The Wright Estate Planning and
Estate Administration Lawyer
Daya Masada Wright Prepares the Four Essential Estate Planning Documents
Last Will & Testament
Get the Wright estate planning and estate administration lawyer for you with our firm. Call (304) 472-0988 to see how we can help you. Your Last Will and Testament is the document that communicates your wishes regarding your property distribution following your death. You will select an executor, the person responsible for administering your Estate and ensuring that your directives are strictly followed. If you have minor children, you will nominate a guardian to raise them and a trustee to manage their inheritance.
This individual may be one and the same. If you pass away without a Last Will and Testament, the laws of intestacy will apply.
This means the State of West Virginia will determine how your Estate is shared among your heirs.
Your heirs may be required to agree on an administrator for your Estate. If they cannot do so, a creditor or the county sheriff may be appointed as administrator.
Living Will
Your Living Will is the document that communicates your “end of life” wishes regarding life prolonging medical care. It is also known as an Advanced Healthcare Directive. Living wills indicate the treatments that you do or do not want in the event that you are permanently unconscious. Examples of care are hydration, feeding tubes, and ventilators. This document does not become effective unless you are incapacitated and unable to communicate your choices. Living wills are not the equivalent of a Do Not Resuscitate order by a physician.
Medical Power of Attorney (Medical POA)
Your Medical Power of Attorney allows you to appoint someone to make medical decisions upon your inability to do so. This person will also have access to all of your medical records and care providers. A medical POA is not the same as a durable POA.
Durable Power of Attorney ( Durable POA)
Your Durable Power of Attorney allows you to appoint someone you trust. This agent will make legal and financial decisions on your behalf. A durable POA carefully lists all actions that your agent is authorized to perform. Such authorized actions include banking transactions, real estate sales, and applying for government benefits. Your POA’s actions might also include preparing income tax filings, making contracts, giving gifts, and managing personal property. It becomes effective immediately and continues until your death. A durable POA may be revoked upon the agent’s written resignation or your written directive.
Daya Masada Wright Has Extensive Estate Administration Experience
Daya Masada Wright has served as a Fiduciary Commissioner for Upshur County, West Virginia since 2006. Overseeing estate administration on behalf of the Upshur County Commission includes a variety of responsibilities. Her duties consist of reviewing estate documentation, settling disputes regarding claims filed against estates, and making recommendations to the Commission. They also involve guiding executors and administrators through the process including, but not limited to, deadline compliance.
Estate Administration is the Process of Managing the Estate
When loved ones die, all of their money, real estate, personal belongings, stocks and more become part of their Estate. Estate administration is the process of collecting and managing the Estate. It involves paying any debts and taxes and distributing the remaining property to the heirs or devisees of the estate.
What You Need to Know About Probate Assets
- Probate assets must be listed on the Appraisement of the Estate Form ET 6.01
- Probate assets are not jointly titled
- Probate assets do not have listed beneficiaries
- All probate assets are subject to creditors and estate recovery efforts
- If any probate assets remain after satisfying creditors and estate recovery efforts, those probate assets then transfer to the decedent’s person of choice through the Last Will and Testament or to the decedent’s heirs through the laws of intestacy if the decedent died without a Last Will and Testament.
Examples of Probate Assets Are:
- Vehicles titled solely in the decedent’s name
- Financial accounts titled solely in the decedent’s name
- Life insurance policies where the estate is the beneficiary
- Real estate titled solely in the decedent’s name
- Personal possessions such as guns, jewelry, cash, home furnishings, and clothing
What You Need to Know About Non-Probate Assets
- Non-probate assets must be listed on the non-probate inventory of the Estate Form ET 6.02
- Non-probate assets are assets that belonged to the decedent until the moment of his or her death
- Non-probate assets transfer directly to another specified individual immediately upon the death of the decedent
- Non-probate assets are not subject to creditors or estate recovery efforts
Examples of Non-Probate Assets Are:
- Jointly Titled Vehicles
- Jointly Titled Financial Accounts
- Payable on Death Financial Accounts
- Life Insurance Policies with Beneficiaries
- Retirement Accounts with Beneficiaries
- Real Estate Jointly Held with Right of Survivorship
- Real Estate Held by a Life Estate
- Real Estate Held by a Transfer on Death Deed
