Estate Planning

  • |

    How Do You Choose the Right Successor Trustee for Your Revocable Living Trust?

    ByParnell, Michels & McKay Law Offices Hours

    A revocable living trust is an agreement between the owner of property which is placed into trust (the “Grantor”) and an individual or a professional fiduciary (the “Trustee”) who agrees to manage the property on behalf of the beneficiaries of the trust. Generally, you, as Grantor, are both the initial Trustee and the beneficiary of your revocable living trust. Once you are either deceased or no longer competent, the Successor Trustee steps in to manage all matters that relate to your trust. The Successor trustee would be tasked with managing the accounts and property owned by the trust, keeping all beneficiaries of the trust informed about the status of the trust, including what the trust owns, income that the trust has received and what expenses…

  • Why Do I Need an Estate Plan?

    ByParnell, Michels & McKay Law Offices Hours

    Recent surveys have found that most Americans do not have a written estate plan. Many people question why they need an estate plan if they do not have valuable assets to pass to their loved ones. Others feel the process is too expensive or are just not sure how to get started. Creating a Last Will and Testament or a Revocable Trust ensures that your property will be distributed to whom you wish. If you were to pass away without a written estate plan in place, the assets that you own, either in your sole name or without beneficiaries named, would pass pursuant to your state’s intestate statute. This may mean that if you do not own your property jointly with a spouse or significant…

  • What Estate Planning Documents Do I Need?

    ByParnell, Michels & McKay Law Offices Hours

    Although it can sometimes be difficult to think about our own mortality, it is important to have an estate plan to be sure your last wishes are respected. An experienced estate planning attorney can assist you with this process. Some essential estate planning documents you will need include: Last Will and Testament. Your Last Will and Testament details to whom and how you would like your property distributed after your death, including any real estate or business interests. A Last Will and Testament also allows you to determine who will care for your minor children and who should manage their inheritance until they reach an age to be determined by you. Durable Power of Attorney for Health Care. The Durable Power of Attorney for Health…

  • |

    October 20-26, 2018 Is National Estate Planning Awareness Week

    ByParnell, Michels & McKay Law Offices Hours

    Congress has designated the third week in October as National Estate Planning Awareness Week (October 20-26, 2018).It is estimated that at least 60% of Americans do not have an estate plan. Most people think that only older adults need to have an estate plan. However, it’s important for younger people to have a Will, especially if they have minor children. A proper estate plan will provide for a guardian for your minor children to ensure that they’ll be cared for by the people you want as guardians in the event of your death or incapacity. Yet, based on a recent AARP survey, 78% of people age 18-36 and 64% of people age 37-52 do not have a will.Without an estate plan such as a Will…

  • |

    Probate Law in NH – An Overview

    ByParnell, Michels & McKay Law Offices Hours

    This article discusses the basics of probate procedures in New Hampshire. We will try to provide a broad overview of the process of probating an estate. You also can get a good overview of the process from the court’s perspective by going to the court’s website, www.courts.nh.gov/our-courts/circuit-court/probate-division. You will find a lot of “how-to” materials including checklists, forms, and a handbook on administering estates. In fact, the court’s online information may be all one needs for handling small and uncomplicated estates. However, as stated in the handbook, the information available “is not a substitute for legal advice”. Accordingly, should you find yourself in the position as the executor or administer of even a small uncomplicated estate, you should give serious consideration to meeting with a…

  • |

    The Case of The DNR Order Tattoo

    ByParnell, Michels & McKay Law Offices Hours

    Most of us have heard the story about the unconscious patient brought to an emergency room in Florida with “Do Not Resuscitate” tattooed across his chest. The seventy-year-old man had chronic obstructive pulmonary disease, in addition to other ailments. Getting a tattoo to express one’s wishes to not receive cardiopulmonary resuscitation (CPR) may hold some attraction. After all, the patient’s wishes would seem to be clear and there is no need for your loved ones to rush to the hospital with your DNR request or health care proxy. But, in fact, it has the opposite effect. Emergency medical responders would be faced with a dilemma. If just the letters “D.N.R.” are tattooed, the responders may not immediately see the tattoo or they may not be…

  • |

    Revocable Trust v. Will: What Is The Best Choice for You and Your Family?

    ByParnell, Michels & McKay Law Offices Hours

    We often get questions on whether a client should have a will or a trust, and what the benefits of each are. For each client, there are benefits to both types of estate plans.Wills are simple and can be much cheaper to complete then trusts. They direct where your property goes when you pass into the great beyond, and they can provide direction to your family when they deal with your passing. However, wills can sometimes be inefficient to deal with the property in a way that you want, and they require the will to be probated in Court. They are also public documents that can be viewable at Court, and for some more private people that can be a problem.Revocable trusts provide clients with…