Probate court is where wills are examined to be sure they have been prepared according to the laws of the state and according to the wishes of the person who has died. It is also the jurisdiction where the executor is approved, their activities are approved and all debts are paid and assets are distributed … Continue reading How Does Probate Court Work?
Category: Beneficiaries
Estate Planning Considerations for Minor Children
Creating an estate plan with minor children in mind has a host of variables quite different than one where all heirs are adults. If the intention is for the minor children to be beneficiaries, or if there is a remote chance a minor child might become an unintended beneficiary, different provisions will be needed. An … Continue reading Estate Planning Considerations for Minor Children
Factors to Consider when Picking Executor, Trustees and POAs
Having your estate planning documents created with an experienced professional is important, as is naming the people who will be putting your plan into action. A key sticking point is often deciding who is the right person for the role, says an article from Nasdaq titled “Estate Planning: 5 Tips to Pick Trustees, Executors and POAs.” It helps to … Continue reading Factors to Consider when Picking Executor, Trustees and POAs
Why Is it Important to Have an Estate Plan?
By the time you reach your thirties, it’s likely you’ve accumulated some assets—maybe a home, a car, a savings account and some cryptocurrency. However, if you are like most millennials, even though you know you should have a will, you probably don’t. An article, “5 Reasons Estate Planning Is So Important” from The Baltic Times, reports a staggering … Continue reading Why Is it Important to Have an Estate Plan?
What Is the Point of a Trust?
A trust is an agreement made when a person, referred to as the trustor or grantor, gives a third party, known as the trustee, the authority to hold assets for the trust beneficiaries. The trustee is in charge of the trust and responsible for executing the trust’s instructions as per the language in the trust, … Continue reading What Is the Point of a Trust?
Can You Prevent Will from Being Contested?
The best planning doesn’t keep disappointed family members and hangers-on from trying to get what they consider their “fair share” of an estate. There are some steps you can take to avoid this happening to your estate, says an article, “Counterattack: Tips for Thwarting a Will Contest,” from Kiplinger. Traditionally, an in terrorem provision is added, known as a “no-contest” … Continue reading Can You Prevent Will from Being Contested?
What’s More Important: an Estate Plan or Trust?
A will makes a one-time transfer of assets after death, while trusts allow assets to be transferred during life and after death. Each one has an important role to play in managing assets and protecting loved ones, reports an article “Estate vs. Trust: Do You Really Understand the Difference” from yahoo!. An “estate” in this sense is everything … Continue reading What’s More Important: an Estate Plan or Trust?
Do I Need a Last Will and Testament?
Estate planning encompasses everything from planning for property distribution at death to preparing for incapacity, tax planning and guardian planning for minor children. An experienced estate planning attorney is involved with far more than a last will and testament. However, this is what most people think of when they sit down for their first meeting. … Continue reading Do I Need a Last Will and Testament?
Does an Estate Plan Need a Trust?
Many people dismiss trusts as only needed by wealthy people. However, they actually can be used to solve many different issues. An article from The Mercury titled “Planning Ahead: How do you know when you need a trust?” examines the different reasons for using trusts. Family Members with Special Needs. If your family includes a family member with special needs, … Continue reading Does an Estate Plan Need a Trust?
What Does a Last Will and Testament Do?
Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy and ensuring that your beneficiaries receive what you want. The will can also serve to disinherit a family member, as explained in the article “Last will can both include and … Continue reading What Does a Last Will and Testament Do?