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At Marks Elder Law we remain committed to serving you and meeting your legal needs promptly – more than ever in these demanding times. Our office is again open for any work that can’t be effectively done remotely, including meeting with clients (though we still use videoconferencing, phone and email as well)

Having up-to-date estate planning arrangements in the form of Powers of Attorney and Wills, at least, is crucial to peace of mind as well as actual preparedness. You may benefit from taking your planning a step further with a Revocable Trust, and some families absolutely need Special Needs Trust type planning  for any family member with a disability.

If you are headed toward expensive long-term care such as in a nursing home, you must seek expert advice to protect yourself, your assets and your family.  With the right advice, long-term care patients and their families get a much, much better bottom line result. We can help you protect your assets.

Finally,  if a loved one has died, we also provide expert assistance to help you wind up their affairs  and administer their estate. These are some ways in which we  at MARKS ELDER LAW  may be able to help you.  Please keep reading, and call or email today.

 

Steps to avoid the probate process

On Behalf of | Dec 8, 2021 | Estate Planning

Getting your affairs to ensure your family is ready when you die may feel morbid, but it is a necessary and responsible process. Trying to keep as much of your estate out of probate may prove invaluable to your family inheriting quicker.

Probate court ensures that your estate goes where you dictate in your will. However, the process may drag on and prevent your loved ones from getting their inheritance timely. Discover some of the tools you may use to pay your family faster after your death.

Life insurance and retirement accounts

Your estate plans may include a life insurance policy that pays out to whomever you designate to receive it. Likewise, when you set up a retirement account, you must select a person or persons to receive the money upon your death. These accounts pay directly to the beneficiaries you choose, and the money does not become folded into your estate.

Trust accounts and funds

If you have property or cash that you wish to leave someone outside of your will, you may want to consider creating a trust. These financial receptacles hold assets to benefit someone else. When you deposit items into a trust, they are no longer part of your estate. Instead, they become the property of the trust until the terms and conditions you impose warrant distribution to a beneficiary. This once again allows your family immediate access to money. You also may impose restrictions such as age minimums for trusts involving children.

A comprehensive estate involves more than a will. By varying your plans, you may help move finances positively for those you love.