why would an attorney need to keep a list of my assets?

And even in states that don’t allow use of the federal exemptions, your lawyer will likely be able to work out a deal with the trustee, subject to court approval, allowing you to keep the asset that isn’t exempt. But not if you don’t list it in your bankruptcy papers. All your assets must be listed.

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Why is it important to list your personal assets?

Because the bankruptcy law, and every bankruptcy judge who has ever been asked, says the same thing: intentional failure to list an asset in your bankruptcy papers means you cannot keep it. If you list everything you own in your bankruptcy papers, chances are you will get to keep everything you own, especially if you live in a state which allows the use of the federal bankruptcy …

How can an estate lawyer help with estate administration?

Dec 18, 2018 · There are plenty of myths and misconceptions about exactly what a power of attorney allows a person to do. If you are your parents’ power of attorney and you want to take action on their assets, are you allowed to under the law. The abilities of a power of attorney vary from state to state.

Why do I need a will and estate lawyer?

Jun 27, 2019 · This list should be kept in a safe place, such as where you keep your will and other important documents, that your digital fiduciary has access to. The information may also be stored digitally, but it may then be subject to hacking attacks. In creating your digital estate plan, you should take into consideration the law in your state. It is advisable to consult with a …

Do I need to include my assets in my will?

Mar 06, 2020 · The accounting should list: All assets at the time of the decedent’s passing. Changes in the value of the assets since the decedent’s death; All taxes and liabilities paid from the estate, including medical expenses, attorney fees, burial or cremation expenses, estate sale costs, appraisal expenses, and more. The executor should keep all receipts for any services or …

Will assets list?

Types Of Property And Assets To Include In A Will Cash, including money in checking accounts, savings accounts, and money market accounts, etc. Intangible personal property, such as stocks, bonds, and other forms of business ownership, as well as intellectual property, royalties, patents, and copyrights, etc.

Can personal possessions be distributed before probate?

As previously mentioned, there are no legal guidelines when it comes to deciding how to divide personal possessions, so it's up to the Executor and the Beneficiaries to decide between themselves. One option might be for all Beneficiaries to list out 5 or 10 items that they would want, in order of priority.Oct 15, 2018

What are considered assets in a will?

Assets like health or medical savings accounts, life estates, life insurance policies, retirement accounts — including IRAs and 401(k)s — and annuities allow you to name a beneficiary. This means that when you die, those assets will be given directly to the person you appointed without having to go through probate.

What assets are not subject to probate in BC?

Avoiding probate fees: Good, bad, uglyProperty that is owned jointly with another person, whether it is land owned as joint tenants, jointly owned cars, or joint bank and investment accounts. ... Life insurance with designated beneficiaries. ... RRSPs, TFSAs, RRIFs with designated beneficiaries.More items...•Apr 28, 2017

Can an executor dispose of assets before probate?

Can an executor dispose of assets before probate is complete? That answer is simple: no. The executor will have to wait until the probate process is over before disposing of assets.May 20, 2020

What items are considered part of an estate?

An estate is everything comprising the net worth of an individual, including all land and real estate, possessions, financial securities, cash, and other assets that the individual owns or has a controlling interest in.

What debts are forgiven at death?

What Types of Debt Can Be Discharged Upon Death?Secured Debt. If the deceased died with a mortgage on her home, whoever winds up with the house is responsible for the debt. ... Unsecured Debt. Any unsecured debt, such as a credit card, has to be paid only if there are enough assets in the estate. ... Student Loans. ... Taxes.

What are examples of personal assets?

Common examples of personal assets include:Cash and cash equivalents, certificates of deposit, checking, and savings accounts, money market accounts, physical cash, Treasury bills.Property or land and any structure that is permanently attached to it.More items...

Is a bank account part of an estate?

Under normal circumstances, when you die the money in your bank accounts becomes part of your estate. However, POD accounts bypass the estate and probate process.

How much does an estate have to be worth to go to probate in BC?

If an estate's value is over $25,000 it must be probated before the assets can be distributed. If an estate's value $25,000 or less, there are no BC probate fees. If you are named as an executor in a will, we can help you with your probate application.

Is there inheritance tax in BC?

There is no "inheritance tax" payable in Canada. However, the estate must pay probate fees if the estate is probated. The probate fees are 1.4 percent of the gross value of the estate. In some circumstances, Property Transfer Tax is payable on the transfer of legal title of the property of a deceased person.

Can you sell a house before probate in BC?

Title to the residence needs to be first transferred to the executor before it can be sold. This is called a transmission. ... If the executor is prepared to wait until the grant of Probate to sell the house, or the buyer is prepared to wait until the grant to take possession, there is no problem.

When should I update my will?

If you already have a will , remember that you should update it when your beneficiaries change, like when your child turns 18, you get divorced, or you get remarried. Here are some examples of assets that you should include in your will, along with who you may consider leaving them to. 1.

Can you own stocks outside of a 401(k)?

You might own stocks, bonds, or mutual funds outside the protection of a 401 (k), IRA, or another retirement account. These can be individually allocated or pooled and divided among your beneficiaries.

Should I address my will to my company?

If you own part or all of a company, even if it’s a fairly small business or one without a large number of assets, it should be addressed to your will. Remember that companies have value and often have assets of their own.

Does a POD account pass by will?

Cash also includes checking accounts, money market accounts, and regular savings accounts, as long as none of them contain a Payable on Death (POD) designee. A POD account doesn’t pass by will. If you believe you will have assets without a designee, mention them in your will. This can help your family tremendously.

Who is Craig Andresen?

Craig Andresen is a Minnesota bankruptcy attorney who represents both consumers and small business owners in chapter 7 and chapter 13 cases. With thirty years experience, Mr. Andresen is a frequent speaker on the topics of stopping mortgage foreclosures, and stripping off second mortgages in chapter 13. His office is located in Bloomington just across the street from the Mall of America. Call his office at (952) 831-1995 for a free consultation about protecting your rights using bankruptcy.

Can you keep everything you own in bankruptcy?

Because the bankruptcy law, and every bankruptcy judge who has ever been asked, says the same thing: intentional failure to list an asset in your bankruptcy papers means you cannot keep it. If you list everything you own in your bankruptcy papers, chances are you will get to keep everything you own, especially if you live in a state which allows ...

What are the two types of assets?

Separate your physical assets. There are two main types of assets. The first is physical assets. These are the tangible properties you own such as your home, furnishings, automobiles, artwork, clothes, and other items that you can see and feel.

How to keep property safe?

To keep your property safe, you should keep as many receipts as possible, especially on high ticket items. If you are using an electronic list, scan your receipts so you can have electronic copies of them. If you made a physical list, make photocopies of your receipts to keep with your list.

Who is Michael Lewis?

This article was co-authored by Michael R. Lewis. Michael R. Lewis is a retired corporate executive, entrepreneur, and investment advisor in Texas. He has over 40 years of experience in business and finance, including as a Vice President for Blue Cross Blue Shield of Texas.

What information should be included in a will?

You should include your name, passport number, income tax number, location of your will, and signature. You can also include the names of the executors of your will, safety deposit box location and number, email accounts, and online passwords for bills, accounts, and profiles.

How to keep track of everything you own?

Making a list of personal assets is a good way to keep track of everything you own. Use an electronic spreadsheet, like Microsoft Excel to organize your list. In the spreadsheet, make 2 lists, one for physical assets, like houses and cars, and 1 for intangible assets, like deeds and titles.

Can a person be incapacitated?

Sometimes, a person can seem incapacitated. However, it’s possible that legally they are considered capable of making their own decisions. In most states, it is much easier to transfer assets with the signature of the asset owner than it is with a power of attorney.

Can you gift a house to yourself?

In most states, if you want to transfer a large asset such as a house to yourself using a power of attorney, then the ability to gift large assets to yourself must be specifically spelled out in the power of attorney document. There are several forms of power of attorney . Each of those forms has limitations. You can transfer large assets ...

Why do people use the internet?

People are using the Internet to manage more financial transactions than ever before, from paying bills to big-money transactions like investing or real estate. Many of those who embrace the concept also enjoy the paper-free convenience of receiving their financial documents electronically—bills, account statements, annual reports, and more.

What does an estate plan cover?

Facebook. Twitter. Your estate plan needs to cover any digital assets you might own. Just as the executor of your will needs to know where to find your bank account information and the title to your car after you pass, they also need to access information on your computer and online accounts. If you have a financial power ...

What happens when you create an estate plan?

When you create your estate plan, you have no way of knowing what your family's financial situation will be like when you pass away. Discover how a power of appointment can provide flexibility with your bequests.

What is a person who handles digital assets called?

A person designated in a will to handle digital assets is called a digital executor. In a power of attorney (POA), that person is called an agent. A general term that covers both situations is digital fiduciary.

Who should be a digital fiduciary?

Designating a Digital Fiduciary. Your digital fiduciary should be someone you trust and who has the knowledge to manage digital information. If your executor or agent doesn't have sufficient knowledge, you can designate a separate co-fiduciary for digital assets.

What are the duties of executors?

In general terms, the executor’s duties include: 1 Locating heirs and beneficiaries 2 Identifying, gathering, and safeguarding all the deceased’s assets 3 Appraising property to determine the value 4 Paying all debts and taxes owed by the estate 5 Selling or transferring title to properties like real estate, vehicles, and other assets. 6 Providing an accounting of the net assets to the beneficiaries.

What happens if a person dies without a will?

If the person had died without a will, the court would identify an administrator to manage the estate with the same responsibilities as a named executor.

What is the role of executor in an estate?

The executor or administrator of an estatebecomes a fiduciary bestowed with authority to make essential decisions that conform to the high standards of execution required by law. In general terms, the executor’s duties include: Locating heirs and beneficiaries.

What is the job of a real estate appraiser?

Appraising property to determine the value. Paying all debts and taxes owed by the estate. Selling or transferring title to properties like real estate, vehicles, and other assets. Providing an accounting of the net assets to the beneficiaries.