Estate Conservation

Once an estate owner has created, accumulated, or inherited a fair sized estate, the emphasis becomes one of estate conservation and ultimately estate distribution. Briefly put, estate conservation has 3 major objectives:
  1. To minimize taxes and other transfer costs in order to maximize the estate that the heirs will inherit.
  2. To provide adequate liquidity to avoid forced sale of estate assets.
  3. To pass on to heirs income-producing property to replace the earned income of the breadwinner to the extent possible.

Types of Wills

Joint Will

A joint will is a will that 2 or more people make together, each leaving all of their property and assets to the other. The will is signed by both parties.

Nuncupative Will

An oral will, declared or dictated by the testator (testatrix) in his or her last sickness before a sufficient number of witnesses and afterwards reduced to writing.

Pour Over

A term referring to the transfer of property from an estate or trust upon the happening of an event as provided in the instrument. For example, property disposed of by Will "pours over" into an existing trust.

Power of Attorney

"Power of Attorney" is a document legally authorizing another person to act on the signer's behalf. It is usually valid while the signer has the capacity to revoke it. A "Durable Power of Attorney" is one that continues in effect after the incapacity of the signer.

Probate

Probate is the process of proving the validity of the Will in court and carrying out its provisions under the guidance of the court. When a person dies, the Will must be filed before the proper officer of the court, giving this court jurisdiction in the manner of enforcing the document. This is called "filing the Will for probate." When the Will has been filed, it is said to be "admitted to probate." The process probating the Will involves recognition by the court of the executor named in the Will (or appointment of an administrator if none has been named), determination of the validity of the Will if it is contested, the filing of the proper reports and papers required by law, and the distribution and final settlement of the estate under the supervision of the court.
If you have questions about our estate planning and will products, please contact Keven Kash, Attorney at Law. He'll be happy to answer any of your concerns.

(513) 423-2609

koffice@cinci.rr.com

kkashlaw.com


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