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Drafting of Estate Documents
Attorney fee:
$300.00
Processing fee:
$10.00
(non refundable)
Total:
$310.00
Common Terms and FAQs
The accumulation, maintenance, and distribution of the resources that God has entrusted to us. Your estate plan should be such that your financial legacy will be given to those individuals (family and friends) and organizations (church and/or other charities) who will continue to use these assets in such a way that reflects your character and faith.
The most basic part of an estate plan. A Last Will is a written document that specifies your wishes and controls the disposition of your property at death. A Will addresses property and asset distribution, names a personal representative, names a legal guardian for minor children, and reduces estate tax liability, among other things.
Every person should have an estate plan. If you are married, both you and your spouse should have a Will. This document is a great place to declare last statements to loved ones about your belongings. Contrary to popular opinion, everyone, regardless of perceived wealth needs a Will. This is the perfect place to declare your beliefs and to make last statements to loved ones left behind. You've probably heard these statements made concerning making a Will: "Only rich people need a Will", "Only people with children need a Will", "Only people with contentious relatives need a Will", or "Couples with Real Estate held in Joint Tenancy do not need Wills." All these statements are false!
Control the management and distribution of your estate.
Name the person(s) you want to serve as guardian of your minor children.
Create testamentary trusts (only take effect after death) to provide for your spouse, children, or others.
Give your personal effects, which may have little financial value but great personal value, to loved ones who will cherish them most.
Distribute your estate to loved ones and charities that are dear to your heart.
If you die without a Will, a probate court will distribute your property in accordance with the inflexible provisions of state law without any regard to your wishes or the needs of your family. Many states have laws that require children share in inheritance with a surviving spouse. If you want your spouse to receive all your property, you need to make those provisions in your Will.
More importantly, if guardians are not named in your Will or other documents, the care of your minor children will be determined by the courts. They may be placed in a home or homes where you would never dream of sending them. Your Will is where you can detail who would be the guardians in the event of your passing.
Your estate will be managed by an administrator appointed by the court. A bond will be required to commensurate to the size of the estate and the cost will come from the estate. With a Will, this can be waived. This bond will likely exceed the cost of making a properly executed Will.
There can be no gifts made that you specifically wanted to go to certain family, friends, or charities.
What's more, if you are not survived by any known heirs, much of your estate will probably be used by attorneys trying to find heirs. If your heirs cannot be located, everything will pass to the state.
Like a Will, an RLT contains language to distribute assets at death, however it is harder to contest. In general, individuals who reside in states with low probate costs typically opt for Wills rather than RLTs.
Federal law imposes taxes on an individual's estate. However, three permissible deductions/credits can provide relief:
For married couples, at the death of the first spouse, there is an unlimited marital deduction for qualifying property left to the surviving spouse.
The law allows a full deduction from the estate for amounts distributed to a charitable beneficiary.
The law permits individuals or married couples an exemption from taxes payable against their estate. This federal estate tax exemption allows for individuals to distribute a certain amount of money tax-free to their personal beneficiaries. Amounts above the threshold are essentially taxed at 40%.
Addresses the needs of children, both in terms of their upbringing (guardianship) and in terms of financial requirements.
The individual that will carry the responsibility of distributing your estate. In addition to identifying this individual, you will want to select sufficient alternatives if your first choice is not able to serve.
A written document giving another person the power to act on your behalf while you are still living.
Sets forth directions for providing critical health care.
Estate planning may be the single largest act of stewardship that many of us will ever perform. At its core, estate planning boils down to determining how, when and to whom we transfer the stewardship of what we have been entrusted with when we can no longer serve as stewards ourselves.
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