Author Archives: Phillip A. Baumann
What to Know About Getting Witnesses to Your Will Signing
When you finalize and sign your last will and testament, you must have witnesses on hand to verify that you were of sound mind when you did so. These individuals will witness your actions at the time you sign the will and, if needed, can later testify about your state of mind at the time. […]
Factors to Consider When Determining Testamentary Capacity
For a will to be legally valid, the person who creates it must “be of sound mind and body.” This is known as having “testamentary capacity.” There are five components to testamentary capacity: Age: For a will to be valid, the person creating it must be an adult and fully understand the importance of creating […]
Adding an Explanatory Letter to Your Estate Plan
Through a last will and testament, you can clearly outline how you would like to distribute your assets and property to your family members and friends. However, you may find that as you develop your will, the need arises to clarify why you made certain decisions regarding who received what or why there were disparities […]
Tips for Disaster Proofing Your Estate Plan
Whenever you work on your estate plan, you likely spend at least some of your time thinking about worst-case scenarios. In addition to accounting for these situations in your estate planning documents, you should also make sure those documents will remain safe if disaster strikes. Where you decide to store your estate planning documents depends […]
Include Online Accounts and Passwords in Your Estate Plan
So much of our important information today is stored digitally. When we pass away, we need our loved ones to be able to access these accounts to be able to settle the affairs of our estate. Therefore, it’s important to leave behind instructions about how to access these accounts, including a list of all accounts, […]
The Pros and Cons of Creating Digital Wills
As the world continues to move more toward the use of digital technology for so many aspects of our daily lives, people are constantly looking for easier digital solutions to just about everything — and estate planning is no exception. Over the past decade, there has been a proliferation of digital estate planning websites that […]
Congress, Trump Administration Could Eliminate Estate Tax
The future of the estate tax always seems to be up for debate, but under the administration of President Donald Trump, it looks like a full repeal of the tax is possible. The president repeatedly promised throughout his campaign to eliminate the tax, and the Republican-controlled Congress may be amenable to those plans. Currently, the […]
Moving to Florida? Begin Updating Your Estate Plan
Florida is one of the most popular states for people who wish to relocate to a warmer climate for their retirement years. The good news is that whenever you move to Florida, a will or trust you drafted in a previous state remains valid. However, you may still need to make some updates to your […]
The Common Challenges of Probate
Most people who have heard the word “probate” believe that it is something you generally want to avoid. But what exactly is it about probate that makes it appear to be such an undesirable process? Probate is the process a court uses to validate a will and allow an estate’s personal representative to pay all […]
Tips for Making Sure You Keep Your Will Totally Protected
Keeping your will safe and secure will ensure that the court accepts it as valid after you pass away. Courts will want access to the original document, as there is always a chance copies could have been altered or might not reflect the most recently updated version of the will. The following are some tips […]