Includes Answers On Important Wills And Probate Questions

A probate is proving or establishing a will in a court of law. In Israel, probate law court is always necessary. European countries will usually give Israeli probate decisions the final say based on how the final will is written. In the United States, trusts are more common than a probate. When a trust is not present a probate can be needed in probate court specifically concerning property wealth for certain states. Jointly owned property is different in the United States and Israel. The U.S. has a right of survivorship law for real estate and bank accounts. In Israel, any property owned together is based on the way the probate court distributes it. If you have no children, your siblings receive a third of your estate. If you do have kids, in Israel and the United States, the court will usually respect your wishes concerning your preference for guardianship of your children.

Laws and Taxes

Corporate law firms in Israel can help with the deceased wishes and family wishes. Depending on how large, widespread, and where the assets are, different laws apply in the United States, Israel, and globally. For example, non U.S. Citizens can be taxed 50% of U.S. Trusts. Careful planning is a must even considering a 3rd generation trust in some cases. Laws often change therefore making it a good idea to keep up with different tax laws and make legal changes to your trust funds accordingly.

Special Needs

There are ways to create special trust funds to take care of special needs inheritors. Sometimes a beloved family beneficiary will have special needs such as mental illness, substance abuse, custody issues, and gambling. A certain heir may be incapable of handling finances responsibly. These special cases need a special trust arrangement to take care of this kind of beneficiaries needs.

Executors and Trustees

Deciding on the executor of your affairs and in some cases, co-executors, needs to be a wise choice. They must be level-headed, economical, and have good judgement. They can be a friend, family member or a professional advisor. Alternative executors need to be chosen as well in the event the first choices can not or will not be available.

Living Will

Wills and probate lawyers can help you set up a living will, should there come a time when you can’t make important financial and healthcare decisions. Power of Attorney can also be carried out where a responsible person is chosen to make those decisions for you. This person should be thoughtfully chosen as they will have financial and health decisions to make for you.

Halachic Wills

Corporate law firms in Israel can also help with a Halachic will. Halachic wills are for those of the Jewish faith who wish to have one. A Halachic will is advisable in keeping with the Jewish religious laws. These laws come from the Torah and are absolute. It is considered double assurance from the Rabbinical Court that your wishes will remain in tact.