You represent Harold and Maude, ages 85 and 83 respectively. You have prepared t

Question

You represent Harold and Maude, ages 85 and 83 respectively. You have prepared their estate plans. Each plan includes a durable power of attorney, health care proxy and will, in which t each name each other as their agent or executor. In addition, each plan names their only child, Marsha, as their alternate agent or executor. Marsha, age 53, comes to you with her husband, Max, age 56, asking that you prepare their estate plans. Marsha and Max have two children ages 22 and 25. How do you respond to Marsha and Max's request for your representation?

Explanation / Answer

Estate plans representation: Estate plan includes how the concerned property will be handled during the person’s life and after death The estate planning attorney handles documents like wills, trust of deeds, proxies and the wishes on the health care The ramifications of estate planning intricacies are at the expertise of the attorney at law or the lawyers The power of attorney enables one person to act on the behalf of another person As I had already prepared the estate plans for Harold, 85 and Maude, 83 including the power of attorney, health care plans and the proxy and the will Harold is named as the agent of executor for Maude and Maude is named as the agent or executor for Harold Marsha, their only child, is named as an alternate agent or executor. Now, as Marsha and Max wants to prepare their estate plans, with their 2 children 22 and 25, the response should include the inheritance rights for the grand children as well. There is some difference between the per stripes, per capita and by representation These terminologies decide how the property inheritance happens In New York, the default provision is the by representation So in our case we will equally divide the assets and accumulated wealth between the siblings or the children of the parent When the grandparent writes the will, all the children share equally but in case if the parent dies before the grand parent, then the children share the property equally by representation.

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