Saint George, Utah, Understanding Joint Tenancy with Rights of Survivorship
Probate, is one of the integral processes that must be covered when the time arises for a person’s assets to be divided. Anyone’s family members who go through the probate process will likely have to incur a certain amount of fees and time in court to get access to the money and the property left to them by their successor.
It is no secret that the probate process is expensive and very time-consuming. The court proceedings will also be a part of the public record, and this is why many people opt to avoid probate as much as possible. One of the matters that come up when the decision to avoid probate is made, is what rights of survivorship a person has. For instance, one of the most widely used ownership for spouses is joint tenancy. If a person has this form of asset ownership, then they can avoid the probate process after the death of their first spouse.
There are certain conditions to this and grieving individuals who find themselves in this situation should get in touch with an estate planning attorney who specializes in such legal matters to help them understand their current position; and what moves they should make next to ensure they are taken seriously by the court to make the distribution process smooth and efficient.
Understanding durable power of attorney in Saint George, Utah
A durable power of attorney allows a person to appoint someone who they know and trust to make financial decisions and vital health decisions; when a person is no longer able to take care of these tasks themselves. When people think of durable power of attorney, they generally assume this for after the individual passes away, but this is not the case. Sometimes, a person may get into a deadly life situation that can cost them everything but their life.
When a person is no longer able to think as they once did because of brain trauma, or because of brain aging, they will have their durable power of attorney representative to help them with the process, so they are no longer taken advantage of and so the best decisions for them are always being made. It is essential that a person takes care of these legal documents on their own before it is too late because if something happens to them and they have not carried out adequate estate planning, their family will have to go through the probate process, including the process for conservatorship and guardianship. During this court process, the judge will decide who should make these decisions while under the supervision of the court.
Individuals who want to make the asset distribution process simple for their loved ones in the event they pass away should make sure they reach out to an estate planning attorney at the Law Office of Barney, Mckenna, and Olmstead who can help them with the legal protocol they must follow to make this happen.
Reach them at:
43 South 100 East
Suite 300
(435) 628-1711
or
590 W Mesquite Boulevard
Suite 202A
(702) 346-3100
