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Wills
What is a Will?
A Last Will and Testament (or Will) is usually an important first step in any estate plan. A Will is a writing that specifies your beneficiaries and your personal representative. Your beneficiaries are the ones you want to receive your assets at death, and your personal representative is the one you want to be responsible for distributing those assets. A Will may also designate a guardian – someone to take legal custody of your minor child or children.
A person who dies without a Will is said to die “intestate.” This means that person’s property will be distributed to certain heirs according to set guidelines called intestacy laws. So having a Will can be a great way to have your wishes carried out.
As you can see, a well thought out and properly executed Will can be a powerful document. It is important to note that while a Will helps to carry out your wishes after you are gone, it does not help to avoid probate. In order to avoid probate, a Will usually needs to be used in tandem with other estate planning tools, such as account registration changes, beneficiary designations, real estate deeds, and trusts.
To learn more about Wills, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Trusts
What is a Trust?
A trust can be a very versatile tool in your estate plan. While there are many types of trusts, they all share some common characteristics. A trust is an arrangement whereby a person (usually called a grantor, settlor, or trustor) transfers property to an individual or corporate fiduciary (called a trustee) for the benefit of another (called a beneficiary). Because trusts are designed to have separate legal identities from the grantor, the trustee, and the beneficiary, they offer more flexible ways of managing, distributing, and protecting your family’s assets than a will can accomplish alone. Trusts can be revocable or irrevocable.
Revocable Trusts are created during a person’s life (also called revocable living trusts, or revocable inter vivos trusts) and can be changed, amended, or revoked entirely during the person’s life.
Irrevocable Trusts may be created during a person’s lifetime (irrevocable living trusts, or irrevocable inter vivos trusts), or created at death by language included in a person’s will (testamentary trusts). As the name implies, these trusts cannot be changed, amended, or revoked by the person who created the trust.
To learn more about Trusts, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Powers of Attorney
What is a Power of Attorney?
A power of attorney is a written document that gives an individual (called an agent or attorney-in-fact) power to act on your behalf. The scope of that power may be specific to a particular activity (e.g. closing the sale of your home) or general in its application to a whole variety of legal and financial matters. The document can also specify whether the powers will take effect immediately, or upon the occurrence of an event. Powers of attorney generally terminate upon the death of the person granting the power. Also, unless the power is “durable,” it generally terminates if the person granting the power becomes incapacitated.
To learn more about Powers of Attorney, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Healthcare POA
What is a Healthcare POA?
A healthcare power of attorney (also called a healthcare proxy) is a written document that gives an individual (called an agent or attorney-in-fact) power to make medical decisions for you if you become incapacitated.
To learn more about Powers of Attorney, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Living Wills
What is a Living Will?
A living will (also called an advance healthcare directive) is a written document that specifies how you want to be treated in certain medical situations where you become incapacitated. Through a living will, you can express whether you wish to be given life-sustaining treatments such as food, water, or intravenous drugs in the event you are terminally ill, but unable to communicate your wishes otherwise.
To learn more about Powers of Attorney, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Real Estate Deeds
What is a Real Estate Deed?
A real estate deed is a legal document that transfers an interest in real estate from one person or entity to another person or entity. Real estate is an interesting asset, because unlike lots of other types of property that a person owns at death, real estate is governed by the probate and property laws of the state where the real estate is located, not where the person was domiciled when they died. Depending on the state, certain real estate deeds can be used to accomplish a variety of estate planning goals.
To learn more about Powers of Attorney, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Limited Liability Companies
What is an LLC?
A Limited Liability Company (or LLC) is a formal legal entity that combines some of the flexibility and tax* benefits of a partnership or sole proprietorship with the limited liability of a corporation. Depending on the needs of the business owner and the circumstances surrounding the business itself, an LLC can also be a useful tool in business succession planning.
Forming an LLC usually requires one or more owners (called members) to file paperwork (called Articles of Organization or Certificate of Formation) with the secretary of state. While usually not required, members may also adopt an operating agreement to better clarify expectations surrounding their rights and obligations to each other and the LLC itself.
To learn more about Powers of Attorney, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.
Other Services
Seiter Law is here to help you…
Because everyone is unique, estate planning should not be a “one-size-fits-all” experience. Whether you are married with kids, a single parent, an empty-nester, or just looking to get your affairs in order, estate planning is about you. Therefore, our relationship starts with our first discussion – about you and what you are looking to accomplish. And, of course, our first discussion is FREE!
To learn more about our other estate planning services, or to arrange a free consultation, please contact Seiter Law directly.
Disclaimer
This site and its contents are provided by Seiter Law, PLLC for informational purposes only. While the information is about legal issues, it is not legal advice or legal representation. Seiter Law, PLLC, and/or its principals, agents or representatives, make no guarantees or representations as to the accuracy of any information presented on this website.