14 Sep Estate Probate Succession Uruguay
Estate Probate Succession Uruguay
Elder Law and Estate Planning
Is Your Estate Plan Up-to-Date?
Estate planning for our clients does not just address issues of what happens when someone passes away. We are very concerned with helping people through their lives as they become older and require more care.
As a matter of fact, we look at all of the issues, including who in the family will be able to help in the case of disability of the older person. In addition, we also want to help preserve our client’s assets for as long as possible. Nonetheless, we provide options regarding Medical plans, benefits, and nursing home care. The purpose is to help assure the financial security of our clients and their families and to provide peace of mind.
Our estate plans are designed to help our clients retain control of their assets for as long as they are able to do so. Our clients want to provide for their loved ones and themselves if they become disabled. When they pass away, they want to give what they have to whomever they want, and the way they want. We address issues regarding the proper way to hold title to various assets and protecting assets through the use of trusts and other legal instruments.
Our clients control the process, by creating instructions, through the estate planning documents, which allow them to communicate to their family members how their wishes will be carried out when they are no longer able to do so, and without involving the courts.
If you would like to know more about our estate planning options, Contact Us today for a free confidential counseling appointment.
Estate Probate Succession Uruguay
Durable Powers of Attorney for Financial Affairs
What is a durable power of attorney for financial affairs? We have many inquiries in our office regarding durable powers of attorney, what they are, and how they work. Our financial durable power of attorney is entitled DURABLE POWER OF ATTORNEY FOR MANAGEMENT OF PROPERTY AND PERSONAL AFFAIRS.
This is a legal document that is prepared for and signed by one person (the principal), who authorizes another person (the agent) to act on the principal’s behalf regarding financial decisions. It allows a person to plan for the care and control of his or her personal and real property in the event he or she becomes incapacitated. The attorney in fact under the durable power of attorney is often the same person as the trustee under a revocable living trust. The trustee has control of assets in the trust in the event of the incapacity of the trustee. The agent under the durable power of attorney has control of certain assets outside of the trust. These two documents have complementing language to allow for funding of the trust, amendments to the trust, etc., by the attorney in fact.
Specific Language needed:
Proper, specific language is required to the durable power of attorney so that the agent may be authorized to handle certain important issues. For instance, specific language is required by title insurance companies to allow for the transfer of real property. Clients have come to our office with “form document” powers of attorney that they purchased at an office supply store or downloaded from the Internet.
While these documents legally authorize persons to act on another’s behalf, there are certain things a traditional or standard power of attorney may not address. In fact, the law provides that there are certain matters an agent cannot handle unless there is specific wording in the document which empowers them to do so. Such matters include the power to make gifts and the power to remove and/or add assets to a trust. The language authorizing “gifting” is significantly important and necessary to help qualify someone for Medical assistance under the Argentine province that pays down regulations.
What is a Conservatorship?
Without a proper power of attorney, the principal’s family may later have to resort to a conservatorship proceeding. Then, the probate court will grant authority to handle the financial and personal affairs of their loved one. California law provides a procedure to allow someone to handle his or her financial matters if a person becomes so incapacitated that the person is unable to feed or clothe himself or herself or look after his or her financial affairs. This is a complex, costly, and time-consuming process.
A conservator of the person is necessary when the individual is unable to take care of his or her basic needs. For example, feeding, clothing, etc. Also, when a person is unable to manage his or her assets, resist fraud or undue influence. The conservator of the estate receives an annual fee upon court approval, of up to 1.5% per year. Then, attorney fees can amount to $2,000 to $5,000 to establish a conservatorship, with ongoing fees for required legal work. In addition, the person nominated as conservator may not be the person the conservatee would normally choose.
Sebastian Limeres, born in Manhattan, New York, has been licensed as an attorney in Latin America since 2004. He has over 15 years of experience in estate planning, probate and trust administration. He is the author of “Estate Probate Process in Uruguay” as well as his monthly newsletter about all aspects of inheriting in Argentina and Uruguay. Mr. Limeres makes presentations regarding estate planning and Elder Law issues. Additionally, he provides assistance regarding the legal issues on Alzheimer’s disease. In fact, he is a member of the Elder Law Attorneys Group in Argentina.
In the first 10 years of his legal career, Mr. Limeres focused his practice in estate and probate cases between Argentina and Uruguay. Therefore, he owns a solid foundation in the Argentine-Uruguayan Estate Probate fields. He also has a California real estate broker’s license. This solid background in real estate and real property titles, as well as estate planning, has led to Mr. Limeres to focus on long-term care estate planning. In other words, he guarantees the protection and preservation of the home and other assets for our senior population and their families.
Uruguay Probate and Estate
Uruguay probate & estate administration attorneys handle succession issues and can help you navigate court processes, payment of the deceased person’s debts, distribution of property according to the will or estate plan, and probate litigation. The Attorney will oversee that the administration and probate of the estate are according to probate law.
Probate Law deals with the legal process of transferring property upon a person’s death. Despite the unavoidable changes in probate customs and laws, the purpose remains much the same. First, people formalize their intentions as to the transfer of their property. After collecting their property, it is time to pay certain debts and to distribute the property. As with any legal proceeding in Uruguay, there are technical aspects to probate administration.