continue to reside in that home till her death. What is the better thing to do? While the outright simplest thing that Johnny and Sally could have done would have been to title that house correctly. After they got married Johnny ought to have done some kind of a deed usually quit claim deed and transferred the home from his name to his name and Sally. Instead of just having Johnny Smith on the deed, it would read Johnny and Sally Smith as the owners of that home. To offer her a lot more defense he might alter that home into joint tenancy so it would check out something like: Johnny and Sally Smith a couple as joint tenants with right of survivorship. That would suggest that if Johnny were to pass away first that home would immediately all go to Sally– 100%. The drawback of that is likewise that if Sally were to die very first then all of it would go to Johnny. but Maybe they don’t care about that. Nevertheless, if they’re thinking about their estate strategy and providing for both of their children from earlier relationships, then they actually most likely need to think about doing a revocable living trust focused estate strategy. With a revocable living trust they can detail in the trust that whoever dies initially that the enduring partner has a life estate in that house. The survivor can reside in the house for the rest of their life. Then once they die, that house can be divided up however Johnny and Sally want it to be divided up. Can they kick Sally out of your house? Probably not. Sally has a marital interest because home. She has, a minimum of I believe in most jurisdictions, a 50 percent interest in that house and so it’s simply going to need to depend on the household to decide what they do as a group. Nevertheless, Sally’s going to be permitted to live in that house – a minimum of until she dies.
"
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["summary"]=>
string(471) "Step kids are kicking me out of my house!What do I do? Step kids stated I have 90 days to leave the house that I lived in with their father.This is a situation that in fact shows up a lot. The scenario goes like this: a couple marries and possibly they’re on their 2nd or ... Read more"
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Step kids are kicking me out of my house! What do I do? Step kids stated I have 90 days to leave the house that I lived in with their father. This is a situation that in fact shows up a lot. The scenario goes like this: a couple marries and possibly they’re on their 2nd or third marriage. They may have kids from a previous relationship. They move into the hubby’s house For several years they always discussed the truth that your house is simply in the name of the husband. The title of the house simply has hubby’s name. Sally and Johnny have been wed for a long time they keep speaking about it however absolutely nothing ever takes place or possibly they don’t ever talk about it. The important part is that Sally’s name is not on the title of the house. When Johnny passes away Sally is left in the house that she’s been living in for several years, perhaps years. The children realize that the house is titled in their daddy’s name. So what do they do you believe that they do? The step kids will call the other half, their stepmother Sally, and state Sally we have actually been believing now that papa’s gone we would truly like to offer your house you have actually got 90 days. Or, Sally now that dad’s gone we are going to begin charging you lease to reside in that home. Sally is absolutely surprised! This generally happens because there is no last will and testament in place. Nevertheless, it really does not matter whether there is a last will and testament or not. If there was a last will and testament, then the other half, Johnny, might have in fact said when I pass away I desire my home to go to my wife Sally. However, if Johnny didn’t do that, then we have to take a look at the laws of intestate succession in the state that Johnny and Sally lived. Those laws of intestate succession generally specify that a husband and wife if they have been wed then the spouse or the partner has a right to 50 percent of the estate. Due to the laws of intestate succession and the marital interests that Sally has in your house, she has at least typically a 50 interest in that home. The step kids can’t just kick her out of the house. There is most likely a concern of whether she can continue to live there, however again in most states there are laws in place that allow the spouse to declare a homestead. If Sally and Johnny declare that as their marital home then she can typically continue to reside in that home till her death. What is the better thing to do? While the outright simplest thing that Johnny and Sally could have done would have been to title that house correctly. After they got married Johnny ought to have done some kind of a deed usually quit claim deed and transferred the home from his name to his name and Sally. Instead of just having Johnny Smith on the deed, it would read Johnny and Sally Smith as the owners of that home. To offer her a lot more defense he might alter that home into joint tenancy so it would check out something like: Johnny and Sally Smith a couple as joint tenants with right of survivorship. That would suggest that if Johnny were to pass away first that home would immediately all go to Sally– 100%. The drawback of that is likewise that if Sally were to die very first then all of it would go to Johnny. but Maybe they don’t care about that. Nevertheless, if they’re thinking about their estate strategy and providing for both of their children from earlier relationships, then they actually most likely need to think about doing a revocable living trust focused estate strategy. With a revocable living trust they can detail in the trust that whoever dies initially that the enduring partner has a life estate in that house. The survivor can reside in the house for the rest of their life. Then once they die, that house can be divided up however Johnny and Sally want it to be divided up. Can they kick Sally out of your house? Probably not. Sally has a marital interest because home. She has, a minimum of I believe in most jurisdictions, a 50 percent interest in that house and so it’s simply going to need to depend on the household to decide what they do as a group. Nevertheless, Sally’s going to be permitted to live in that house – a minimum of until she dies.
"
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["title"]=>
string(40) "how is my property transferred at death?"
["link"]=>
string(71) "https://probateattorneyokc.net/how-is-my-property-transferred-at-death/"
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["pubdate"]=>
string(31) "Mon, 04 Sep 2023 16:55:44 +0000"
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string(20) "Probate attorney OKC"
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string(527) "Just how is my property transferred at death? This is probably one of the most usual question that we get. The initial one is you have a last will and testament. That last will and testament states exactly just how your properties are likely to be transferred from your estate. Keep in mind as soon ... Read more"
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Just how is my property transferred at death?
This is probably one of the most usual question that we get. The initial one is you have a last will and testament. That last will and testament states exactly just how your properties are likely to be transferred from your estate.
Keep in mind as soon as you pass away every one of your properties enter into the estate bucket. Your last will and testament will designate who gets what out of that pail.
You might have 3 children. You may have 3 children as well as wish to additionally offer something to a favorite charity. The charity obtains a fourth and your kids each get a four.
It’s however you desire it. It is your last will and testament.
In addition to the last will and testament is a revocable living trust. A revocable living trust will say specifically just how to move the possessions that are in the bucket to your successors.
Beneficiary Designations
The second method is beneficiary designations. You’ll see these a lot on insurance policies and bank accounts. Often called pay-on-death designations on savings accounts.
That is a designation that you submit with your insurance company, retirement account, or your bank. It specifies if you die, you want your cash to go to this person. It’s a basic way to transfer the properties that you have in Financial institutions and pension to someone straight away.
It’s an actually very easy way to transfer those properties without having to go through the probate procedure.
How does this work? The financial institution will normally require a death certificate as well as some kind of testimony showing you are who you say you are. They require unfailing evidence of your identification.
As soon as the banks has adequately determined you; and matched you to the person on the beneficiary designation, then they will issue you a check.
Operation of Law
The 3rd way to transfer residential property is by operation of Law. If you own a residence with your spouse or your like partner, you possibly have that residence that you’re living in as “joint tenants with the right of survivorship”.
That suggests as soon as one of you passes away the building instantly goes to whoever the Survivor is of both of you.
The surviving person needs to submit a straightforward document letting the world recognize who passed away.
As an example, let say there is a husband and wife, and the hubby dies first. The wife is the survivor. By operation of law the home goes to her.
The residential property transfers automatically to her in most states. Nevertheless, she still is required to file what’s called an affidavit of surviving joint tenant.
This is a kind of notice that you possessed this home with your other half, as joint tenants with right of survivorship. That the hubby has passed away first. And, pursuant to operation of law you’re the surviving joint tenant.
You’re now the sole owner of that home – that piece of property.
Intestate Succession The 4th way to transfer property is by state law called “intestate succession”.
You did not have a last will and testament? You did not have a revocable living trust? You did not have any kind of beneficiary designations? You did not have any type of residential property established by operation of law?
We must then look at the laws of intestate succession.
You possibly won’t like the way assets are dispersed under the laws of intestate succession. It’s a very strict legal method of distributing your property.
We have seen where individuals cohabited for several years and years, yet they were never ever lawfully wed. They never legally formed a partnership. They had no estate planning whatsoever. In all those situations, the surviving partner lost out on the whole estate.
Regrettably, we see this all the time.
Ensure you have an estate strategy in position.
To ensure that the assets that you’ve worked your whole life for are not distributed to somebody who you really did not want.
Make certain that assets go where you want.
"
}
["summary"]=>
string(527) "Just how is my property transferred at death? This is probably one of the most usual question that we get. The initial one is you have a last will and testament. That last will and testament states exactly just how your properties are likely to be transferred from your estate. Keep in mind as soon ... Read more"
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string(4853) "
Just how is my property transferred at death?
This is probably one of the most usual question that we get. The initial one is you have a last will and testament. That last will and testament states exactly just how your properties are likely to be transferred from your estate.
Keep in mind as soon as you pass away every one of your properties enter into the estate bucket. Your last will and testament will designate who gets what out of that pail.
You might have 3 children. You may have 3 children as well as wish to additionally offer something to a favorite charity. The charity obtains a fourth and your kids each get a four.
It’s however you desire it. It is your last will and testament.
In addition to the last will and testament is a revocable living trust. A revocable living trust will say specifically just how to move the possessions that are in the bucket to your successors.
Beneficiary Designations
The second method is beneficiary designations. You’ll see these a lot on insurance policies and bank accounts. Often called pay-on-death designations on savings accounts.
That is a designation that you submit with your insurance company, retirement account, or your bank. It specifies if you die, you want your cash to go to this person. It’s a basic way to transfer the properties that you have in Financial institutions and pension to someone straight away.
It’s an actually very easy way to transfer those properties without having to go through the probate procedure.
How does this work? The financial institution will normally require a death certificate as well as some kind of testimony showing you are who you say you are. They require unfailing evidence of your identification.
As soon as the banks has adequately determined you; and matched you to the person on the beneficiary designation, then they will issue you a check.
Operation of Law
The 3rd way to transfer residential property is by operation of Law. If you own a residence with your spouse or your like partner, you possibly have that residence that you’re living in as “joint tenants with the right of survivorship”.
That suggests as soon as one of you passes away the building instantly goes to whoever the Survivor is of both of you.
The surviving person needs to submit a straightforward document letting the world recognize who passed away.
As an example, let say there is a husband and wife, and the hubby dies first. The wife is the survivor. By operation of law the home goes to her.
The residential property transfers automatically to her in most states. Nevertheless, she still is required to file what’s called an affidavit of surviving joint tenant.
This is a kind of notice that you possessed this home with your other half, as joint tenants with right of survivorship. That the hubby has passed away first. And, pursuant to operation of law you’re the surviving joint tenant.
You’re now the sole owner of that home – that piece of property.
Intestate Succession The 4th way to transfer property is by state law called “intestate succession”.
You did not have a last will and testament? You did not have a revocable living trust? You did not have any kind of beneficiary designations? You did not have any type of residential property established by operation of law?
We must then look at the laws of intestate succession.
You possibly won’t like the way assets are dispersed under the laws of intestate succession. It’s a very strict legal method of distributing your property.
We have seen where individuals cohabited for several years and years, yet they were never ever lawfully wed. They never legally formed a partnership. They had no estate planning whatsoever. In all those situations, the surviving partner lost out on the whole estate.
Regrettably, we see this all the time.
Ensure you have an estate strategy in position.
To ensure that the assets that you’ve worked your whole life for are not distributed to somebody who you really did not want.
Make certain that assets go where you want.
"
["date_timestamp"]=>
int(1693846544)
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[2]=>
array(11) {
["title"]=>
string(33) "What is a Revocable Living Trust?"
["link"]=>
string(64) "https://probateattorneyokc.net/what-is-a-revocable-living-trust/"
["dc"]=>
array(1) {
["creator"]=>
string(20) "Probate Attorney OKC"
}
["pubdate"]=>
string(31) "Sat, 10 Jun 2023 22:08:30 +0000"
["category"]=>
string(20) "Probate attorney OKC"
["guid"]=>
string(38) "https://probateattorneyokc.net/?p=2667"
["description"]=>
string(520) "What is a Revocable Living Trust? A revocable living trust, also known as an intervivos trust, is a trust that you create during your lifetime. You still have complete control over all of the assets that you put into the revocable living trust. The reason it’s revocable is because you can change it at any ... Read more"
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What is a Revocable Living Trust?
A revocable living trust, also known as an intervivos trust, is a trust that you create during your lifetime. You still have complete control over all of the assets that you put into the revocable living trust.
The reason it’s revocable is because you can change it at any time. If you want to amend it, if you want to revoke it, whatever you want to do, you can do as long as you do it correctly with the right legal documents.
That’s kind of the definition that anybody will give you for a revocable trust. But what is a revocable trust and how can it help you?
"
}
["summary"]=>
string(520) "What is a Revocable Living Trust? A revocable living trust, also known as an intervivos trust, is a trust that you create during your lifetime. You still have complete control over all of the assets that you put into the revocable living trust. The reason it’s revocable is because you can change it at any ... Read more"
["atom_content"]=>
string(1162) "
What is a Revocable Living Trust?
A revocable living trust, also known as an intervivos trust, is a trust that you create during your lifetime. You still have complete control over all of the assets that you put into the revocable living trust.
The reason it’s revocable is because you can change it at any time. If you want to amend it, if you want to revoke it, whatever you want to do, you can do as long as you do it correctly with the right legal documents.
That’s kind of the definition that anybody will give you for a revocable trust. But what is a revocable trust and how can it help you?
"
["date_timestamp"]=>
int(1686434910)
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array(11) {
["title"]=>
string(44) "Do you want to travel throughout retirement?"
["link"]=>
string(75) "https://probateattorneyokc.net/do-you-want-to-travel-throughout-retirement/"
["dc"]=>
array(1) {
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string(20) "Probate Attorney OKC"
}
["pubdate"]=>
string(31) "Sat, 03 Jun 2023 06:03:00 +0000"
["category"]=>
string(20) "Probate attorney OKC"
["guid"]=>
string(38) "https://probateattorneyokc.net/?p=2657"
["description"]=>
string(531) "Do you wish you had a time portal to take a trip anywhere in the world? The reality is no one has a travel portal yet. If you want to travel throughout retirement, then develop it into your retirement savings and your estate strategy Here are four things that the specialists say you can do ... Read more"
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Do you wish you had a time portal to take a trip anywhere in the world?
The reality is no one has a travel portal yet. If you want to travel throughout retirement, then develop it into your retirement savings and your estate strategy
Here are four things that the specialists say you can do to travel more throughout your retirement.
Number one, start conserving prior to you retiring.
Not saving enough is the greatest reason professionals state folks can not take their dream vacation. Sounds apparent, does not it? Specialists say that you need to have two goals for cost savings. One is to create and maintain an emergency fund and for repair work around your house.
The 2nd is development – investing your cash or growth. Part of that investing for development needs to consist of a subsection for traveling, so you can take a trip around the world.
And I need to stop here and say that on the extreme end, do not attempt to conserve so much cash that, well, you never ever retire. Talk with a financial consultant, talk with a professional.
Tell them that one of your objectives, among your primary objectives, is to travel during retirement. Figure out where you want to take a trip and how often you want to go. Assembled a long-lasting strategy and a strategy for saving up for that dream holiday to Italy, Dubai, or my favorite Costa Rica.
That brings us to number two. Find inexpensive or affordable places to travel. You can find some really low-cost places to travel to, like Laos, Cambodia, or even Vietnam. Unfortunately, costs in numerous countries are not that much various from the United States.
Numerous locations have the exact same retail and restaurant chains that we have here. Even Taco Bell, KFC, McDonald’s, and Starbucks. Think what?
The prices at Starbucks in San Jose, Costa Rica are the same as Starbucks in your neighborhood.
There’s no distinction.
People do not realize how costly travel can be nowadays. Just switch on the television or open the paper and see all the difficulties individuals are having with the cost and headache of travel. Once you are in a foreign arrive on holiday, always inspect to see if there are less expensive options for doing the same thing.
This is especially true with transportation. On a recent journey, the cost of a taxi from the airport to my hotel was over $50. Which was just if I consented to pay beforehand.
I had a look at Uber and it was less than $9 for the exact same trip. I saved $40 and I used that cash to consume where the residents eat, not at pricey danger traps.
Do your research prior to your travel.
If you still want to take that lavish vacation, well, do it. Simply prepare for it.
Number three, stop spending a lot of cash. Stop purchasing whatever you see, specifically when it comes to charge cards to do it. Specialists say that credit card debt and student loans are the biggest difficulties in conserving cash.
Make a spending plan and get ahold of your savings.
Choose how much of your income you can devote toward paying off that debt. Professionals state to start paying for the financial obligation with the greatest rates of interest first. As soon as those are paid, then start working, specifically if you have trainee loans, on all those federal loans which have much lower rates of interest.
Get your debt under control so that you can start saving more cash for travel and the basics throughout retirement.
Number 4, scale down. Why do you require that big house where you raised your kids? You don’t!
Among the first things we see with our estate customers, after they sign the revocable living trust-centered estate plan that we produce specifically for them, is to downsize and offer their family house.
Once they have a solid estate plan in place, a stimulate is lit and they realize that a three or four-bedroom home is actually not needed anymore.
Some individuals love their big homes. And you understand what? Like everything else, if you can keep it and still travel and do the things you wish to do, then keep it.
The primary reason people keep their household home is for when the kids go to. However, if the kids are only visiting once a year for the holidays. It’s most likely cheaper for them to stay at a hotel or perhaps even on the couch.
Sell that big house and begin taking a trip the world.
The bottom line, save more cash now. Travel more later on. Talk to a financial consultant to grow that holiday cost savings prepare to grow your savings.
Talk to an estate planning attorney to safeguard you and your partner throughout your life time.
Start taking a trip.
"
}
["summary"]=>
string(531) "Do you wish you had a time portal to take a trip anywhere in the world? The reality is no one has a travel portal yet. If you want to travel throughout retirement, then develop it into your retirement savings and your estate strategy Here are four things that the specialists say you can do ... Read more"
["atom_content"]=>
string(5571) "
Do you wish you had a time portal to take a trip anywhere in the world?
The reality is no one has a travel portal yet. If you want to travel throughout retirement, then develop it into your retirement savings and your estate strategy
Here are four things that the specialists say you can do to travel more throughout your retirement.
Number one, start conserving prior to you retiring.
Not saving enough is the greatest reason professionals state folks can not take their dream vacation. Sounds apparent, does not it? Specialists say that you need to have two goals for cost savings. One is to create and maintain an emergency fund and for repair work around your house.
The 2nd is development – investing your cash or growth. Part of that investing for development needs to consist of a subsection for traveling, so you can take a trip around the world.
And I need to stop here and say that on the extreme end, do not attempt to conserve so much cash that, well, you never ever retire. Talk with a financial consultant, talk with a professional.
Tell them that one of your objectives, among your primary objectives, is to travel during retirement. Figure out where you want to take a trip and how often you want to go. Assembled a long-lasting strategy and a strategy for saving up for that dream holiday to Italy, Dubai, or my favorite Costa Rica.
That brings us to number two. Find inexpensive or affordable places to travel. You can find some really low-cost places to travel to, like Laos, Cambodia, or even Vietnam. Unfortunately, costs in numerous countries are not that much various from the United States.
Numerous locations have the exact same retail and restaurant chains that we have here. Even Taco Bell, KFC, McDonald’s, and Starbucks. Think what?
The prices at Starbucks in San Jose, Costa Rica are the same as Starbucks in your neighborhood.
There’s no distinction.
People do not realize how costly travel can be nowadays. Just switch on the television or open the paper and see all the difficulties individuals are having with the cost and headache of travel. Once you are in a foreign arrive on holiday, always inspect to see if there are less expensive options for doing the same thing.
This is especially true with transportation. On a recent journey, the cost of a taxi from the airport to my hotel was over $50. Which was just if I consented to pay beforehand.
I had a look at Uber and it was less than $9 for the exact same trip. I saved $40 and I used that cash to consume where the residents eat, not at pricey danger traps.
Do your research prior to your travel.
If you still want to take that lavish vacation, well, do it. Simply prepare for it.
Number three, stop spending a lot of cash. Stop purchasing whatever you see, specifically when it comes to charge cards to do it. Specialists say that credit card debt and student loans are the biggest difficulties in conserving cash.
Make a spending plan and get ahold of your savings.
Choose how much of your income you can devote toward paying off that debt. Professionals state to start paying for the financial obligation with the greatest rates of interest first. As soon as those are paid, then start working, specifically if you have trainee loans, on all those federal loans which have much lower rates of interest.
Get your debt under control so that you can start saving more cash for travel and the basics throughout retirement.
Number 4, scale down. Why do you require that big house where you raised your kids? You don’t!
Among the first things we see with our estate customers, after they sign the revocable living trust-centered estate plan that we produce specifically for them, is to downsize and offer their family house.
Once they have a solid estate plan in place, a stimulate is lit and they realize that a three or four-bedroom home is actually not needed anymore.
Some individuals love their big homes. And you understand what? Like everything else, if you can keep it and still travel and do the things you wish to do, then keep it.
The primary reason people keep their household home is for when the kids go to. However, if the kids are only visiting once a year for the holidays. It’s most likely cheaper for them to stay at a hotel or perhaps even on the couch.
Sell that big house and begin taking a trip the world.
The bottom line, save more cash now. Travel more later on. Talk to a financial consultant to grow that holiday cost savings prepare to grow your savings.
Talk to an estate planning attorney to safeguard you and your partner throughout your life time.
Start taking a trip.
"
["date_timestamp"]=>
int(1685772180)
}
[4]=>
array(11) {
["title"]=>
string(29) "Mental Health Awareness Month"
["link"]=>
string(61) "https://probateattorneyokc.net/mental-health-awareness-month/"
["dc"]=>
array(1) {
["creator"]=>
string(20) "Probate Attorney OKC"
}
["pubdate"]=>
string(31) "Mon, 29 May 2023 19:42:44 +0000"
["category"]=>
string(20) "Probate attorney OKC"
["guid"]=>
string(38) "https://probateattorneyokc.net/?p=2662"
["description"]=>
string(542) "Mental health, Incapacity Planning, and Guardianships. The month of May has now become known as Mental Awareness Month in almost all states. If you have somebody who is suffering with mental illness, please get help immediately for them and really for you as well. National statistics say that in the year 2021, over 57 million ... Read more"
["content"]=>
array(1) {
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Mental health, Incapacity Planning, and Guardianships.
The month of May has now become known as Mental Awareness Month in almost all states.
If you have somebody who is suffering with mental illness, please get help immediately for them and really for you as well.
National statistics say that in the year 2021, over 57 million people suffered in the United States from some sort of substance abuse problem.
The reason I wanted to talk about it today is because you’ve heard me say over and over again when I’m talking about estate planning, that I truly believe the most important thing is incapacity planning. Everybody thinks about estate planning as what happens after they die.
Who gets their stuff, right? Who gets their money? The house, the cars, all of that. But what’s even more important is what happens if you are still alive and you are incapacitated. If you have a mental illness, if you have a substance abuse problem, who is going to take care of you?
What do you want to happen if you were to become incapacitated?
"
}
["summary"]=>
string(542) "Mental health, Incapacity Planning, and Guardianships. The month of May has now become known as Mental Awareness Month in almost all states. If you have somebody who is suffering with mental illness, please get help immediately for them and really for you as well. National statistics say that in the year 2021, over 57 million ... Read more"
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Mental health, Incapacity Planning, and Guardianships.
The month of May has now become known as Mental Awareness Month in almost all states.
If you have somebody who is suffering with mental illness, please get help immediately for them and really for you as well.
National statistics say that in the year 2021, over 57 million people suffered in the United States from some sort of substance abuse problem.
The reason I wanted to talk about it today is because you’ve heard me say over and over again when I’m talking about estate planning, that I truly believe the most important thing is incapacity planning. Everybody thinks about estate planning as what happens after they die.
Who gets their stuff, right? Who gets their money? The house, the cars, all of that. But what’s even more important is what happens if you are still alive and you are incapacitated. If you have a mental illness, if you have a substance abuse problem, who is going to take care of you?
What do you want to happen if you were to become incapacitated?
"
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["title"]=>
string(36) "Americans have NO retirement savings"
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string(68) "https://probateattorneyokc.net/americans-have-no-retirement-savings/"
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["pubdate"]=>
string(31) "Sat, 27 May 2023 07:07:00 +0000"
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string(513) "How much did you save for retirement? Do you have a retirement savings? Do you have enough to retire at age 65, 70 or perhaps 75? How huge is your nest egg already retired. Do you have enough to last?Many experts will say that for a $55,000 yearly retirement income, the bare minimum is $700,000 ... Read more"
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How much did you save for retirement?
Do you have a retirement savings? Do you have enough to retire at age 65, 70 or perhaps 75? How huge is your nest egg already retired. Do you have enough to last? Many experts will say that for a $55,000 yearly retirement income, the bare minimum is $700,000 in cost savings. The secret is to enter into retirement with huge properties paid off. It’s probably a bad idea to purchase that holiday, house or vehicle you have actually constantly imagined, right as you begin your retirement. I’m not a financial advisor and this is not monetary suggestions. I inform you people all the time, you should be the CEO of your own life. Individuals are living longer. You’re living longer than past generations. Just 53% of Americans have an emergency fund, not to mention a retirement account. For a long time, generations took a look at retirement as a basic thing. You went to work every day and monthly cash was taken into your 401. K or some kind of pension. You have actually most likely heard your moms and dads speak about the 4% rule, the 4% drawdown guideline states that you should have the ability to take 4% from your investments annually throughout retirement without touching the principal. Times have changed. Americans are having much, a lot longer lives. The 4% rule still might be legitimate. You need to apply it to a lot longer life and that suggests a lot more retirement cost savings. Retirement is not simply ten years or 20 years anymore. We frequently see our estate preparing clients in their eighties and even their nineties. The issue is that many have not conserved enough cash to live an extra 30 or 40 years. We encourage our clients to meet a financial consultant because it is a fundamental part of your estate strategy. A current article on Yahoo finance did the estimations. A single person with $800,000 saved and investing $55,000 a year will lack money at age 95. If that single individual had saved $900,000 and spent the very same $55,000 a year in retirement, they could leave at practically $270,000 inheritance to their kids, to their successors. This considers a $30,000 Social Security benefit and inflation. Like I said, I’m not a monetary planner, however these numbers are interesting. A married couple might delight in around $60,000 in Social Security advantages with that exact same $700,000 in retirement savings costs, $55,000 a year would have about $24,000 left over if they both passed away at age 95. Here is where the numbers get interesting. That same couple with $800,000 in retirement cost savings might leave their beneficiaries almost $350,000 if they passed away at age 95, simply by having a little bit more money; and a whopping $670,000 if they had actually saved $900,000 for retirement. These numbers sound wonderful if that is what you in fact have conserved. Spoiler alert most Americans do not have that. According to a recent study by Vanguard. Their typical retirement savings for Americans at 65 years of age is only $280,000. That means most people are going to be leaning extremely hard on their Social Security advantages. And it does not leave a great deal of space for vacation homes, not to mention trips at all. If you need more than $55,000 yearly to reside in retirement, then you are going to require a much larger retirement savings account. You need a bigger savings. Fortunately for Americans is that the younger generation is in fact conserving more than, quite honestly, my generation. The very first time in years, people in their twenties and thirties are actually saving for their retirement. Typically, they are saving a minimum of 15% of their earnings for retirement. What should you do if you are not part of this 20 something group? Well, begin saving. It’s never ever too late to do these 4 things first. Actually evaluate your earnings and expenses. I am constantly astonished at how many of our estate planning clients do not understand how much they have and even just how much they’re investing in a regular monthly basis. Some of them are really shocked to recognize that they have really collected a strong foundation for retirement and they will have an inheritance for their kids. Second, save unforeseen cash. A buddy of mine constantly brags about a youth pal of his who acquired recently a quite a bit of cash. This person updated to a mega-mansion. He purchased a lake house. He purchased a huge boat to go on the weekends at the lake, he purchased brand-new automobiles and he’s living the jet set. His income can not support all of these high-ends, and eventually it’s going to crash down around him. Unfortunately, we see this all the time. When we are administering estates, we compose a check to a successor for a quarter million dollars and within a couple of months it is all gone. We see this all the time. If you receive an unforeseen windfall, then, well, save it. Use it to enhance your retirement. Speak to a monetary consultant on how to make that cash grow for you for your retirement. Third, automate your retirement savings. Automate your savings in general instantly subtract from your income straight into a pension. Start gradually. You most likely have some debts, pay those off very first and gradually increase what you are reserving every month for retirement. You’ll marvel how quickly that will accumulate. Fourth, have an extremely, extremely candid discussion with your life partner on what retirement indicates to them and to you and get on the same page. Recent studies show that men and women see retirement extremely differently. Shocked guys see it as a cabin in the woods or a home on the lake where they not do anything all day. Ladies see it as the next phase in their life, and that could be taking on a brand-new task. Offering at a charity. Doing something that is personally fulfilling to them. Beginning a new organization and offering at their preferred charity or their grandkids. Guy see it as a time to invest all of their time with their other half. Women see retirement as a time to develop and preserve strong relationships with their friends and experiencing brand-new things. Speak with your partner now because you might have very various views on what retirement implies. Remember, it’s never ever far too late to begin saving, however start conserving as soon as you can, even if it’s just a little bit because it’ll accumulate quicker than you think. As constantly these are for academic and home entertainment functions just. Always contact a monetary advisor and lawyer.
"
}
["summary"]=>
string(513) "How much did you save for retirement? Do you have a retirement savings? Do you have enough to retire at age 65, 70 or perhaps 75? How huge is your nest egg already retired. Do you have enough to last?Many experts will say that for a $55,000 yearly retirement income, the bare minimum is $700,000 ... Read more"
["atom_content"]=>
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How much did you save for retirement?
Do you have a retirement savings? Do you have enough to retire at age 65, 70 or perhaps 75? How huge is your nest egg already retired. Do you have enough to last? Many experts will say that for a $55,000 yearly retirement income, the bare minimum is $700,000 in cost savings. The secret is to enter into retirement with huge properties paid off. It’s probably a bad idea to purchase that holiday, house or vehicle you have actually constantly imagined, right as you begin your retirement. I’m not a financial advisor and this is not monetary suggestions. I inform you people all the time, you should be the CEO of your own life. Individuals are living longer. You’re living longer than past generations. Just 53% of Americans have an emergency fund, not to mention a retirement account. For a long time, generations took a look at retirement as a basic thing. You went to work every day and monthly cash was taken into your 401. K or some kind of pension. You have actually most likely heard your moms and dads speak about the 4% rule, the 4% drawdown guideline states that you should have the ability to take 4% from your investments annually throughout retirement without touching the principal. Times have changed. Americans are having much, a lot longer lives. The 4% rule still might be legitimate. You need to apply it to a lot longer life and that suggests a lot more retirement cost savings. Retirement is not simply ten years or 20 years anymore. We frequently see our estate preparing clients in their eighties and even their nineties. The issue is that many have not conserved enough cash to live an extra 30 or 40 years. We encourage our clients to meet a financial consultant because it is a fundamental part of your estate strategy. A current article on Yahoo finance did the estimations. A single person with $800,000 saved and investing $55,000 a year will lack money at age 95. If that single individual had saved $900,000 and spent the very same $55,000 a year in retirement, they could leave at practically $270,000 inheritance to their kids, to their successors. This considers a $30,000 Social Security benefit and inflation. Like I said, I’m not a monetary planner, however these numbers are interesting. A married couple might delight in around $60,000 in Social Security advantages with that exact same $700,000 in retirement savings costs, $55,000 a year would have about $24,000 left over if they both passed away at age 95. Here is where the numbers get interesting. That same couple with $800,000 in retirement cost savings might leave their beneficiaries almost $350,000 if they passed away at age 95, simply by having a little bit more money; and a whopping $670,000 if they had actually saved $900,000 for retirement. These numbers sound wonderful if that is what you in fact have conserved. Spoiler alert most Americans do not have that. According to a recent study by Vanguard. Their typical retirement savings for Americans at 65 years of age is only $280,000. That means most people are going to be leaning extremely hard on their Social Security advantages. And it does not leave a great deal of space for vacation homes, not to mention trips at all. If you need more than $55,000 yearly to reside in retirement, then you are going to require a much larger retirement savings account. You need a bigger savings. Fortunately for Americans is that the younger generation is in fact conserving more than, quite honestly, my generation. The very first time in years, people in their twenties and thirties are actually saving for their retirement. Typically, they are saving a minimum of 15% of their earnings for retirement. What should you do if you are not part of this 20 something group? Well, begin saving. It’s never ever too late to do these 4 things first. Actually evaluate your earnings and expenses. I am constantly astonished at how many of our estate planning clients do not understand how much they have and even just how much they’re investing in a regular monthly basis. Some of them are really shocked to recognize that they have really collected a strong foundation for retirement and they will have an inheritance for their kids. Second, save unforeseen cash. A buddy of mine constantly brags about a youth pal of his who acquired recently a quite a bit of cash. This person updated to a mega-mansion. He purchased a lake house. He purchased a huge boat to go on the weekends at the lake, he purchased brand-new automobiles and he’s living the jet set. His income can not support all of these high-ends, and eventually it’s going to crash down around him. Unfortunately, we see this all the time. When we are administering estates, we compose a check to a successor for a quarter million dollars and within a couple of months it is all gone. We see this all the time. If you receive an unforeseen windfall, then, well, save it. Use it to enhance your retirement. Speak to a monetary consultant on how to make that cash grow for you for your retirement. Third, automate your retirement savings. Automate your savings in general instantly subtract from your income straight into a pension. Start gradually. You most likely have some debts, pay those off very first and gradually increase what you are reserving every month for retirement. You’ll marvel how quickly that will accumulate. Fourth, have an extremely, extremely candid discussion with your life partner on what retirement indicates to them and to you and get on the same page. Recent studies show that men and women see retirement extremely differently. Shocked guys see it as a cabin in the woods or a home on the lake where they not do anything all day. Ladies see it as the next phase in their life, and that could be taking on a brand-new task. Offering at a charity. Doing something that is personally fulfilling to them. Beginning a new organization and offering at their preferred charity or their grandkids. Guy see it as a time to invest all of their time with their other half. Women see retirement as a time to develop and preserve strong relationships with their friends and experiencing brand-new things. Speak with your partner now because you might have very various views on what retirement implies. Remember, it’s never ever far too late to begin saving, however start conserving as soon as you can, even if it’s just a little bit because it’ll accumulate quicker than you think. As constantly these are for academic and home entertainment functions just. Always contact a monetary advisor and lawyer.
"
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["title"]=>
string(53) "6 Things Baby Boomers are Blowing Their Retirement On"
["link"]=>
string(85) "https://probateattorneyokc.net/6-things-baby-boomers-are-blowing-their-retirement-on/"
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["pubdate"]=>
string(31) "Sat, 20 May 2023 07:04:00 +0000"
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string(597) "Six things infant boomers are blowing their retirement on. When I retire, I’m going on a month-long holiday. When I retire, I’m buying that 1965 Mustang Shelby or my dream Corvette. When I retire, I’m refurbishing our house from top to bottom. When I retire, I’m buying a home on the beach in Costa Rica. ... Read more"
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Six things infant boomers are blowing their retirement on.
When I retire, I’m going on a month-long holiday. When I retire, I’m buying that 1965 Mustang Shelby or my dream Corvette. When I retire, I’m refurbishing our house from top to bottom. When I retire, I’m buying a home on the beach in Costa Rica. I love this. Believe me, that’s a dream. The issue is, Americans are not conserving enough to fulfill their dreams. Your dreams. They are overestimating what they require in retirement and blowing it all. In the next few years, the youngest child boomers will turn 67 years of ages in the year 2031. That means countless infant boomers are still in the workforce, and if you are among them, do not make these 6 errors that older child boomers are making every day in retirement. In our last video, I discussed that to retire on a $55,000 annual retirement, you required to conserve a minimum of $700,000. A lot of you are not pleased with me. I’m sorry, but according to a current research study performed by Transamerica Center child boomers that have actually not retired, they’re still working, think that $750,000 is what they require to feel financially secure. So we were not far off in our last video. Regrettably, according to another study by Lead, the average retirement cost savings for Americans at the age of 65 is only $280,000 for child boomers. It’s even worse – the typical baby boomer cost savings is just $202,000 at this time. The average Social Security advantage is just $1,681 per month for those who have actually currently retired. The news, you see it every day, is continuously reporting on the future, possible decrease in Social Security advantages and even the boost in the retirement age. Infant boomers need to take control of their costs to ensure they can live comfortably throughout retirement. Because we’re all living longer. If all of these report are causing you issue. Then, now is the time to begin saving more money. Getting your estate strategy in place and preventing these 6 retirement mistakes. Primary, investing excessive time on that dream vacation. I know what you’re believing. You should have a vacation and you understand what you do. But trips are expensive. You just have so much for retirement, and any big lump sums taken off the top in the very first couple of years are going to impact just how much you can continue to draw down each year. You have actually most likely heard others discuss the 4% guideline, 4% from your financial investments every year without touching the concept Plan your dream trip within the 4% guideline. Spend for it from the interest made off of the principal and not the principal. I know it can be appealing due to the fact that you have all that money sitting there. If you can not pay for that dream holiday from the interest made off your retirement cost savings, then regrettably you’re going to need to save money from your retirement circulation every month until you have enough cash in that getaway fund to go on that getaway. Even much better, if you know you wish to take that dream getaway, then start conserving now for it while you are still working. Purchasing costly presents. One of the first things our estate preparation customers tell us all the time is they wish to ruin their grandchildren with pricey gifts, even their kids. And I get it. You like them, right? And you wish to do nice things for them. You understand what? Make those presents, ruin them. You understand what I’m going to state? Keep it within the 4% guideline. Can you see where I’m opting for all of these? Just invest what you can manage and leave your successors. What is left over as part of your estate strategy. Remember, take care of you. Take care of yourself initially. Number 3, paying too much for medical expenditures. If you go to the physician or receive treatment, well, you have to pay for it. Someone does a service for you. You pay for it. However ensure you are not paying too much or paying that costs too early. Medical costs are out of control and individuals call us all the time in a panic when they get a medical costs for hundreds of countless dollars. It happens every day in these circumstances. Many times, insurance has not yet identified what their benefits are. Medical facilities and medical facilities are huge corporations nowadays, and sometimes the left hand doesn’t speak very clearly to the right hand. Always, constantly request for a made a list of medical bill and ensure you are not double or even triple paying for those medical costs when those huge medical bills do be available in and they will. Wait for and double check them versus your health insurance companies Description of benefits. A few years back, I heard of a circumstance where 4 unmarried adult children all still coped with their elderly daddy. I’m not discussing kids in their twenties or thirties. These were adult children who live their entire life in the house on their father’s dime. When their dad lastly passed away, they were lost. The father paid from his month-to-month retirement savings, a car insurance, a home mortgage, the utilities, the cable, the food to feed them all. This was an extreme case that I heard about, but we see moms and dads making comparable decisions all the time. You should be the CEO of your life. It might be hard love, but you need to look after yourself. You initially understand it’s tempting to help an adult child out and just do it if you have the cash and the savings to do it and if it’s not going to have a negative effect on your retirement. Number 5, purchasing a timeshare. Don’t do it. Do refrain from doing it. I understand it is tempting. You see those lovely brochures? Perhaps you checked out the property on the guarantee of totally free money or free tickets to a performance or a free trip just for listening to their sales pitch. Do you think all this is totally free even if they’re nice? You know, that’s not the response. It’s an organization. You understand, it’s a business. You purchase a timeshare and you are locked into maintenance fees for the rest of your life and they are almost difficult to leave. In fact, I believe they are difficult. Many will attempt to convince you and your kids that the timeshare automatically transfers to them, to your kids at your death. They wish to keep that cash being available in. Lots of clients have attempted to encourage me what an excellent investment that condo in Puerto Vallarta is and that it will be passed on to their kids.
That’s a horrible estate strategy. A timeshare is not an estate strategy. In fact, when we probate estates, the heirs will disclaim. A timeshare is not real estate. A timeshare is not an investment. A timeshare is a bad idea. As people age, they gave up using that week in paradise. But upkeep fees don’t care how old you are and even whether you checked out the residential or commercial property in years. Upkeep costs are due each and every single year, and if that lovely condo complex begins to get older and it requires upgrades, guess what? You could be stuck to an evaluation on top of the yearly upkeep fees when it comes to timeshare. Please do not buy them. Number six in retirement you are on a set earnings. You know this. You may get expense of living changes if you’re lucky, but you’re not getting a promo. And you know what I’m going to state? Only spend for those renovations if it suits the 4% guideline. That’s the rule for all of these. Your dream is to do some major renovations and make that home you’ve been living in to into your retirement sanctuary, then plan for it while you are still working. If you’re already retired, then begin a renovation fund to make those renovations. Bottom line all of us need to live within our methods throughout retirement. Speak with an Estate Planning A lawyer and a financial advisor to make those dreams become a reality. And if you’re still working, then start conserving now for their retirement dreams. They’re your dreams and you deserve them.
"
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["summary"]=>
string(597) "Six things infant boomers are blowing their retirement on. When I retire, I’m going on a month-long holiday. When I retire, I’m buying that 1965 Mustang Shelby or my dream Corvette. When I retire, I’m refurbishing our house from top to bottom. When I retire, I’m buying a home on the beach in Costa Rica. ... Read more"
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Six things infant boomers are blowing their retirement on.
When I retire, I’m going on a month-long holiday. When I retire, I’m buying that 1965 Mustang Shelby or my dream Corvette. When I retire, I’m refurbishing our house from top to bottom. When I retire, I’m buying a home on the beach in Costa Rica. I love this. Believe me, that’s a dream. The issue is, Americans are not conserving enough to fulfill their dreams. Your dreams. They are overestimating what they require in retirement and blowing it all. In the next few years, the youngest child boomers will turn 67 years of ages in the year 2031. That means countless infant boomers are still in the workforce, and if you are among them, do not make these 6 errors that older child boomers are making every day in retirement. In our last video, I discussed that to retire on a $55,000 annual retirement, you required to conserve a minimum of $700,000. A lot of you are not pleased with me. I’m sorry, but according to a current research study performed by Transamerica Center child boomers that have actually not retired, they’re still working, think that $750,000 is what they require to feel financially secure. So we were not far off in our last video. Regrettably, according to another study by Lead, the average retirement cost savings for Americans at the age of 65 is only $280,000 for child boomers. It’s even worse – the typical baby boomer cost savings is just $202,000 at this time. The average Social Security advantage is just $1,681 per month for those who have actually currently retired. The news, you see it every day, is continuously reporting on the future, possible decrease in Social Security advantages and even the boost in the retirement age. Infant boomers need to take control of their costs to ensure they can live comfortably throughout retirement. Because we’re all living longer. If all of these report are causing you issue. Then, now is the time to begin saving more money. Getting your estate strategy in place and preventing these 6 retirement mistakes. Primary, investing excessive time on that dream vacation. I know what you’re believing. You should have a vacation and you understand what you do. But trips are expensive. You just have so much for retirement, and any big lump sums taken off the top in the very first couple of years are going to impact just how much you can continue to draw down each year. You have actually most likely heard others discuss the 4% guideline, 4% from your financial investments every year without touching the concept Plan your dream trip within the 4% guideline. Spend for it from the interest made off of the principal and not the principal. I know it can be appealing due to the fact that you have all that money sitting there. If you can not pay for that dream holiday from the interest made off your retirement cost savings, then regrettably you’re going to need to save money from your retirement circulation every month until you have enough cash in that getaway fund to go on that getaway. Even much better, if you know you wish to take that dream getaway, then start conserving now for it while you are still working. Purchasing costly presents. One of the first things our estate preparation customers tell us all the time is they wish to ruin their grandchildren with pricey gifts, even their kids. And I get it. You like them, right? And you wish to do nice things for them. You understand what? Make those presents, ruin them. You understand what I’m going to state? Keep it within the 4% guideline. Can you see where I’m opting for all of these? Just invest what you can manage and leave your successors. What is left over as part of your estate strategy. Remember, take care of you. Take care of yourself initially. Number 3, paying too much for medical expenditures. If you go to the physician or receive treatment, well, you have to pay for it. Someone does a service for you. You pay for it. However ensure you are not paying too much or paying that costs too early. Medical costs are out of control and individuals call us all the time in a panic when they get a medical costs for hundreds of countless dollars. It happens every day in these circumstances. Many times, insurance has not yet identified what their benefits are. Medical facilities and medical facilities are huge corporations nowadays, and sometimes the left hand doesn’t speak very clearly to the right hand. Always, constantly request for a made a list of medical bill and ensure you are not double or even triple paying for those medical costs when those huge medical bills do be available in and they will. Wait for and double check them versus your health insurance companies Description of benefits. A few years back, I heard of a circumstance where 4 unmarried adult children all still coped with their elderly daddy. I’m not discussing kids in their twenties or thirties. These were adult children who live their entire life in the house on their father’s dime. When their dad lastly passed away, they were lost. The father paid from his month-to-month retirement savings, a car insurance, a home mortgage, the utilities, the cable, the food to feed them all. This was an extreme case that I heard about, but we see moms and dads making comparable decisions all the time. You should be the CEO of your life. It might be hard love, but you need to look after yourself. You initially understand it’s tempting to help an adult child out and just do it if you have the cash and the savings to do it and if it’s not going to have a negative effect on your retirement. Number 5, purchasing a timeshare. Don’t do it. Do refrain from doing it. I understand it is tempting. You see those lovely brochures? Perhaps you checked out the property on the guarantee of totally free money or free tickets to a performance or a free trip just for listening to their sales pitch. Do you think all this is totally free even if they’re nice? You know, that’s not the response. It’s an organization. You understand, it’s a business. You purchase a timeshare and you are locked into maintenance fees for the rest of your life and they are almost difficult to leave. In fact, I believe they are difficult. Many will attempt to convince you and your kids that the timeshare automatically transfers to them, to your kids at your death. They wish to keep that cash being available in. Lots of clients have attempted to encourage me what an excellent investment that condo in Puerto Vallarta is and that it will be passed on to their kids.
That’s a horrible estate strategy. A timeshare is not an estate strategy. In fact, when we probate estates, the heirs will disclaim. A timeshare is not real estate. A timeshare is not an investment. A timeshare is a bad idea. As people age, they gave up using that week in paradise. But upkeep fees don’t care how old you are and even whether you checked out the residential or commercial property in years. Upkeep costs are due each and every single year, and if that lovely condo complex begins to get older and it requires upgrades, guess what? You could be stuck to an evaluation on top of the yearly upkeep fees when it comes to timeshare. Please do not buy them. Number six in retirement you are on a set earnings. You know this. You may get expense of living changes if you’re lucky, but you’re not getting a promo. And you know what I’m going to state? Only spend for those renovations if it suits the 4% guideline. That’s the rule for all of these. Your dream is to do some major renovations and make that home you’ve been living in to into your retirement sanctuary, then plan for it while you are still working. If you’re already retired, then begin a renovation fund to make those renovations. Bottom line all of us need to live within our methods throughout retirement. Speak with an Estate Planning A lawyer and a financial advisor to make those dreams become a reality. And if you’re still working, then start conserving now for their retirement dreams. They’re your dreams and you deserve them.
"
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array(11) {
["title"]=>
string(35) "CHATGPT vs Estate Planning Attorney"
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["pubdate"]=>
string(31) "Sat, 13 May 2023 07:03:00 +0000"
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string(578) "Can ChatGPT write a last will and testament. ChatGPT is all over the news right now.ChatGPT is artificial intelligence generative pre-trained transformer 3 GPT. It’s a language processing artificial intelligence model established by open A.I. Yes, this is a third version and it’s just getting smarter with each version. It can produce human like text ... Read more"
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Can ChatGPT write a last will and testament.
ChatGPT is all over the news right now. ChatGPT is artificial intelligence generative pre-trained transformer 3 GPT. It’s a language processing artificial intelligence model established by open A.I. Yes, this is a third version and it’s just getting smarter with each version. It can produce human like text essays, songs, poems, novels, and even a last will and testament. All the news stories speak about all the jobs that will be lost due to expert system. A brand-new task is being developed called timely creator. Anyone can inform ChatGPT to compose a love poem. However, the much better your prompts are, the better the output is going to be. This is extremely crucial. After explore ChatGPT for over a month, I have found this to be definitely real. So who wins in between ChatGPT generated last will and testament and an attorney drafted last will and testimony? Well, that’s up to you. The more good you put into it, the more great you’re going to get out of it. However if you don’t know what you’re doing, then you’re going to get out trash. That output is not going to be what you want. You most likely won’t get a last will and testimony that is going to do what you wanted it to do. And you may not get one that’s going to hold up in a law court. This is a last will and testimony that I produced for a sample, pretend client called Tommy Sample and it is over 24 pages long compared to the one page last will and testimony that was generated by chat. Now I can’t criticize that. I have actually seen some really, very well composed last will and testaments. They were only one page long and did exactly what the departed individual wanted to happen and we were actually able to easily probate their estate since they did put extremely particular language for an extremely particular situation. And it worked. But I’m going to tell you that maybe 95 to 90% of the time, it’s not going to work. But in this last will and testimony that I did for Tommy Sample, just some of the things that were not consisted of in the ChatGPT version are things like a remote beneficiary. If for whatever factor, all of the beneficiaries are gone and there’s no one to provide the estate to then who ultimately gets whatever. Think about it as a plane going down with the whole family who gets your estate if everyone dies with you. Chat. It did consist of an executor because I told it to, but one of the things that I forgot to include was a guardian for the small kids. We did speak about the truth that there were 3 children, and I did not put in there who Enrique wished to be the guardian for his 3 small kids. The 3 kids were minors. However we did not speak about who their guardian is to take care of them on a day to day basis. That was missing out on. And again, it was an input that I did not put in. So I can’t totally blame ChatGPT for that. However it’s something that would have been on our list when we’re creating this, whether we required to have a guardian for the minor kids. ChatGPT’s did not include basic administrative provisions. There wasn’t truly anything about whether there is a bond would be needed on the part of the administrator. Nothing about employment arrangements for specialists in administering the estate. Nothing for circulations to people who are disabled. Not just because they’re under the age of 18. But what if they are disarmed since they remained in a car accident? Maybe they’re getting Social Security, SSI advantages or some other kind of government type benefit and inheritance may destroy and even ruin their government advantages. So that needs to be planned for really carefully. Likewise didn’t discuss specifically the powers that are normally needed for an administrator. Like financial investment powers, banking powers, contract powers, farm ranch and farming powers, lawsuits and settlement powers. What if they were in an accident and now the estate needs to take legal action against? We specifically list 22 to 30 different powers in our last will and testament that an administrator needs. Bottom line is there is a lot in the last will and testament prepared by a lawyer that is not in the ChatGPT last will and testimony. However again, all of it depends upon the inputs. If you’re going to invest your time getting all the inputs into that ChatGPT properly, then you may bring out a pretty good last will and testament entirely generated by artificial intelligence. What do I believe? is ChatGPT going to displace or eliminate attorney tasks? I do not understand. It might do that for a great deal of tasks, but like I said previously, this variation of ChatGPT is currently on the 3rd variation and each version is improving and much better, but it still depends upon what the inputs are. I can’t stress that enough that if you don’t know what to ask ChatGPT to do, then it’s not going to know what to do. Possibly instead of changing attorneys, it is going to redefine the job of a lawyer in how well a lawyer can define the inputs to put into ChatGPT instead of a lawyer taking 2 to 3 days to prepare a last will and testament. Maybe innovation like this will enable them to develop a last will and testimony all set for a customer’s signature within an hour. At their really first conference. I definitely like technology and seen what it can do to make our lives much better. Often it does. Often it does not. Right now, I’m very hesitant to recommend that individuals utilize online services or copy a last will and testimony from a pal and attempting to make it their own. That’s just my general advice. When we see people go on the internet, they don’t understand what sort of stipulations they need to have in their last will and testimony for their particular scenario. People do not properly disinherit children and other relatives in their document. They do not sign it correctly. They do not know what their state law is. They do not have proper self-proving provisions on their own and for the witnesses. That alone may get a last will and testimony kicked out. For all of these reasons, I believe they also apply to chatGPT. If you don’t understand what to request for, it’s not going to provide you an excellent file. It’s not going to give you an excellent last will. As always this video is for instructional functions just.
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string(578) "Can ChatGPT write a last will and testament. ChatGPT is all over the news right now.ChatGPT is artificial intelligence generative pre-trained transformer 3 GPT. It’s a language processing artificial intelligence model established by open A.I. Yes, this is a third version and it’s just getting smarter with each version. It can produce human like text ... Read more"
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Can ChatGPT write a last will and testament.
ChatGPT is all over the news right now. ChatGPT is artificial intelligence generative pre-trained transformer 3 GPT. It’s a language processing artificial intelligence model established by open A.I. Yes, this is a third version and it’s just getting smarter with each version. It can produce human like text essays, songs, poems, novels, and even a last will and testament. All the news stories speak about all the jobs that will be lost due to expert system. A brand-new task is being developed called timely creator. Anyone can inform ChatGPT to compose a love poem. However, the much better your prompts are, the better the output is going to be. This is extremely crucial. After explore ChatGPT for over a month, I have found this to be definitely real. So who wins in between ChatGPT generated last will and testament and an attorney drafted last will and testimony? Well, that’s up to you. The more good you put into it, the more great you’re going to get out of it. However if you don’t know what you’re doing, then you’re going to get out trash. That output is not going to be what you want. You most likely won’t get a last will and testimony that is going to do what you wanted it to do. And you may not get one that’s going to hold up in a law court. This is a last will and testimony that I produced for a sample, pretend client called Tommy Sample and it is over 24 pages long compared to the one page last will and testimony that was generated by chat. Now I can’t criticize that. I have actually seen some really, very well composed last will and testaments. They were only one page long and did exactly what the departed individual wanted to happen and we were actually able to easily probate their estate since they did put extremely particular language for an extremely particular situation. And it worked. But I’m going to tell you that maybe 95 to 90% of the time, it’s not going to work. But in this last will and testimony that I did for Tommy Sample, just some of the things that were not consisted of in the ChatGPT version are things like a remote beneficiary. If for whatever factor, all of the beneficiaries are gone and there’s no one to provide the estate to then who ultimately gets whatever. Think about it as a plane going down with the whole family who gets your estate if everyone dies with you. Chat. It did consist of an executor because I told it to, but one of the things that I forgot to include was a guardian for the small kids. We did speak about the truth that there were 3 children, and I did not put in there who Enrique wished to be the guardian for his 3 small kids. The 3 kids were minors. However we did not speak about who their guardian is to take care of them on a day to day basis. That was missing out on. And again, it was an input that I did not put in. So I can’t totally blame ChatGPT for that. However it’s something that would have been on our list when we’re creating this, whether we required to have a guardian for the minor kids. ChatGPT’s did not include basic administrative provisions. There wasn’t truly anything about whether there is a bond would be needed on the part of the administrator. Nothing about employment arrangements for specialists in administering the estate. Nothing for circulations to people who are disabled. Not just because they’re under the age of 18. But what if they are disarmed since they remained in a car accident? Maybe they’re getting Social Security, SSI advantages or some other kind of government type benefit and inheritance may destroy and even ruin their government advantages. So that needs to be planned for really carefully. Likewise didn’t discuss specifically the powers that are normally needed for an administrator. Like financial investment powers, banking powers, contract powers, farm ranch and farming powers, lawsuits and settlement powers. What if they were in an accident and now the estate needs to take legal action against? We specifically list 22 to 30 different powers in our last will and testament that an administrator needs. Bottom line is there is a lot in the last will and testament prepared by a lawyer that is not in the ChatGPT last will and testimony. However again, all of it depends upon the inputs. If you’re going to invest your time getting all the inputs into that ChatGPT properly, then you may bring out a pretty good last will and testament entirely generated by artificial intelligence. What do I believe? is ChatGPT going to displace or eliminate attorney tasks? I do not understand. It might do that for a great deal of tasks, but like I said previously, this variation of ChatGPT is currently on the 3rd variation and each version is improving and much better, but it still depends upon what the inputs are. I can’t stress that enough that if you don’t know what to ask ChatGPT to do, then it’s not going to know what to do. Possibly instead of changing attorneys, it is going to redefine the job of a lawyer in how well a lawyer can define the inputs to put into ChatGPT instead of a lawyer taking 2 to 3 days to prepare a last will and testament. Maybe innovation like this will enable them to develop a last will and testimony all set for a customer’s signature within an hour. At their really first conference. I definitely like technology and seen what it can do to make our lives much better. Often it does. Often it does not. Right now, I’m very hesitant to recommend that individuals utilize online services or copy a last will and testimony from a pal and attempting to make it their own. That’s just my general advice. When we see people go on the internet, they don’t understand what sort of stipulations they need to have in their last will and testimony for their particular scenario. People do not properly disinherit children and other relatives in their document. They do not sign it correctly. They do not know what their state law is. They do not have proper self-proving provisions on their own and for the witnesses. That alone may get a last will and testimony kicked out. For all of these reasons, I believe they also apply to chatGPT. If you don’t understand what to request for, it’s not going to provide you an excellent file. It’s not going to give you an excellent last will. As always this video is for instructional functions just.
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string(474) "How to transfer a realty in your trust Funding your trust is the most important thing to do if you have a revocable living trust. Funding your trust correctly will avoid the unnecessary cost of probate. If you forget to put an asset in your Trust, then your family will have to probate your estate. ... Read more"
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How to transfer a realty in your trust
Funding your trust is the most important thing to do if you have a revocable living trust. Funding your trust correctly will avoid the unnecessary cost of probate.
If you forget to put an asset in your Trust, then your family will have to probate your estate. Where as if you had just put it into trust, your successor trustee could take over.
Do you have a trust? Is your home in trust? Do you have a second home? Do you have a rental residential or commercial property? Do you have multiple rental homes? Are you a home flipper? Did you just create a new revocable living trust center estate plan? If you have a revocable trust, then it needs to be appropriately funded.
And that indicates anything that has a title revealing ownership should be upgraded to reveal it is owned by the Trust. Your Trust. If you have a trust, then ensure all of your possessions remain in the name of your trust. That’s called trust financing. The biggest possession many people have is well, their house. How do you move real estate, your home into trust?
If you go to an estate planning lawyer and they prepare a revocable trust focused estate plan for you or you already have a trust, you can do it in one of two methods. The first fasts and quite simple. It’s a quitclaim deed. You’ve most likely become aware of this throughout your entire life. A quick claim deed from your personal name to the name of your revocable living trust so that the property is transferred into the name of your trust, where titling it in your trust.
For instance, the existing deed to the house of a married couple probably says something like this Jimmy Smith and Sally Smith as joint tenants with right of survivorship. When you move it to your trust, the quitclaim deed will state something comparable to this. It’ll say Jimmy Smith and Sally Smith transfer and communicate to Jimmy Smith and Sally Smith trustees of the Jimmy Smith and Sally Smith Revocable Living Trust.
That’s it. Now, the quitclaim deed will have other essential language that pertains to the state where you reside in, but that is essentially it. If you have the revocable trust done by an attorney, they will more than likely do this for you as part of their revocable living trust bundle. We do not like our customers leaving our office without very first putting their property into their trust.
The 2nd method to transfer realty is to have a tile business carry out a guarantee deed for you. Now we have seen individuals do this if they wish to make sure that they have absolutely clean title. The factor for this is that the client themselves might have just recently bought the real estate by a fast claim deed, or perhaps they bought it at an auction.
Now they’re dealing with their estate plan, their retirement plan, and they want to make certain that there is clean title for their beneficiaries. To put it simply, they wish to clean up the title now and get rid of any concerns so that their kids do not have to worry about it later on, and even their partner because case, they will really go to a title business and have them do their complete plan of title searches.
The title business will then provide a warranty and move the property from the person’s personal name to the name of their trust. It can be done in either among these two methods, either with a fast claim or with the warranty deed. It’s actually simply as much as you. We just do it with a quitclaim, and it’s a pretty easy procedure.
As you can see, we prepare the deed for them. They sign it in front of our notary when they sign all their other estate preparing documents. Then we take it down to the county clerk’s office and file that claim deed with a memorandum of transfer certificate of trust and file that with the county clerk the residential or commercial property card. By doing that, you have actually transferred your home property from your personal name to the name of your trust is normally a pain-free procedure.
To put your realty into your trust fund, in your trust with the real estate is extremely important. The effect of not transferring your property is think what? It needs to be probated. It’s a real disappointment when a person did whatever properly. They invested all that money on a trust. They funded everything else properly except for that one piece of realty.
Recently we had a sibling and sister are available in and they were attempting to administer their father’s estate, his trust estate. He was very thorough in putting all of his properties into his trust into that trust pail. His attorney made certain that his home remained in the name of the trust when he signed his trust fortune a year after he did this, the dad offered that house and he bought a brand-new, smaller sized home.
And just in his individual life, can you guess what occurred? The house had to go through the probate process with real property if the person has actually already passed away. The only way to get it transferred from the departed person’s name to their heirs or into their trust is to go through the probate procedure. There are a couple of things that you require to be knowledgeable about when you put real estate into your trust.
Primary is your home loan. A lot of time home mortgages will have what is called a do on sale stipulation. That simply means that if you transfer the property in any way, then the home loan is due and payable right away. It triggers that clause. Now, the courts and legislatures have spoken on this issue. Moving your home into your trust does not set off the due on sale provision since a revocable trust is what’s called a grant or trust.
It is basically you in paper form, so to speak. Number two, you require to be concerned about property owner’s insurance if your home is insured in your name and after that you transfer it to your trust. You need to ensure that your trust is called as also not sure under the policy. It’s a simple procedure of calling your insurance representative, generally letting them know you have a trust, a revocable trust, and requesting that the trust be listed as also guaranteed.
They can usually make this modification over the phone. Contact your insurance coverage representative so that it gets done right and do it at the time the home is transferred. Number three, your homestead exemption. If it’s the home that you’re in fact living in, you require to make sure that your homestead exemption stays in place. This actually depends upon the county and the state where you are residing in almost all circumstances.
As long as an individual is moving the home from their personal name to their personal trust with essentially the exact same name, then the homestead exemption remains in place. However I have actually heard stories or stories from other parts of the nation, and they have to reapply for their homestead exemption, possibly at a higher rate. Constantly contact your taxing authority before you make those modifications.
Really important. Bottom line on all of this trust fund, make sure that your property is entitled correctly so that your estate plan, your retirement plan works properly when it requires to keep in mind that if an asset is not properly titled in the name of your trust, then it will need to go through the prolonged and costly probate process. If you’re still alive, then it’s most likely a guardianship process.
It’s incredibly essential not only to prevent probate, however also to ensure that your beneficiaries, the ones that you wish to get your real estate, in fact get it under the regards to your local living trust estate plan.
"
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string(474) "How to transfer a realty in your trust Funding your trust is the most important thing to do if you have a revocable living trust. Funding your trust correctly will avoid the unnecessary cost of probate. If you forget to put an asset in your Trust, then your family will have to probate your estate. ... Read more"
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How to transfer a realty in your trust
Funding your trust is the most important thing to do if you have a revocable living trust. Funding your trust correctly will avoid the unnecessary cost of probate.
If you forget to put an asset in your Trust, then your family will have to probate your estate. Where as if you had just put it into trust, your successor trustee could take over.
Do you have a trust? Is your home in trust? Do you have a second home? Do you have a rental residential or commercial property? Do you have multiple rental homes? Are you a home flipper? Did you just create a new revocable living trust center estate plan? If you have a revocable trust, then it needs to be appropriately funded.
And that indicates anything that has a title revealing ownership should be upgraded to reveal it is owned by the Trust. Your Trust. If you have a trust, then ensure all of your possessions remain in the name of your trust. That’s called trust financing. The biggest possession many people have is well, their house. How do you move real estate, your home into trust?
If you go to an estate planning lawyer and they prepare a revocable trust focused estate plan for you or you already have a trust, you can do it in one of two methods. The first fasts and quite simple. It’s a quitclaim deed. You’ve most likely become aware of this throughout your entire life. A quick claim deed from your personal name to the name of your revocable living trust so that the property is transferred into the name of your trust, where titling it in your trust.
For instance, the existing deed to the house of a married couple probably says something like this Jimmy Smith and Sally Smith as joint tenants with right of survivorship. When you move it to your trust, the quitclaim deed will state something comparable to this. It’ll say Jimmy Smith and Sally Smith transfer and communicate to Jimmy Smith and Sally Smith trustees of the Jimmy Smith and Sally Smith Revocable Living Trust.
That’s it. Now, the quitclaim deed will have other essential language that pertains to the state where you reside in, but that is essentially it. If you have the revocable trust done by an attorney, they will more than likely do this for you as part of their revocable living trust bundle. We do not like our customers leaving our office without very first putting their property into their trust.
The 2nd method to transfer realty is to have a tile business carry out a guarantee deed for you. Now we have seen individuals do this if they wish to make sure that they have absolutely clean title. The factor for this is that the client themselves might have just recently bought the real estate by a fast claim deed, or perhaps they bought it at an auction.
Now they’re dealing with their estate plan, their retirement plan, and they want to make certain that there is clean title for their beneficiaries. To put it simply, they wish to clean up the title now and get rid of any concerns so that their kids do not have to worry about it later on, and even their partner because case, they will really go to a title business and have them do their complete plan of title searches.
The title business will then provide a warranty and move the property from the person’s personal name to the name of their trust. It can be done in either among these two methods, either with a fast claim or with the warranty deed. It’s actually simply as much as you. We just do it with a quitclaim, and it’s a pretty easy procedure.
As you can see, we prepare the deed for them. They sign it in front of our notary when they sign all their other estate preparing documents. Then we take it down to the county clerk’s office and file that claim deed with a memorandum of transfer certificate of trust and file that with the county clerk the residential or commercial property card. By doing that, you have actually transferred your home property from your personal name to the name of your trust is normally a pain-free procedure.
To put your realty into your trust fund, in your trust with the real estate is extremely important. The effect of not transferring your property is think what? It needs to be probated. It’s a real disappointment when a person did whatever properly. They invested all that money on a trust. They funded everything else properly except for that one piece of realty.
Recently we had a sibling and sister are available in and they were attempting to administer their father’s estate, his trust estate. He was very thorough in putting all of his properties into his trust into that trust pail. His attorney made certain that his home remained in the name of the trust when he signed his trust fortune a year after he did this, the dad offered that house and he bought a brand-new, smaller sized home.
And just in his individual life, can you guess what occurred? The house had to go through the probate process with real property if the person has actually already passed away. The only way to get it transferred from the departed person’s name to their heirs or into their trust is to go through the probate procedure. There are a couple of things that you require to be knowledgeable about when you put real estate into your trust.
Primary is your home loan. A lot of time home mortgages will have what is called a do on sale stipulation. That simply means that if you transfer the property in any way, then the home loan is due and payable right away. It triggers that clause. Now, the courts and legislatures have spoken on this issue. Moving your home into your trust does not set off the due on sale provision since a revocable trust is what’s called a grant or trust.
It is basically you in paper form, so to speak. Number two, you require to be concerned about property owner’s insurance if your home is insured in your name and after that you transfer it to your trust. You need to ensure that your trust is called as also not sure under the policy. It’s a simple procedure of calling your insurance representative, generally letting them know you have a trust, a revocable trust, and requesting that the trust be listed as also guaranteed.
They can usually make this modification over the phone. Contact your insurance coverage representative so that it gets done right and do it at the time the home is transferred. Number three, your homestead exemption. If it’s the home that you’re in fact living in, you require to make sure that your homestead exemption stays in place. This actually depends upon the county and the state where you are residing in almost all circumstances.
As long as an individual is moving the home from their personal name to their personal trust with essentially the exact same name, then the homestead exemption remains in place. However I have actually heard stories or stories from other parts of the nation, and they have to reapply for their homestead exemption, possibly at a higher rate. Constantly contact your taxing authority before you make those modifications.
Really important. Bottom line on all of this trust fund, make sure that your property is entitled correctly so that your estate plan, your retirement plan works properly when it requires to keep in mind that if an asset is not properly titled in the name of your trust, then it will need to go through the prolonged and costly probate process. If you’re still alive, then it’s most likely a guardianship process.
It’s incredibly essential not only to prevent probate, however also to ensure that your beneficiaries, the ones that you wish to get your real estate, in fact get it under the regards to your local living trust estate plan.
"
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string(39) "How much does it cost to execute a will"
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string(535) "True cost of Last Will & Testament How much does it cost to execute a will, and I think there’s a difference between actually executing a will and probating a will to probate, a will happens after somebody passes away. Executing a will is what you do during in your lifetime inter vivos to actually ... Read more"
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True cost of Last Will & Testament
How much does it cost to execute a will, and I think there’s a difference between actually executing a will and probating a will to probate, a will happens after somebody passes away.
Executing a will is what you do during in your lifetime inter vivos to actually create the will. So it really depends if you’re going to execute a will while you’re still living. It really depends on where you live in the United States. It varies substantially between different jurisdictions.
You’ve probably even seen online that there are some online places that will allow you to basically download a form and fill out the blanks and execute a will. I will tell you guys while that is extremely inexpensive. It could cost your estate many, many thousands of dollars later on if that form gets it wrong or you fill that form out incorrectly.
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string(535) "True cost of Last Will & Testament How much does it cost to execute a will, and I think there’s a difference between actually executing a will and probating a will to probate, a will happens after somebody passes away. Executing a will is what you do during in your lifetime inter vivos to actually ... Read more"
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True cost of Last Will & Testament
How much does it cost to execute a will, and I think there’s a difference between actually executing a will and probating a will to probate, a will happens after somebody passes away.
Executing a will is what you do during in your lifetime inter vivos to actually create the will. So it really depends if you’re going to execute a will while you’re still living. It really depends on where you live in the United States. It varies substantially between different jurisdictions.
You’ve probably even seen online that there are some online places that will allow you to basically download a form and fill out the blanks and execute a will. I will tell you guys while that is extremely inexpensive. It could cost your estate many, many thousands of dollars later on if that form gets it wrong or you fill that form out incorrectly.