ABOUT THE FIRM: FIGHTING EXCLUSIVELY FOR VETERANS’ RIGHTS

Legal Help For Veterans, PLLC is alaw firm dedicated to assisting ourNation’s veterans receive theveterans disability compensation towhich they are entitled based ontheir service to the country.

The law firm has been assistingveterans since 1998. Our legal staffhas decades of experience indealing with medical disabilitymatters and employs a network ofmedical specialists many formermilitary physicians, who can ensureyour claim has the best likelihood ofsuccess. Our staff includes formerofficers and enlisted personnel,health care professionals, anddedicated individuals

We have an acclaimed national

practice representing veterans fromacross the country. Thisrepresentation occurs at the UnitedStates Court of Appeals for VeteranClaims, the Board of VeteranAppeals, and the regional officesthroughout the country.

Over the years, Legal Help ForVeterans has become a trustedname in the legal community forproviding services to veterans. Ourlawyers are regularly asked by lawschools, bar associations, andveterans’ service organizations tolecture and train others to practicein this area.

Brigadier General

Carol Ann Fausone (ret.) Brigadier General Carol Ann Fausone(ret.) served for over 36 years with theU.S. Air Force and Michigan NationalGuard. As a nurse, her duty assignmentstook her around the country, and theworld, assisting commanders with troopreadiness.

Overview….………………………………………….……….

Why Are These Documents Important?..................................…………….…...

What Is Probate?……..…………………..……………….

How Can One Avoid The Probate Process………………………………………………………...

Will Based Planning with Joint Property and Beneficiary Designations ………………….…….………

Joint Property…………………….………………….………

Beneficiary Designation………………………….……...

Benefits of a Living Trust…………………………........

Living Trust …………………………………………..………

Powers of Attorney ………………………………………..

T A B L E O F C O N T E N T S

1

2

3

4

5

6

7

8

9

10

◄ Estate planning includes Wills, Trusts, and financialdocuments.

◄ Financial planning is not just for the wealthy.

◄ Wills and Trusts are good tools to protect you andyour family.

◄ Veterans in particular may have medals and/ormilitary decorations, memorabilia, and otherpersonal property to pass on to their family. Suchend-of-life planning documents can help eliminatepotential family conflict, clear up funeralarrangements, protect your digital assets (emailaccounts, passwords, etc.), and allocate property inadvance of a Veteran’s passing.

◄ In addition, a Medical Power of Attorney or a LivingWill can direct medical treatment before a potentialmedical emergency happens and name a trustedperson to make medical decisions on your behalf. Allof these end-of-life planning documents can helpreduce the stress in what is already a highly stressfultime by making what can be emotional decisionsahead of time, in a less emotional state.

OVERVIEW

1

* WE ARE NOT PROVIDING LEGAL ADVICE, BUT SIMPLY INFORMATION. YOU

SHOULD CONSULT YOUR PERSONAL ATTORNEY.

WHY ARE THESE

DOCUMENTS

IMPORTANT?

◄ Ensure that you decide who makes your medical andfinancial decisions while you are alive, but unable tomake those decisions yourself;

◄ Ensure that you control your assets and distributionof those assets upon your death;

◄ Avoid having to open a probate court case to transferassets that you own at the time of your death;

◄ Avoid Federal Estate Taxes;

◄ Maintain the privacy of your affairs upon your death;

◄ Protect children from a prior marriage; and

◄ Ensure that you have a say in who may be theGuardian of your children after you pass, if necessary.

2

◄ Probate is the legal process by which title passesupon death when there is no other way to pass title.

◄ Assets in your name after your death must beprobated in order to have a Personal Representativesign over title or ownership to the person entitled toreceive that asset.

◄ Probate can be expensive. Legal costs andadministrative fees must be paid by your estate. Ifyou own property in other states, your family couldface multiple probate proceedings. It still usuallytakes between 6-12 months to complete a probateestate, maybe longer. Probate is a public processand your family has minimal control over theprocess.

WHAT IS PROBATE?

3

H O W C A N O N E A V O I D T H E P R O B AT E

P R O C E S S ?

◄ A Will itself does not avoid probate. A Willis merely a letter of instruction for theprobate court, as it does not have anylegal effect unless it is probated.

◄ Certain Estate plans may avoid probate:• Will Based Planning with JointProperty and Beneficiary Designations;and

• Trust Based Planning.

4

WILL BASED PLANNING WITH JOINT PROPERTY AND BENEFICIARY

DESIGNATIONS

◄ A Will is a legal document that allows you to directhow your assets will be distributed, who will handleyour final affairs, and who will care for your minorchildren after your death.

◄ A Will only controls distributions of your assets thatyou own after your death that have not otherwisebeen disposed of.

◄ A Will, coupled with owning property jointly or withbeneficiary designations on your property, can

avoid the probate process.

5

JOINT PROPERTY

◄ If you own real property jointly with anotherindividual (joint tenants with rights ofsurvivorship), the real property will automaticallytransfer to the surviving joint owner upon yourdeath. Probate is not necessary.

◄ The surviving joint tenant merely has to record anoriginal certified death certificate with the CountyRegister of Deeds where the property is located totransfer your interest.

◄ This includes real property held as husband andwife (joint tenants by the entirety).

◄ The same theory applies to joint bank accounts formarried individuals.

◄ This theory can work for joint owners of bankaccounts who are not married, but can bechallenged in probate court.

6

BENEFICIARY DESIGNATIONS

◄ “Payable on Death” or “Transfer on Death”beneficiary designations can be elected on bankaccounts, retirement accounts, stocks, bonds, andother securities.

◄ The beneficiary form is provided by the financialinstitution.

◄ The form allows the owner of the account to namemultiple beneficiaries and break down bypercentages how much each beneficiary shouldreceive upon the account owner’s death.

◄ Upon the account owner’s death, the beneficiarymust complete a claim form, provide properidentification, and provide proof of the accountowner’s death.

◄ Probate is avoided, but there are some downfalls tothis process: you cannot control how the money isspent and minor beneficiaries will require aconservator to account for the money until the minorreaches the age of 18.

7

BENEFITS OF A LIVING TRUST

◄ Allows you to direct who will handle your financialaffairs if you are alive and become incapacitated;

◄ Allows you to control when and who receives yourproperty after your death, with the ability to attachconditions to distributions;

◄ Avoids probate;

◄ Can avoid estate tax liability; and

◄ Can be used to assist you in Medicaid eligibilitywithout spending down assets

8

LIVING TRUST

◄ An estate planning attorney will draft your Trust tomeet your needs and assist you in placing yourassets into the Trust, also called funding your Trust.

◄ During your lifetime, you are the Trustee of theTrust, and you can add assets to the Trust, removeassets from the Trust, and manage your assets asyou normally would.

◄ Upon your death, the named Successor Trusteetakes over and is responsible for administering theTrust and its assets in accordance with the Trust’sterms and your wishes.

◄ Any assets held by the Trust do NOT have to beprobated.

9

POWERS OF ATTORNEY

◄ Veterans should have both a Medical and a FinancialPower of Attorney.

◄ A Medical Power of Attorney is a legal document inwhich you appoint an individual to make medicaldecisions on your behalf.

◄ These decisions may include the power toconsent to medical treatment and determiningwhether or not life support systems should bewithheld or withdrawn from you.

◄ A Financial Power of Attorney is a legal document inwhich you appoint an individual to conduct yourbusiness or financial affairs on your behalf.

◄ This document can give very broad or verylimited authority to your agent, but generallyincludes the power to collect, receive, hold, andotherwise dispose of your property, bank onyour behalf, commence a legal action, file yourtax returns, etc.

10

POWERS OF ATTORNEY (CONTINUED)

◄ Powers of Attorney can be effective immediately oreffective upon your incapacitation, as defined bythe document itself.

◄ After the person giving the power has died, thepowers of attorney are invalid. You cannot use apower of attorney to handle someone’s affairs afterthey have died.

◄ After a person has died, the PersonalRepresentative or Trustee will handle his or heraffairs.

11

41700 W. Six Mile Road, Suite 101

Northville, MI 48168

(800) 693-4800

www.legalhelpforveterans.com