Memphis Obituary Goes Global
May 29, 2008 | Leave a Comment
Before Ida Mae Russel Sills passed away she told her son “Honey, I just want you to do what you need to do and tell the truth.” He told the truth through an obituary that shared her life with Memphis with candor, humor, and some one liners she was known for. The obituary was originally puiblished by the Commercial Appeal in Memphis but has been passed and posted around the internet very widely.
Ms. Sills wanted her story told. If you have any wishes you would like to insure are completed for your estate planning please contact the Memphis Probate and Estate LAwyers at the Ferrell Firm.
To read the obituary please follow this link ;
http://www.commercialappeal.com/news/2008/apr/13/ida-mae-russell-sills/
To read other articles about the life of Ms. Sills follow these links;
http://www.memphisflyer.com/memphis/Content?oid=oid%3A41925
http://www.commercialappeal.com/news/2008/apr/18/colorful-death-notice-takes-on-life-of-its-own/
Estate Planning for Non-Married Couples in Memphis
April 15, 2008 | Leave a Comment
Very extensive article that is must read for all couples contemplating any financial commitments prior to marriage. This includes buying a house with a boyfriend or girlfriend or even a fiance. You’re not legally married until you’re legally married. Our Memphis Estate Planning Lawyers recommend consulting with your attorney before making any financial commitments with someone that is not your spouse. Laws that protect spouses from and individuals creditors don’t apply to unmarried persons. While the article focuses also on same-sex marriage which is not recognized in TN, all advice is applicable to un-married couples contemplating marriages or simply in a long-term committed relationship.
Kathleen Ford Bay(Attorney at Law, Blazier, Christensen, Bigelow, and Virr, P.C.) has recently published her article entitled Untying the Knot– Until Death and Taxes Do Us Part, RPPT eREPORT (Feb. 2008).
To be cautious and practical, unmarried couples the following should meet with one of our Memphis Estate Planning Lawyers to discuss such issues as:
- Wills (avoid testamentary libel);
- Financial powers of attorney;
- Health or medical powers of attorney;
- Advanced Directives (Living Wills);
- Revocable trusts and transfer of assets to such trusts (consider the mortgage company; insurance on assets; title insurance on home);
- Declaration or nomination of guardian or conservator and stating who can never be a guardian;
- Beneficiary designations (insurable interest) and non-probate property;
- Providing for children (adoption and other issues); and
- Funeral Directive.***
Source of post: Wills, Trusts, Estates Law Prof Blog
Memphis Parents: Graduation 2008 is around the corner…
March 31, 2008 | 1 Comment
… Have you thought of the Estate Planning needs of your 18 year old?
At the age of 18 your child is now a young adult… legally!
Your young adult needs a Simple Will, Advanced Health-care Directives and a Power of Attorney Effective Immediately and it is your responsibility as a parent to make that you both understand what these documents are.
While you probably don’t expect your young adult to stop being dependent on you, Universities, Colleges, Health-care Facilities, Student Loan Banks, Cell Phone Companies and Credit Card Companies will treat your child as an independent adult. The only way you can ensure that you will remain informed and involved on behalf of your young adult when dealing with these third parties is to have a Power of Attorney. If you want to be involved with the continuing health care of your young adult in case the become incapacitated you need to have an Advanced Health-care Directive. And if the most unfortunate circumstance should arise, you should apply the same estate planning to your young adult’s estate that you would to your own, don’t pay for the Intestate Administration during what could already be a painful situation, have a Simple Will.
The Lawyers of the Ferrell Law Firm want parents in the Memphis community to celebrate prom, graduation, 18th birthdays and college admissions. Set up a meeting with one of our lawyers and your young adult to start on the right foot for their next transition in life.
Living Trusts vs. Wills, Part 2
November 20, 2007 | Leave a Comment
I’m continuing the series on Living Trusts versus Wills that I started last week. These are more questions that our Memphis area law firm estate planning lawyers answere frequently for our estate planning clients.
I’d love to hear your specific questions or comments that about Mississippi Law or Tennessee Law. If there is a particular topic that you would like to see covered please contact us and we’d be happy to address it.
4. Is it true that joint ownership with rights of survivorship avoids probate?
Not always. Joint ownership can just postpones probate. With most jointly owned assets, when one owner dies, full ownership does transfer to the surviving owner without probate. But if that owner dies without adding a new joint owner, or if both owners die at the same time, the asset must be probated before it can go to the heirs.
Be on the lookout for other problems though. For example, when you add a co-owner, you lose some control. Your chances of being named in a lawsuit and of losing the asset to a creditor are dramatically increased, even if you have done nothing yourself. There could be gift and/or income tax problems. And since a will does not control most jointly owned assets, you could end up accidentally disinheriting your family.
With some assets, particularly real estate, all owners must sign legal documents to sell or refinance. So if a co-owner becomes incapacitated, you could find yourself with a new “co-owner” — the court–even if the incapacitated owner is your spouse.
5. Why would the court get involved if someone is incapacitated?
If you can’t conduct normal business due to some type of mental or physical incapacity (Alzheimer’s, stroke, heart attack, etc.), only someone appointed by the court can sign for you - even if you have a will. (Remember, a will only becomes effective after you die.)
The court can be like a dreaded disease. Once it gets involved, it usually stays involved until you either recover or die. The court and it’s appointee, not your family, controls how your assets are used to care for you. This public process can be expensive, embarrassing, time consuming and difficult to end if you recover. Worse yet this process does not replace probate at death - by just having a will (or worse nothing at all) your family could have to go through the court system twice!
6. Does a durable power of attorney prevent the court’s involvement if you become incapacitated?
A durable power of attorney is a document that appoints someone and gives them the authority to manage your financial affairs if you are unable to do so. A major probelm here in Memphis and in Mississippi however that we lawyers come across is that many financial institutions will not honor one unless it is on their form. And, if accepted, it may work too well — giving someone a “blank check” to do whatever he/she wants with your assets. A durable power of attorney can be very effective when used with a living trust, but risky when used alone.
A Look at Living Trusts vs. a Power of Attorney
November 8, 2007 | Leave a Comment
Germantown, Tennessee
I recently read an article on the Aspen Daily News’ website which was really a cut above most “you need to have an estate plan” articles — good use of detail and examples.
Unfortunately I can’t hyperlink to the original article but here is an excerpt that I copied that I want to focus on:
In event of your disability, give someone you trust the power to manage your property. It’s called a power of attorney (although the person doesn’t have to be an attorney).
But there’s a problem: Some financial institutions won’t accept powers of attorney created more than six months before. You’re unlikely to renew a power of attorney this frequently. For a better solution, ask an estate planning attorney to draft a living trust for you. (The cost is probably $1,500 to $3,000.) The ownership of all your property is changed from your name to the trust’s name. As the sole trustee, you can do anything you like with the property.But if you become disabled, a person named in your trust steps in as successor trustee to manage the property on your behalf and for your benefit. All financial institutions accept this, no matter when the trust was written.
I haven’t had a problem getting “old” powers of attorney (any POA created by someone in the last 5 years) accepted by financial institutions, but a living trust really works better than a property power of attorney in the case of disability. Or, rather, I should say that a fully funded living trust works better. If you transfer ownership and change beneficiary designations to your living trust and then become disabled, your successor trustee really can step right in and handle your property for your benefit. If you set up a living trust but don’t fund it, and then become disabled, your property power of attorney can (hopefully) be used to fund your living trust at that time. I always include specific language allowing an agent, under a property power of attorney, to take care of this funding.
And, of course, a health care power of attorney is very important as well.
Let me put it simply: If you become disabled, having a fully funded living trust and powers of attorney will save you and your family a lot of time and money.
