What Legal Documents Comprise An Estate Plan?
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- čas přidán 3. 07. 2024
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A ton of articles exist on the internet that describe the basic legal documents that everyone should have: will, power of attorney, living will.
But the people who do the most for their survivors build, what I call, an estate planning program.
For prospective law firm clients who want to schedule a free 15 minute initial phone call with Paul Rabalais, go to: go.oncehub.com/Paul8
This post is for informational purposes only and does not provide legal advice. Please do not act or refrain from acting based on anything you read on this site. Using this site or communicating with Rabalais Estate Planning, LLC, through this site does not form an attorney/client relationship.
Paul Rabalais
Estate Planning Attorney
www.RabalaisEstatePlanning.com
Phone: (225) 329-2450
2:22 Estate planning portfolio
3:27 Table of contents
3:42 Revocable living trust (if prepared)
4:22 Trust transfer documents (if revocable living trust prepared)
4:59 Pour-over will (if revocable living trust prepared)
5:46 Last will and testament (if prepared)
6:20 Property power of attorney, a.k.a. financial power of attorney (if prepared)
7:01 Healthcare power of attorney (if prepared)
7:34 Living will declaration (if prepared)
8:33 Location list of designated-beneficiary assets (e.g., life insurance, annuities, IRAs)
9:08 Location list of legal documents, personal papers not in the portfolio (e.g., in safe deposit box)
9:58 Estate planning letter (e.g., explanations of why assets are distributed the way they are, funeral and burial plans)
12:30 Instructions for executor, successor trustee, beneficiaries, heirs, agents named in powers of attorney
13:21 Glossary of legal terms
Thank you for detailed notes here! :D
Thank you for your effort. It was very helpful. Hope we can get also the Glossary of legal terms to make it a complete list.
Thanks again for sharing Paul. Love to get a copy of your "Glossary of Legal Terms" that are used in estate planning.
OMG, this is such an awesome video. This should be the first video everyone working on an estate plan watches. It's like a to do list and it tells me what I need my family members to know and how I should organize it. Take each section on table of contents 1 at a time and dive in. I previously had a fuzzy concept of what a living trust was, your videos have really clarified things. I now feel confident about understanding each piece of what I am doing in my estate plan. You are AWESOME!
Paul - I am an estate planner and small business attorney in Virginia and very much appreciated your video. I too use the portfolio style (rather than the tiny envelopes method) and this was a good review of the components. Thanks for your time and effort in helping both the attorney and client community.
Hello from Illinois. Learning something new each day you post.
You are so kind to take your time to explain the essential items in the E.P. Portfolio. You definitely earned the 👍
Thank you!
Thanks for the great information you put out
If appropriate can you explain the family bank concept -
This video was one of the best I have watched. I am just getting started and this video was very helpful.
Living Trust, Pour-over Will (or Final Will and Testament), Financial Power of Attorney, medical Power of Attorney, Living Will, Location List (of assets), Estate Planning Letter, Final Arrangements.
Also, may include a HIPPA authorization document.
Thanks so much Paul. My mom passed 1 month ago and she always told me she had a will & how it was located in her big drawer in her dresser; however , I never really looked @ it & when she left us I could not find it! It was a mess bc she had a life insurance policy but she left herself as the beneficiary & when I notified & received the small check from Mutual of Omaha I could not cash the check bc it was made out to "The Estate if my mother" & not me or any specific person. What a headache this is bc I needed the cash to pay the undertaker! We'll, after 2 1/2 weeks I finally found her will neatly prepared by a law firm in Philly, & it was notarized & witnessed by 2 people & signed, & thankfully she named me as the executive as she lived with me & my family for the last 30 years. But the kicker was that I could not locate or find the will bc I think she forgot where she placed it bc she had dementia as well so yes it is imperative to b able to locate these important documents! I lost 2 weeks time & almost had to go to probate court bc 1 niece refused to sign to make me executor . My brother died 29 years ago & a 50 year old child of his refused to co operate to expedite getting that little check deposited / cashed so the undertaker could b paid. What a mess! Learning by fire is no fun.
Thank you Mr.Rabalais!
A valuable and eye opening discussion. Thanks for giving your knowledge to us.
These are awesome videos! I'm almost finished my plan and this video pops up affirming what I'm doing.
So so very much appreciated! My husband and I received our “MyAdvocate” Portfolio just a short couple of days ago, we couldn’t be happier with the thorough guidance we have had… Thank you!!!
Having digital copies of these documents would be very valuable
Thank you very much Paul! We are well on the way to setting up and protecting our estate.
Excellent information.
I watched most of your videos; great work, very informative…thank you
Thank you for all the tips/vids you share with us.
Exactly what I have been looking for. Thank you
Your video's are great ! Very helpful.
Thanks JM 👍
Thank you for your clear communication and examples. I have watched several hours of videos.
Thanks for binge-watching Cindy 😜
Thank you for showing me some of the things I never knew I never knew. Now, God help me.
This was amazing. So appreciate this information. Thank you!
You’re welcome KR 😎
Hi Paul, as I have been searching for estate planning advise, I came across this video and found it very informative and useful. Thanks for sharing the idea of putting together an Estate Planning Portfolio as it is an excellent idea to consolidate all necessary documents idea.
As I'm in the middle of organizing and assembling my estate information, I'll follow your advise to create this portfolio with necessary legal and accompany documents in a single folder for later review with my family such that they know what was prepared as in case this need to access them. I may even create a 2nd folder save it somewhere else as backup as in case.
I just subscribed your channel and will look at more of your advice. Great job and keep it up. Thanks again.
Thank you for the work you do. This one cleared up a lot for me.
I’m glad WG! 😎
Thanks for your informative video!
You’re welcome VG 😎
I really like the Estate Portfolio suggestion. My sister and I are co-trustees now settling our 99-year-old mother's estate, with advice from estate lawyers. We are also setting up our own trust. You explain it all so well. (You could teach law at a university.) Thank you for the information.
Thank you so much
Great video 🎉
My wife and I watched many of your videos. Wish you were in MI or we were in LA. A brief comment on "expanded powers" for a FPOA may be helpful. Thanks much for your service to the public at large!
Thanks for your video’s, time, and effort. Very very informative. If everything you have is jointly owned (house, bank accounts, vehicles) and on your death doesn’t everything go to the spouse? Thanks again.
old outdated beneficiary designations scare me. do they overide a will? Please discuss and why it's important to keep those up to date after major life changes!
Great job. Would you be able to how whole life and term life work when it comes to estate planning? When does whole life provide any advantages in avoid in estate taxes? People are trying to sell me on whole life and I have been having hard time figuring out its implications on estate planning and passing wealth on.
Paul would you please discuss the pros and cons of using a LDA to prepare a revocable living trust? Thanks so much!
Great content. Which documents needs notarization?
Can you do a segment on creating an estate plan in the state your in vs another state? Can I live in one state and have someone else in another state to draw up estate papers
Can you discuss what a renter should do who is renting to own a property, makes the check payable to the estate of the deceased owner, but the owner’s wife, whose name isn’t on the house, calls back over 2 years after the death and the balance is paid off and tries to coerce you to have the money orders reissued to her because the court still hasn’t assigned an administrator to the estate so no probate bank can be opened and she complains that she can’t do any thing with the money you’ve paid.
Could you do a Video on using a Life Estate for your home, instead of adding it in a revocable trust.
ladybird deed is one way.
question: my mother was leaving her house to her grand-daughter. My mother has lived a long life - 90, she has capacity. Her grand-daughter got tired of waiting and got her grand-mother to sign a quick claim deed making grand-mother and grand-daughter co-owners of the house. This took the house out of the protection of the trust. Then the grand-children (all 3 of them decided to put grand-mother into a nursing home and take their inheritances. I, my mothers last living child, stepped in and stopped them from putting my mother in a nursing home and taking her house away from her. Two of the great grand-daughters were going to move into the house when mother got put in a nursing home. Now, my mother is pissed off that her grand-daughter and great-grand-daughters lied to her, tricked her, and tried to put her in a nursing home and take possession of her house. My mother says she did not understand that her grand-daughter was becoming co-owners of her house, and she wants her grand-daughters name off the deed of her home. She also does not want to leave the house to her grand-daughter anymore. Lawyers tell her there is nothing she can do to get her house back. The grand-daughter will not deed the house back to her grand-mother. In a hypothetical situation something like the one described, what are some options available in this sort of situation? The entire point of putting the house in a trust was to name the successor owner of the house, protect the house and avoid probate. (The grand-daughters behavior raises some concerns. Why is it so important that the grand-daughter have ownership of the house now? Why couldn't she wait? Could the granddaughter have run up debts and her creditors might put liens on my mothers house? Is that anything to be concerned about?
Subject for future video: Does the Pour-Over Will(s) in a Living Trust have to go through Probate?
Another invaluable video. Thanks Paul for the trove of information. I have a suggestion for a video. So in this age of digital everything, do we really need to keep the paper copies. Can we just maintain digital copies which are easier to maintain and share with trustees/beneficiaries if and when needed. Would the court recognize printouts of those digital copies or would they need the originals.
Great suggested topic PR. It’s on my “digital” list of videos to make. 😂
what happens if internet goes down and electrical black out. Guess may lose the data.
Have you heard of the New Law Business Model for Estate Planning? If so, was hoping your could give your thoughts? Thanks in advance.
How can we acquire this binder? I’m sure that not all attorneys provide this type of binder. I’m so unorganized that this will be a tremendous help.
I'm child B and will be happy if I get 40%.
Just wondering what software you use and which binder do you purchase?
Paul I like your video about the trust law's I have a question what paperwork does the deceased have for the person whomever is named the executor of the estate and is it normal for a person to change will to a trust one year before they pass away
Paul... considering putting all "my"assets/properties in an irrevocable trust. This is a second marriage for both my wife and I. What I have not heard...
Should I go into assisted living facility will my wife receive any portion of my pension and Social security.
Will Medicaid looked at my wife's assets and property? These were her assets before our marriage.
One child is stable and focused and has been all his life. The other one is mildly special needs and we’re doing a trust for her because every six to 12 months she goes off the rails. So very glad he suggests a letter to the family.
Did you miss titles or deeds to property, house, car, etc. ?
What is a quit claim deed? Does it roll a home into the existing Revokable Trust?
IT means are giving up your rights to the property. Then is someone elses property.
Do you have any lawyers that you know that do estate planning in Colorado near Denver ?
I live overseas and only own retirement accounts. I have the beneficiaries designated. Can I put those in a Living Revocable Trust. When I come back to the US, I will rent, but buy a car. I want a Trust because if my wife or I die, I want my oldest son to be a co-exicator for my Trust. I saw my step mom talk my dad into giving everything to him.
Do you provide services for folks in other states than your own? I assume a lot of things ,even though state specific, could be handled by a person like yourself.
My parents chose me to oversee things after they pass away, Said I was the fairest of them All. I've been kept out of the loop since their passing by the executor and ,step siblings. My dad explained that if I didn't understand any of the issues at hand or that his last wishes were not being upheld, and if people like, the bank,broker, executor weren't willing to help me with these matters, that I can fire them ! ALL OF THEM, If need be. Amy way's,here I am,still trying to figure out what the heck happened with no one to turn to for advice on All of this,.it Could be I'm supposed to step up still,even though it has been three years now since they both passed away, leaving me with a whole lot of unanswered questions,going way back like; "what the heck happened" ??? Sincerely. No closure.
Probate if someone lives in the home that the descended lived in can another family meme er make u move out.