Will Lawyer

Creating a Will

A valid will must be in writing and include a creation date with signatures from two witnesses. Video wills are not enforceable, but you may choose to make a video to accompany your will for various reasons. 

It Can Provide Proof of Intentions and Sound Mind

Disgruntled family members may try to contest your will in court, hoping to cause the redistribution of your assets. Contesting your will requires someone to prove that you signed it under duress, that you did not understand its contents, or that you structured it using impaired judgment. A video that features you explaining your wishes can counter those arguments. 

It Shows Your Capacity for Making Sound Decisions

Suppose you think that your asset distribution choices will disappoint your friends or relatives, who might attempt to persuade the court to overturn your wishes by challenging your mental state. In that case, a video can help counter those accusations. Although a video won’t prevent resentments and hurt feelings, explaining the rationale behind your choices will reveal your motives and capacity for rational decision-making, potentially reducing the risk that someone will contest your will.

It Promotes Transparency

Sometimes, when people are dissatisfied with their share of an inheritance, they will contest a will with an accusation that someone else with a devious motive forged your signature on the document. Most states address this concern by requiring you to participate in a formal will-signing meeting, which involves two witnesses who are not beneficiaries. After watching you sign the will, both witnesses must sign an affidavit acknowledging that you clearly stated the meeting’s purpose, exhibited a clear understanding of the type of document you were signing, and you signed it voluntarily. 

Aside from discrediting allegations that your signature is fake, creating a video that includes the will-signing meeting can hinder claims that you, your lawyers, and the witnesses did not adhere to the state’s guidelines for the will’s execution. 

To Clarify Your Wishes

You may not trust your family members to honor your wishes regarding your final arrangements, the distribution of your assets, or any other conditions of your will. A video can help clarify the feelings, intentions, and motives surrounding how you choose to allocate your estate. It can also eliminate speculation by the heirs you exclude about what you were thinking.

Video wills by themselves are not legally enforceable, but they are excellent companions to standard wills that can promote your final wishes and possibly prevent family schisms.

Speak with a will lawyer in Fort Collins, CO who can guide you through creating a video will that serves your needs.

What Does a Trust Lawyer Do?

A trust lawyer will set up a trust on your behalf. A trust lawyer can offer pertinent legal aid to whomever you name your trustee, the individual who is in charge managing the trust. You can even call a legal representative as your trustee. This can be useful if your estate is large and intricate, or if you want to guarantee that your trustee is a neutral 3rd party.

How Do I Know If I Need a Trust Lawyer?

If you are producing a trust, it’s a wise idea to either have it created or reviewed by a trust lawyer. Here are some factors you might want to create a trust:

• You do not want your household to go through probate
• You’re trying to lower your estate taxes
• You do need to specify a guardian for a minor (for these, you require to create a will).
• You wish to determine when your recipients receive their inheritance.

How Much Does a Trust Lawyer Cost?

A trust lawyer charges based on the service being provided. To simply develop or evaluate a trust, your lawyer might charge an hourly rate or a flat fee. To function as the trustee, a trust lawyer normally charges by the hour. Rates will differ depending upon where you live, so make sure to set a rate with your lawyer in advance.

What Should I Expect from Working with a Trust Lawyer?

Creating a trust will guarantee that your prized possessions go to the best place, either while you’re still living or after death. By using a trust lawyer, you can be positive that what you choose will be put into place since even if there is a conflict, your trust needs to hold up in court.

A trust can’t include your last desires or details on the guardian of your kid if anything happens to you, so you might still require to develop a will to cover all your bases.

In conclusion, a trust lawyer will set up a trust on your behalf. A trust lawyer can supply relevant legal assistance to whomever you name your trustee, the person who is in charge handling the trust. To merely produce or evaluate a trust, your lawyer may charge an hourly rate or a flat charge. To act as the trustee, a trust lawyer usually charges by the hour.

There are many nuances to this type of law, as an lawyer, like a trust lawyer from a law firm like Kaplan Law Practice, LLC, can explain.

Financial Coach

What Is Private Equity?

Private equity refers to equity investments in companies that aren’t publicly traded. Typically, private equity firms pool resources of wealthy individuals and institutions to create an investment fund that then invests in companies that are not publicly traded. There usually is a very high minimum investment and hefty fees to invest. Additionally, holding periods can be years, and the risk of failure isn’t insignificant.

How Does One Invest in a Private Equity Fund?

Directly investing in a private equity fund is not accessible to the average investor. Private equity firms typically require investors to invest a minimum of anywhere between $250,000 and $25 million.

Investing in a “fund of funds,“ which invests in many private equity firms, is more attainable. Minimum investment can be as low as $100,000, but managers may not let investors participate unless they have a net worth between $1.5 million and $5 million. A fund of funds offers greater diversification since it can invest in hundreds of companies representing many different phases of venture capital and industry sectors. Additionally, because of its size and diversification, a fund of funds has less risk. The disadvantage is there is an additional layer of fees paid to the fund-of-funds manager.

Another route to investing in private equity is to purchase shares in an exchange-traded fund (ETF) that tracks an index of publicly traded companies investing in private equities. Shares are purchased in the stock exchange, so there are no minimum investment requirements. However, the ETF will add yet an extra layer of management expenses, and as each timeshare is bought and sold, there are brokerage fees.

Evaluating Opportunities and Risks

Key questions to ask prior to investing in private equity include:

• How much will fees reduce overall returns? Private equity fees are higher than those charged by public equity managers. Fees include a management fee component, ranging from 1.5% to 2% of the commitment amount and a share of the total profits, which is typically 20%. When investing in a fund of funds, there’s an additional layer of fees, and if the investment is made via an ETF, there’s an additional layer yet.
• Will adding private equity add value? Private equity is touted as having low correlation to publicly traded stock, lessening volatility and risk. Some financial experts, however, dispute this.
• Will the money be needed anytime soon? Private equity firms and fund-of-funds investments are illiquid for a period of time and typically have a 10-year investment horizon. This investment period can be stretched further in difficult market cycles.
• Can the portfolio stand the concentration? Private equity fund investments are concentrated; a typical private equity fund will have 10 to 20 portfolio companies per fund. This level of concentration means there is more idiosyncratic risk, or risk that a single company failure will heavily impact the overall fund return. High minimum investment amounts also can make it difficult to diversify across multiple funds.
• Is the risk worth it? Many financial experts argue that because private equity firms have proliferated over the past couple of decades, it’s become more difficult for private equity firms to locate excellent investment opportunities. Thus, overall returns going forward will not be equivalent to those seen in the past.
• What’s the investment history? Many newer private equity investment vehicles with lower minimum investment requirements do not have long histories to use to compare them to other investments.
• What other risks are there? Firms specializing in certain industries carry further risk particular to a certain sector.

Due Diligence

Additionally, when evaluating a private equity firm, key items to understand and review in the due diligence process are:

• Background of the firm and partners.
• Status of the general partner.
• Investment strategy.
• Deal flow.
• Company-level due diligence capabilities.
• Performance track record.
• Terms of the proposed fund.

The Bottom Line

Private equity potentially can provide returns in excess of public market equities, but it also comes with a high degree of risk. Diversification in private markets is just as important as it is in public markets. Like any financial decision, it is important to consult with your financial coach, such as one from Bott & Associates, LTD. to discuss your individual circumstances and whether this type of investment is appropriate for you.

Revocable Living Trust

While there are many benefits to developing a revocable living trust, there likewise are some disadvantages:

Expense of Planning

Establishing a trust requires severe legal help, which is not low-cost. A typical living trust can cost $2,000 or more, while a basic last will and testament can be prepared for about $150 or two.

Maintaining Trust Books and Records

And when you create trust, your work isn’t done. The majority of people need to monitor it on a yearly basis and make changes as needed (trusts do not adjust immediately to altered circumstances, such as divorce or the birth of a kid). You need to think about the included hassle of ensuring that future possessions are continually registered to the trust and supplying other professionals with access to the trust documents to examine trustee powers and duties.

Re-titling of Property

As soon as the trust is developed, property needs to be re-titled in the name of the trust. This needs extra time, and in some cases charges apply to processing title changes.

Minimal Asset Protection

Contrary to common belief, revocable living trusts use really little possession defense if you retain an ownership interest, such as calling yourself a trustee.

Administrative Expenses

Expect to contend with additional professional fees such as investment advisory and trustee fees if you appoint a bank or trust company as the trustee.

No Tax Break

For all your hard work, you will not get a tax benefit from a revocable trust. Your assets in the trust will continue to sustain taxes on their gains or earnings and undergo lenders and legal action.

Unpredicted Problems

Inconveniences such as issues with title insurance, Subchapter S stock and real estate in other countries can produce an entire host of brand-new concerns. More issues can emerge if you stop working to properly inform your partner on the terms and function of the trust.

The Bottom Line

Compared to wills, revocable trusts provide increased privacy as well as more control and flexibility over asset circulation. With a revocable living trust, you do the majority of the work up front, making the personality of your estate much easier and quicker. They also require considerably more effort and greater expenses. Similar to any significant legal concern, you need to talk to a relied on expert, in this case, somebody well versed in estate planning, prior to starting a project of this magnitude.

Conservatorship for Your Loved One After a Traumatic Brain Injury

Conservatorship is when a person is chosen to make decisions regarding a another’s finances and/or medical care in the event he or she becomes incapacitated. As a personal injury attorney from a law firm like Cohen & Cohen can explain, sometimes, a person suffers a traumatic brain injury, in which cognitive impairments become a permanent condition. If someone is unable to manage finances or make sound decisions for health care, then a family member or suitable professional may be appointed by the court to handle these affairs.

Those who have a loved one that recently suffered a brain injury, may wonder if it is time to appoint a conservator. Here we have answered a few of the most common questions family members have about how conservatorship is decided, the symptoms of a traumatic brain injury, and if it is also time to hire an attorney. 

How is conservatorship decided?

In general, conservators are chosen by the court system. If the person who suffered a brain injury did not make prior arrangements in case a situation like this were to arise, may then be appointed a conservator instead. The courts do not typically take such cases lightly, as facts about the person’s condition are evaluated in order to determine whether a conservator is or is not required. There are a few main factors when the courts are deciding if a person has become incapacitated due to the brain injury: 

1. If the person can carry on participating in normal everyday tasks, or needs assistance
2. If the person can make reasonable decisions in regards to health and/or finances
3. If the person can effectively communicate his or her wishes and preferences

What are the signs of a traumatic brain injury?

A traumatic brain injury can vary from mild, to severe and life-threatening. Mild cases of brain injury such as a first-time concussion, is unlikely to result in permanent cognitive challenges. However, other conditions such as brain swelling or bleeding, can cause life-long impairments if emergency medical care is not sought promptly. A person who has suffered a terrible accident may show the following symptoms if they have a severe traumatic brain injury: 

• Slurred speech
• Nausea and/or vomiting
• Intense and relentless headache
• Problems reading and/or writing
• Clear fluid draining from ears and nose
• Becoming unconscious for any length of time
• Speaking rapidly or slowly
• Not understanding what others are saying
• Blurry, partial or total loss of vision
• Increased sensitivity to sounds

When is conservatorship not necessary?

A person with a temporary traumatic brain injury that is predicted to have a full recovery is unlikely to need a conservator. Appointing a conservator should be taken very seriously, as it may not be helpful for cases where the person is only going to get better with time. Conservatorship may be most appropriate for those who will have life-long impairments. 

Should I hire an attorney that is knowledgeable in conservatorship?

It can be emotional to accept that a family member may require another person to take care of finances and health care decisions. Family members of the person with the traumatic brain injury may consider meeting with an attorney who is experienced with conservatorship, for insight and guidance.