Fixing An Unequal Estate Plan
An unequal Estate plan can be defined as an estate plan where a decedents children don’t have a fair share of the assets being provided. If one brother gets the most money out of the other 2 then it can also cause some family issues. So this should be prevented by talking to your children and discussing who gets a percentage of all the assets including the estate. Sometimes an unequal Estate plan can be fair also. For example, if a sister receives most of the money because of a bad financial system and her other siblings are more successful, then it would be understandable. You can also fix an Estate plan by also having the executor in your Will and help modify or file a codicil to discuss what should of been added or said. When Planning an Estate plan gets a fair share and it feels even for everyone else.
FAQ
1. Does an estate have to be divided equally?
It should if you’re considering a fair share to all of your children unless a decision where one gets more than the other for a specific reason. A reason can be if two brothers being already financially stable and in a great living situation while the other is still struggling. It would be best and understandable if that person not doing so well gets a bigger share of the money while the rest gets a reasonable amount.
2. What is a Testamentary trust?
A testamentary trust is a a trust that is formed after a persons passing and is instructed or assigned according to the last Will. It is also considered a third-party if it is someone assigned as a trustee rather a family member. Then that person would have the right to move the assets around.
3. What is a Revocable Living Trust?
A revocable living trust is needed when it comes to managing your own assets and what to do with them if you’re in critical condition or aging. A living trust can give you the luxury of choosing what kind of healthcare proxy you want and also has the power to avoid the probate process that can save you from those fees.
4. How Often Should I Update My Estate Plan?
Your estate plan should be looked over every 5 years or so but may need adjustments if you’re involved in marriage, bear any children or filed for divorce. This is due to legal laws within the state and now who’s involved.
5. Where Do I Keep My Will?
You should store the will in a safe but should be fireproof in case of a possible fire within the estate. You would have all the documents you need to save your money from this sort of incident. A safe deposit box should be avoided because your bank can limit access to the account after your death. At least one person you trust should know where your will is or file it but will be responsible as the representative unless announced in the will itself. Most important is that the will must be in an envelope.
6. Why do I need an attorney to write a Will?
An attorney is necessary to prevent future mistakes that the attorney him or herself is more aware of. Needs in your Will may be to vague to approve in court and that’s only one of many examples of when that can occur. The issue here is that any mistakes found in the Will has to go through a delayed probate process. Note, a probate can take up to a year and additional fees added upon these delays. So it’s crucial that you get an estate attorney to prevent further conflict.
7. What is the benefit of hiring an attorney if free forms are available online?
Once an attorney is hired you have a professional say towards your Estate and where it’s being distributed. Free aren’t very beneficial and reliable because you’re not getting as much service as you would from an actual attorney. There may be some fallacies and interferences on these forms. This can cause difficulties at any court process difficult, longer and expensive.
8. Can an irrevocable trust be amended?
One thing you can do by is to remove assets you’ve written within the trust. You will still have the trust on file but it’ll be one that is empty. There’s also booking an appointment with the court through a trustee since he or she is responsible for making any adjustments as well in the trust even if it’s irrevocable. As long as there’s a good reason for the modification.
9. Can I collect unemployment if I go to school?
To receive unemployment you need to document that you’re looking for work and enrolled in school to receive some benefits.
10. How long do you have to work to collect unemployment in NY?
According to the official ny.gov website, you need to be working for at least a month and in file at least $2,700 in wages.Your base period also needs to be higher than your quarter wages.
