A will specifies a personal representative (executor) who will publicly make the date of death of the testator public (normally through a local newspaper). In part, this information serves as notice to creditors if the decedent has an outstanding debt with them. The personal representative must also make a reasonable effort to notify ascertainable creditors.
Generally, a trust is created when a person or business manages property or assets on behalf of another party. The person or entity who manages the trust is known as the “trustee” and is entrusted with the responsibility of making decisions in the best interest of the person who benefits from the trust, known as the beneficiary. Trusts are advantageous because they provide the ability to place conditions on how and when your assets will be distributed when you die, reduce estate and gift taxes, and allow you to skip the lengthy and expensive probate process.
The Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) claims of service members and veterans may be processed more quickly under certain circumstances. The American Association for Retired Persons (AARP) provides links covering SSDI and SSI, presenting a current and brief overview of the two programs, including veterans with disabilities. Expedited processing is available to former and current military personnel who qualify.
When it comes to inheriting money or property, most parents treat their children equally. But sometimes, parents intentionally choose to not leave anything to a child, and the reasons for doing so may vary. One reason could be that a child who is more financially successful than the others and the parent doesn’t feel it’s necessary to leave anything. Another reason may be a desire to prevent a child with special needs from losing government benefits. Or a parent may not want to leave an inheritance to an irresponsible or drug-dependent child for fear the inheritance will be wasted.
Despite sounding complex and expensive, probate is a standard legal process that transfers assets from decedents to their chosen beneficiaries or heirs. Whether or not you require probate depends on the type of property and how you own it, and the state laws in which you live. While probate can be a complex process for vast estates, it is a simple formality for most Americans. Essentially, probate allows a judge to give legal permission for assets to pass whether or not there is a last will.
In protecting the futures of their children with special needs, families face unique challenges and opportunities. Providing appropriate medical, educational, recreational, and employment opportunities for your special needs child can result in a lifetime of pursuing public and private programs and services. Too often, the parents or persons responsible for financial and medical management of the special needs child receive misguided advice to disinherit them.
The answer is no. You will not see an increase in SSDI or SSI benefits if your disability worsens. In the case of Social Security Disability Insurance (SSDI), benefits assessment is not related to your disability level but based on your earnings history. You have already been determined to be fully disabled; there is no other category than fully disabled.
Equitable asset division among children makes perfect sense in many situations. Yet, in some families, each child receiving the same inheritance can be inappropriate, deplete the estate’s assets due to ensuing litigation, or cause other family issues after you are gone.
A tear streams down Kevin’s cheek as he stands in front of Winnie’s nursing home room. The medical staff just finished inserting a feeding tube into Winnie – an act Kevin knew she didn’t want. Unfortunately, Winnie couldn’t express her wishes due to advanced dementia, and she had no legal documents that expressed her wishes not to be fed by artificial means. Kevin had no choice but to sit back and watch his wife go through a procedure she didn’t want.
Knowing the lawyer’s role is one of the first steps you should take when starting the probate process, no matter if you’re the Executor or an heir. One of the biggest sources of conflict in probating the estate is understanding the role of the lawyer hired by the Executor of a probate estate. Many Executors do not understand the probate process and leave the tasks up to the lawyer. The heirs of the estate may hear only from the lawyer or may hear the Executor say, “This is what the lawyer says we have to do.” This often raises the question, does the lawyer owe a fiduciary duty to the heirs of the estate since the Executor owes a fiduciary duty to the heirs?