How To Stop Mail For A Deceased Loved One

Mail is a fact of life, and with it comes junk mail. When a loved one passes, one of the first steps the executor of the will must take is to have the deceased’s mail forwarded to the executor’s address. This will include not just the important mail, but also the inconsequential. Read on to learn how to stop receiving a deceased person’s mail.

After Probate

The personal representative of an officially closed estate that has been through probate can hand-deliver or mail a copy of the probate order closing the estate to the post office local to the deceased’s address. They must request all mail service be stopped. If this step is not taken, the post office will only honor a forwarding order for one year.

Commercial Mail

Commercial marketing lists specifically can be stopped before the important lists. To do so, go to the Deceased Do Not Contact Registration page on DMAchoice.org. The site was created by the Direct Marketing Association to help individuals manage their mail. Withing three months after registering the decedent on the website, the junk mail should start to taper off.

Subscriptions

Magazines and other subscriptions are different than other forms of commercial mail. This can also include solicitations from organizations to which the deceased previously donated. To cancel a subscription for a deceased person, contact the sender directly and inform them of the subscriber’s passing. Most magazines will even refund any unused subscription.

Shared Address

If you are received a deceased person’s mail because you are the current occupant of their mailing address, simply write “Deceased, Return to Sender” on all mail meant for the deceased person. Leave it in your mailbox just like any other letter. Do not open or read the mail, as opening mail for someone else is a federal offense.

 

The post How To Stop Mail For A Deceased Loved One appeared first on Boyum Law.

from WordPress http://ift.tt/2k6OKWe
via IFTTT

How a Revocable Living Trust Protects Your Privacy

When it comes to estate planning, it’s important to cover all the bases. Creating these four estate planning documents is a solid start. However, people with privacy concerns should take an extra step and create a revocable living trust. Read on to discover what a revocable living trust is and how it works to protect your privacy.

What is a revocable living trust?

A revocable living trust is a type of trust often used in estate planning. It’s made up of three components: a grantor, who creates and places assets into the trust; beneficiaries, who receive the assets; and a trustee, who manages the trust. The grantor is allowed to act as their own trustee, which enables them to continue to manage their own investments and finances after they’re placed in the trust. A family member or corporate trustee could be appointed instead, though, if preferred.

How are assets managed?

Assets are managed by the trustee, but the grantor still has a say because the trust’s provisions can be changed at anytime. This means the grantor’s assets are not locked into the trust, unable to be used.  One benefit of this type of trust is that assets will continue to be managed even if the grantor becomes incapacitated or dies.  So, this type of trust provides a certain amount of financial freedom for the grantor and holds up under unforeseeable circumstances. It can also continue to be used for generations.

How does a revocable living trust protect privacy?

A revocable living trust is able to protect a family’s privacy by letting trust assets avoid probate. Once a person’s legal documents go to probate, they are public records. Public records can be viewed by anyone. Since the assets listed in a revocable living trust don’t go to probate, they aren’t available to the public. This means that outside people do not have access to information about who in a family is a beneficiary of a trust. So, family finances and the squabbles that come along with who gets what are able to stay within the family with a revocable living trust. Prying eyes will have to look elsewhere to discover financial information.

Who should create a revocable living trust?

Estate planners often push for celebrities and the ultra wealthy to create a revocable living trust in order to protect their privacy. However, you don’t need to be a celebrity or Warren Buffett to want privacy regarding financial affairs. A revocable living trust can be created for anyone who wants to keep their family finances private.

Contact Boyum Law Firm here to create your own revocable living trust.

The post How a Revocable Living Trust Protects Your Privacy appeared first on Boyum Law.

from WordPress http://ift.tt/2hR8DzU
via IFTTT

How To Choose A Legal Guardian For Your Children

When you are taking care of your children, it is hard to fathom that you may not be there one day. Things happen every day that cannot be predicted. It is important to plan for every eventuality, especially when children are concerned. Read on to learn how to pick the right legal guardian for your children in case anything happens.

The Basic Qualifiers

Ask yourself these questions about a potential guardian to eliminate unsuited candidates and highlight your best options.

Values

Does the prospective guardian share the same basic values as you? Beliefs and values are an important part of a child’s upbringing, so you should make sure that your choice will continue the same moral, religious, personal, and/or political values for your child.

Relationship

The relationship a guardian already has in place with your child is important. It is much easier for a child to adjust to a new life with their guardian if they know them well.

Family Situation

If a potential guardian already has children, will they be able to take in yours? It is important to consider that a full house may not have room for any more kids, no matter how well they would care for them otherwise.

Age and Health

Guardianship can be a long commitment, depending on the age of the child. Make sure the guardian you choose will be fit and able to take care of your children at least until they hit the age of majority.

Location

If your children are old enough to have already established a social group, relocating them cross-country can be damaging to their emotional and mental well-being, especially during what will already be a difficult time in their lives.

Still, there are more factors to consider when choosing and supporting a legal guardian for your children.

Financial Stability

Ideally, your estate and life insurance will leave enough to provide for you children through college. No matter your financial situation, your children will likely have an inheritance that needs to be managed. If the best option for a child’s guardian is not the best option to manage the finances of their inheritance, you can appoint both a personal guardian and a guardian of the estate. This way, your children receive the best care possibly while their inheritance remains protected.

Ask The Guardian

When you feel you have made the best choice, it is important to get the consent of the guardian you have chosen. Make sure they understand why you chose them and what their responsibilities would be. Also make sure that they are willing to take your children in.

Update Your Will

Once you have made your choice, put it in writing. Putting a guardian in your will, however, does not mean that it cannot be changed. If your life changes, make sure to update your choice in your will to reflect the current situation.

 

The post How To Choose A Legal Guardian For Your Children appeared first on Boyum Law.

from WordPress http://ift.tt/2yIQkjM
via IFTTT

The Legal Document Name Game: Which does What?

A solid estate plan contains four legal documents: a living will, last will and testament, durable power of attorney, and healthcare power of attorney. While several of these documents have similar names, they serve different purposes. Read on to discover what each document does and how it works to protect your family.

1. Living Will

A living will is an estate planning document used to plan for medical emergencies or terminal illness. In this document, you state whether or not you would like life-sustaining measures to be taken on your behalf. Your living will expresses your wishes. However, it doesn’t give anyone the authority to speak for you, which is why you also need a health care power of attorney document, which is discussed later in this blog.

2. Last Will and Testament

Though it has a similar name, a last will and testament is different from a living will because it becomes effective after death. A last will and testament is a customized document. It lists instructions for how you’d like your assets distributed among your heirs. You also appoint a personal representative, otherwise known as an executor, in this document. The executor is responsible for distributing your assets. If you have children who are minors, a guardian is appointed here as well. Your personal representative must file your last will and testament in probate court for it to be effective.

3. Durable Power of Attorney

A durable power of attorney is a document that enables you to name another person to act on your behalf financially if you become incapacitated. It’s best to choose someone you trust as your durable power of attorney. This is because your appointed agent is usually able to sell, invest, and spend your assets. A durable power of attorney terminates upon your death.

4. Healthcare Power of Attorney

A durable power of attorney for healthcare document gives an appointed individual the ability to make medical decisions for you if you’re unable to make the decisions yourself. Along with a living will, this estate planning document is very important. This is because if you have not made your healthcare wishes well known, conflict can arise among family members who each think they know what you would’ve wanted in the event of becoming incapacitated.

How Boyum Law Can Help You

Contact Boyum Law using this link to learn how our team can help you create a solid estate plan of your own.

The post The Legal Document Name Game: Which does What? appeared first on Boyum Law.

from WordPress http://ift.tt/2AeGoyT
via IFTTT

Inside Hugh Hefner’s Rock Solid Estate Plan

Hugh Hefner was a controversial figure in pop culture. He built the Playboy empire into an American icon that has lasted decades. He passed away of natural causes at the age of 91 in his famous mansion. Read on to learn about the well-planned estate he left behind.

The Spouse

Hefner’s third wife Crystal Harris was not written into the will. This is because of their ironclad prenuptial agreement that leaves her with $5 million and a 5,900-square-foot home in the Hollywood Hills with four bedrooms, five bathrooms, and an infinity pool. The home and the money were part of a trust Hefner created that Harris controls.  While Hefner’s children, all from previous marriages, were initially skeptical of 31-year-old Harris, they were later grateful to her for taking care of Hefner in his final years.

The House

Although the Playboy Mansion was famous for being Hefner’s headquarters, the media mogul had not actually owned the sprawling Los Angeles mansion. At first, it was owned by Playboy Enterprises, who sold it to Hefner’s neighbor in August 2016. The terms of the sale allowed Hefner to live there until his death. In exchange, he payed $1 million in yearly rent.

The new owner of the mansion, Hostess heir Darren Metropoulos, plans to reconnect the mansion with the next door property he purchased in 2009. The two estate were originally built in the 1920’s for department store heir Arthur Letts, Jr.

The Cash

Hefner’s net worth is estimated to be around $110 million, with $45 million in liquid assets. The money was split in half. Part was divided up between his four children, and the other half was given to charities and the University of Southern California Film School. Cooper Hefner, Hefner’s youngest child, is Playboy’s Chief Creative Officer, and he plans to “remake” Playboy for his generation.

Hefner was buried next to Marilyn Monroe in Westwood Village Memorial Park Cemetery , Los Angeles, California.

The post Inside Hugh Hefner’s Rock Solid Estate Plan appeared first on Boyum Law.

from WordPress http://ift.tt/2lFARPk
via IFTTT