TERMS YOU NEED TO KNOW (in words you can understand!)

But consider giving us a call to discuss Wealth Care and Health Care Directives.

Sometimes all the “Legalese” that is used by our profession can be confusing and frightening.  We have broken down some of the terms you will hear regarding Estate Planning, Probate, Wills, and Elder Law to make it easier to understand.  
 

Zenir Law is always happy to explain the many intricacies of the law to help you make informed decisions, we always welcome your calls and inquiries.

Beneficiaries: A beneficiary is a person or other legal entity who receives money or other benefits from a gift giver. 

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Blended Families: A blended family or stepfamily forms when you and your partner make a life together with the children from one or both of your previous relationships.

Business Succession: In terms of Estate Planning, this term refers to a business strategy used to pass leadership roles down to a family member, an employee or group of employees so that the business can continue to run smoothly and without interruption, after the owner passes away.

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Elder Law: Elder Law is a specialized area of legal practice that focuses on the legal issues, concerns, and needs of seniors and their families. It encompasses a wide range of legal topics that are particularly relevant to seniors and their unique circumstances.

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Estate Planning: Estate planning involves determining how an individual's assets will be preserved, managed, and distributed after death. It also takes into account the management of an individual's properties and financial obligations in the event that they become incapacitated.

Executors:  An executor is someone named in a will as the person who will carry out the testator's formal wishes. Typical duties of an executor include paying outstanding taxes/debt and distributing any remaining assets among your heirs.

Guardianship: A legal guardian is a person who has been appointed by a court or otherwise has the legal authority to make decisions relevant to the personal and property interests of another person who is a minor or is deemed incompetent.

Healthcare Proxy and Living Wills: A healthcare proxy is a document with which a patient appoints someone they trust to legally make specific healthcare decisions on their behalf if they are incapable of making and executing the healthcare decisions.

Joint Ownership: Joint owned property is any property held in the name of two or more parties. These two parties could business partners or another combination of people who have a reason to own property together.

Legacy Planning: Legacy planning is a financial strategy that prepares people to bequeath their assets to a loved one or next of kin after death.

Living Trusts:  Zenir Law can create a trust document, nominate a successor trustee, and transfer ownership of the property into the trust. You will serve as the trustee until your death, and the successor trustee will take over the trust without probate court proceedings.  Instead of entering probate upon your passing, your assets can be distributed to beneficiaries by your trustee. Avoiding probate can save significant time, money, and stress. Bypassing probate allows your heirs and beneficiaries to access the funds you've allotted them as quickly as possible.

Medicaid Trust: A Medicaid trust, also known as a Medicaid Asset Protection Trust (MAPT), is a type of irrevocable trust that helps people qualify for Medicaid long-term care benefits.

Payable on Death: POD accounts are used for bank accounts, while transfer on death (TOD) designations are typically used for investment accounts. Both POD and TOD accounts bypass the probate process, which can help ensure a smooth transfer of assets and reduce legal proceedings for loved ones.

Power of Attorney: A power of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matters.

Probate: The judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased, or whereby the estate is settled according to the laws of intestacy in the state of residence of the deceased at time of death in the absence of a legal will.

Special Needs Planning: Focuses on providing for the special needs of our loved ones with disabilities when we are no longer there to organize and advocate on their behalf.

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Trust: A trust is a relationship in which the holder of property gives it to another person or entity who must keep and use it solely for the benefit of another person.

Trustee: A trustee is a person or firm that holds and administers property or assets for the benefit of a third party.

Wills: A will and testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution