James R. Doran – Attorney at Law
“Avoid Costly Legal Complications and Prevent Family Acrimony.”
•Last Will & Testament directs the transfer of property to heirs named in the Will. Reciprocal Wills between spouses transfers property to each other with specific bequests to heirs. (Cost $650.)
•Wills with a Testamentary Trust included within the Will sets up a Trust for an under-aged or incompetent heir of for special
beneficiaries. (Cost $350.)
•Community Property Agreement is the essential document needed to prevent the probate of an estate after the death of one spouse. Spouses agree in writing that all the property is community property and will go to the other spouse upon death without a probate. Specific property exceptions can be made. (Cost $350.)
•Revocable Living Trust are used instead of a Will to transfer property without a probate and without public access to personal estate matters. Useful if property is owned in two or more states. Avoids probate upon the death of the original Trustors. Property must be transferred into the Trust. (Cost $1,500, plus cost of deed and other transfers.)
•Marital Trusts Used for “blended families” (his kids, her kids and your kids) by irrevocable trusts to make sure that the right people inherit after one spouse dies.
•Family Trusts for larger estates to avoid inheritance tax consequences.
•Special Needs Trusts Used for individuals with “special needs” to provide for their needs but designed to not interfere with any public benefits that they may already receive, short-term or for life.
“Plan Your Affairs So That What You Want to Happen
to Your Property Actually Happens.”
•General Durable Power of Attorney gives another person the power to act on behalf of the principal in all matters. This power can be conferred immediately or only upon the incapacity of the principal. All powers of attorney end at the death of the principal. (Cost $350.)
•Limited Power of Attorney grants power to another for specific acts, such as to buy or sell a particular property. (Cost $350.)
•Medical Power of Attorney grants the power to make medical decisions to another person; usually done in concert with a Directive to Physicians. (Cost $350.)
•Directive to Physicians gives certified directions to health care providers to allow a person to die under certain circumstances; sometimes called a “living will”. (Cost: $350.)
•Prenuptial & Postnuptial Agreements: Pre-marital and post-marital agreements as to the ownership of property acquired before or during the marriage; may alter community property rights. (Cost $750.)
“Control Your Personal Destiny.”
Estate Administration:
•Probate of Estates is the legal process used to transfer real property from the name of the deceases into the name of an heir. Creditors of the estate are also forever barred. A Personal Representative as named in the Will or by intestate rights is empowered by the Court to dispose of the estate. (Cost: Estimate of $5,000 depending upon the complexity of the estate.)
•Small Estate – Affidavit of Inheritance: A simple mechanism used by survivors to transfer small estates containing personal property, bank accounts or investments not over $100,000 value. Cannot be used to transfer real property. Cost estimate of $500 depending on complexity of the estate plus transfer fees.)
•Beneficiary Designations with bank accounts, stock investments, insurance benefits, etc. can be transferred inexpensively out side of the estate by this “forgotten tool”.
“Get It Done and Stop Worrying About It — If Not Now, When?”
Consultations for Estate Planning: Advice and document execution at our offices or at your place of residence. Notary services provided. Multiple document discount available.
Program on Estate Planning: An on site program presentation and conversation on the essential points of estate planning.”
100 East Pine Street – Suite 205
Bellingham, WA 98225
(At the Bottom of Cornwall)
Tel. (360) 393-9506
jim@doranlegal.com
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Read the Article:
Article for Southside Magazine June 2015
“Take Care of Great Issues While They Are Still Small”
