Wills and Estates
The Law Offices of Cy M. Abdo can provide representation to prepare your estate plan. We will listen to your goals and respond with an appropriate estate plan. A basis estate plan should include a Will, Power of Attorney and Medical Care Power of Attorney which appoints a Patient Care Advocate who can work with your doctors to make decisions when you are unable to do so. The Law Office of Cy M. Abdo will design an estate plan to carry out your wishes and not sell you some plan that is too complicated or unnecessary for your particular estate and heirs.
We will also provide legal services to ensure that your estate is handled with care and your assets are distributed promptly should there be the need to have your estate probated.
Wills
We refer to dying without a will as dying "intestate." The laws of intestacy provide a strict formula for the distribution of your property if you die without a will. This formula does not recognize your wishes which can be stated in your Will. If you don't currently have an estate plan, do your family a favor and get one done. Don't depend on the intestacy rules to provide the best administration of your estate. Having an estate plan not only guarantees that your estate will pass to those persons you want to benefit, it also enables you to determine such important issues as who will be the person responsible for the administration of your estate.
A will is a traditional legal document which is effective only at your death to name individuals (or charitable organizations) to receive your assets upon your death (either by outright gift or in trust). A will nominates an executor, appointed and supervised by the probate court, to manage your estate, pay debts and expenses, pay taxes, and distribute your estate in an accountable manner and in accordance with your will. It also nominates the guardians of the person and estate of your minor children, to care and provide for your minor children.
Assets or interests in property in your name alone at your death will be subject to your will and subject to the administration of the probate court, generally in the county where you reside at your death.
Trusts
A revocable living trust is also commonly referred to as a revocable inter vivos trust, a grantor trust or, simply, a living trust. A living trust may be amended or revoked by the person creating it (commonly known as "trustor," "grantor," or "settlor") at any time during the trustor's lifetime, as long as the trustor is competent.
A trust is a written agreement between the individual creating the trust and the person or institution named to manage the assets held in the trust (the "trustee"). In many cases, it is appropriate for you to be the initial trustee of your living trust, until management assistance is anticipated or required, at which point your trust should designate an individual, bank or trust company to act in your place.
The terms of the trust become irrevocable upon the trustor's death. Because the trust contains provisions which provide for the distribution of your assets on and after your death, the trust acts as a substitute for your will, and eliminates the need for the probate of your will with respect to those assets which were held in your living trust at your death.
You should execute a will even if you have a living trust. That will is usually a "pour over" will which provides for the transfer of any assets held in your name at your death to the trustee of your living trust, so that those assets may be distributed in accordance with your wishes as set forth in your living trust.
Power of Attorney
A power of attorney is a document that allows you to appoint a person or organization to handle your affairs while you're unavailable or unable to do so. The person or organization you appoint is referred to as an "Attorney-in-Fact" or "Agent."
General Power of Attorney - authorizes your Agent to act on your behalf in a variety of different situations.
Special Power of Attorney - authorizes your Agent to act on your behalf in specific situations only.
Health Care Power of Attorney - allows you to appoint someone to make health care decisions for you if you're incapacitated.
Durable" Power of Attorney -The general, special and health care powers of attorney can all be made "durable" by adding certain text to the document. This means that the document will remain in effect or take effect if you become mentally incompetent.
Probate
Probate refers to the administration of your estate in the courts. A Will appoints a person or financial institution to act as your personal representative. The Probate court will monitor the acts of your personal representative and attorney and require accountings and inventory to be filed and served upon all interested parties. Interested parties may object or consent to the proceedings. The Law Offices of Cy M. Abdo will help your surviving loved ones wind up your affairs and promptly administer your estate to carry out your wishes.
