Have you heard the terms “general” and “durable” power of attorney, but are unsure what the differences are between the two? Here is a quick breakdown! Let us start by breaking down some of the lingo and looking at the responsibilities given under a power of attorney document. First, it is important to know…
A loved one dying brings heartache, grief, and a string of responsibilities for their survivors. From planning a funeral or memorial to tying up pressing financial obligations, distributing the property of the deceased and carrying out their final wishes can be an added burden without the process of probate court. Without the proper legal guidance,…
The word “conservatorship” has become household vocabulary lately, specifically due to the high-profile legal battle over the conservatorship of Britney Spears. Her 13-year conservatorship has many people wondering … how long does a conservatorship last? A conservator is a person appointed by the court to oversee the financial assets of a minor or incapacitated…
A guardian is someone with legal authority to provide care for a minor, or an adult who is incapacitated until they can do so themselves. The type of care varies, but it can include personal, or medical care. Because it is such a large responsibility, there are multiple requirements a person must meet to be…
Most people have a variety of possessions that carry special meanings or have sentimental value that they attach to other people. Or, you might own something that you know your best friend has always loved. It is possible to include the transfer of these possessions to specific people. This can be done in your will…
Every day, bad things happen to good people. No one wants to think about themselves or a loved one being involved in a serious accident, becoming physically or mentally disabled, contracting a life-threatening disease or even dying. Unfortunately, life is full of uncertainties – no matter how healthy your lifestyle or how careful you are.…
Intestate Succession: this is the term for how a person’s assets are distributed if that person dies without a will. That means that the future of the person’s probate assets such as real property, cars, furniture, and bank accounts will be distributed pursuant to the laws of intestacy. With intestate succession, the court utilizes the…
Welcome to Law Lingo: a monthly blog series brought to you by Brown & Crona, LLC that explains estate planning terminologies in simple terms. This month we will explain intestate. Intestate is the term for dying without a legal will. Intestate can also refer to an estate for which a will was deemed invalid. If…
According to Merriam-Webster, prudent is defined as: marked by wisdom or judiciousness prudent advice shrewd in the management of practical affairs prudent investors In the case of estate planning, estate administration, and trust administration, fiduciaries have a duty to prudently invest the assets under their management. Investment risks must be weighed against the potential rewards, taking…
Welcome to Law Lingo: a monthly blog series brought to you by Brown & Crona, LLC that explains estate planning terminologies in simple terms. This month we will explain fiduciary duty. In regard to estate planning, fiduciary duties can vary, based on the type of fiduciary role you have been assigned. For example, as an…
