Five First Steps for a New Hampshire Executor During Probate Administration
What should you do next after your loved one has passed away? The following
Is a will enough or do I need a trust?
Do I have to come into the office to modify something in my plan?
What needs to change in my plan when my children turn 18?
We answer questions like these and many more in our collection of FAQs.
What should you do next after your loved one has passed away? The following
Today more than ever, costs are an important factor in making any major decision. This is true even for a New Hampshire estate plan, something needed by every individual over the age of 18. Using a revocable trust as part of your plan may increase the initial, upfront cost; however, it often saves money over the long term. Revocable trusts are a cost effective estate planning tool that can dramatically reduce the time, expense, and complication involved in administering your estate after you are gone.
5 Ways Your New Hampshire Revocable Trust May Reduce Estate Administration Costs
How does a revocable trust help to reduce costs during an estate administration? The following are a few examples:
For many New Hampshire residents, a newly created limited liability company can provide peace of mind when it comes to protecting assets. Some individuals form an LLC to hold title to a rental property in an effort to shield personal assets from the possibility of a lawsuit brought by a tenant. Other individuals form an LLC when creating a new business or when their existing business grows to the extent that liability protection becomes a real concern. Regardless of the reason, the process can be easy and efficient when overseen by a knowledgeable New Hampshire LLC attorney.
To form a limited liability company, your first step should be to contact an experienced attorney. Next, your lawyer will assist with the following parts of the process:
While there is no requirement to use an attorney when filing an LLC, there are many benefits to obtaining the assistance of a knowledgeable lawyer as you move forward with the process. We are here to help.
In the blink of an eye, your child suddenly goes from a toddler in diapers to a young adult heading away to college for the first time. While this bittersweet moment in time is a right of passage for parents everywhere, few realize the importance of making sure their son or daughter has proper estate planning documents in place before leaving. These essential tools make it possible for parents to act quickly and efficiently on behalf of their child in the event of an emergency.
Estate planning documents are critical for every person, no matter what age. This includes young adults after they turn 18. At a minimum, every individual should have:
These documents, in combination, allow a parent to immediately step in during an emergency to manage a child’s medical care, speak directly with medical providers, and manage a child’s personal information and financial assets. Unfortunately, many parents assume that because it is their child, they will automatically have these rights in place. If your child is over age 18, however, he or she is a legal adult. As such, you may be denied access to bank accounts, be unable to access important personal information, and struggle to oversee your child’s health care absent intervention from the courts.
Before your child leaves home this fall, whether it be to attend college or to set out on his or her own for the first time, take the necessary steps to know that you can act quickly in the event of an emergency. We are here to help you obtain that peace of mind so that you can focus on enjoying your child’s first big life steps into adulthood. We make this process quick, easy, and painless, by offering a Back to School Package for all children over age 18 at a very affordable cost.
Creating an estate plan that meets all of your needs and goals takes careful thought and consideration. During this process, you will be faced with choices about which documents you really need. Everyone, regardless of their age, health, or financial status, needs certain basic documents. These instruments include health care proxies, durable powers of attorney, and HIPAA releases. It is also strongly recommended to have a will to dictate who should inherit your assets. Do you also need to add a New Hampshire revocable living trust to your plan? The answer may surprise you.Whether or not you should add a trust often has less to do with how much money you have and more to do with your personal circumstances and priorities. A millionaire who has all of his wealth in an IRA may find that simply naming his wife as the beneficiary of the IRA accomplishes his main goals. On the other hand, a young couple with minor children who own their home may realize that a revocable trust can help them avoid probate and have greater control over how their children receive their inheritance.6 Reasons to Consider Adding a Revocable Trust to Your Estate PlanThe following are six reasons you might need a trust in New Hampshire:
The first step in deciding whether or not you need a trust is to contact an experienced Exeter estate planning attorney. We are here to help educate you about trusts and guide you through the process of deciding whether you would benefit from this estate planning tool. Contact us today for a consultation by calling (603) 434-1770.
Estate planning involves making important decisions and taking action now, so that the administration of your estate and handling of your affairs is as easy as possible for your loved ones when something happens to you in the future.
Unfortunately, dying without a will means the person’s estate will likely need to be probated, and once that lengthy process is complete, the assets will pass to family members in accordance with the state’s law.
Probate is the judicial process whereby a court “proves” and accepts a will as a valid public document and helps organize the estate to the proper beneficiaries. Unfortunately, this process is often lengthy and complicated.
We recommend hiring a lawyer who focuses her practice specifically on estate planning, ensuring they are up to speed with the frequently changing laws and complex issues in this field. Creating an effective estate plan requires a detailed analysis of your specific needs and goals to develop the right strategy for your family.
While both documents direct who should receive your assets after you pass, a will must go through the lengthy and often expensive probate process in order to have any binding effect. This is unlike a trust, which passes assets to your loved ones without the need for court involvement.
We recommend reviewing your plan annually, as well as whenever there is a change in life circumstances, your wishes, the laws, or the tax code. Common reasons for an update include a marriage, divorce, purchase or sale of a home, retirement, and birth of a child or grandchildren.
The best thing you can do to prevent a successful will contest is to meet with a knowledgeable attorney who will include specific provisions within your documents and take certain steps when creating your plan to address this concern.
There are several possible explanations. Your loved one may have sold or no longer owned the asset listed in the will at the time of his or her passing and never updated the estate plan accordingly. It is also possible that the debts of the estate exceeded the assets, necessitating that some or all of the assets be sold.
In most cases, the answer is yes, but we always recommend having your documents reviewed by a local estate planning attorney in your new state, as each state may have unique requirements.
Costs will vary depending on your needs and goals. We offer flat fee billing so that there are never any surprises, and various levels of plans to fit your budget.
A trust is a wonderful estate planning tool with many benefits. They are often used to ensure an easy, efficient administration of your estate after you have passed, without the need for court involvement, to hold assets for your loved ones after you are gone, giving you more control over how and when they are ultimately distributed, and to minimize taxes or protect assets.
Pets are an important part of the family! We can incorporate special provisions within your will or trust to provide for their care after you are gone.
A power of attorney is a document used to appoint an agent to make important decisions and take action on your behalf, avoiding the need for a guardianship if you are incapacitated.
Leaving money to a charity is a wonderful gesture that can be accomplished through a will or trust, depending on your needs or goals.