Having an estate planning attorney manage the probate process can alleviate a great deal of stress for the family, says the article “Reasons to hire a lawyer for probate” from The Mercury. For one thing, the attorney will know what your state requires in the way of executing the will. You may need to pay a state inheritance … Continue reading Do I Need an Attorney for Probate?
Category: Estate Planning Attorney
How Do I Protect Myself and My Children in a Second Marriage?
In first marriages, working together to raise children can solidify a marriage. However, in a second marriage, the adult children are in a different position altogether. If important estate planning issues are not addressed, the relationship between the siblings and the new spouses can have serious consequences, according to an article titled “Into the Breach; Getting … Continue reading How Do I Protect Myself and My Children in a Second Marriage?
What Does a Will Do and Not Do?
Estate plans are like life—over time, it changes, people are added and subtracted and your wishes and goals change. Regardless of your income, amount of assets or family circumstances, everyone wants to minimize taxes and facilitate a smooth transfer of property at death. Consider a recent aptly named article titled “Does Your Estate Plan Call for … Continue reading What Does a Will Do and Not Do?
What Is a Pour-Over Will?
A pour-over will is a particular kind of will created to work with a trust, with a goal of facilitating the transfer of assets if the person creating the trust (the grantor) has not transferred all of their assets into the trust. This happens more often than you’d think. How do you know if you … Continue reading What Is a Pour-Over Will?
The Most Common Estate Planning Mistakes
Estate administration is the process of managing the estate when a loved one has passed. For the inexperienced executor, there are pitfalls to be avoided, warns the article “Top 5 Probate and Estate Administration Mistakes” from Long Island Press. The biggest mistake is creating an estate plan from generic documents on the internet. Wills must meet many technical … Continue reading The Most Common Estate Planning Mistakes
What Is Better, a Trust or a Will?
Estate plans come in all sizes and shapes. One of the decisions in creating an estate plan is whether a trust should be part of your plan, as detailed in this article titled “Trust vs. Will: What They Share (And 6 Ways They are Different)” from Yahoo! Money. Both trusts and wills give control over how assets are distributed. … Continue reading What Is Better, a Trust or a Will?
What Is a Power of Attorney and Is It Important?
Most people realize the importance of the last will and testament. However, they remain unaware of the importance of a durable power of attorney. This document authorizes another person to act on your behalf while you are alive and expires upon death, as explained in an article titled “Power of attorney likely to be first vital … Continue reading What Is a Power of Attorney and Is It Important?
Why You Need a Digital Asset Estate Plan
Ajemian died in a bicycle accident at age 43. With no will, his estate passed to a surviving brother and sister. As the siblings began going through his assets, they realized that having Ajemian’s emails could make it easier to identify assets and accounts. They asked Yahoo for access to the email account and explained … Continue reading Why You Need a Digital Asset Estate Plan
Are Testamentary Trusts a Good Idea?
Not everyone wants to leave everything to their heirs without restrictions. Some want to protect money inherited from their own parents for their children or want to keep an irresponsible child from squandering an inheritance. For people who want more control over their assets, a testamentary trust might be useful, according to the article “What Is … Continue reading Are Testamentary Trusts a Good Idea?
Do You Need a Power of Attorney?
Did you know estate planning attorneys recommend anyone over age 18 have a power of attorney? Without one, even a long-married spouse may not be able to make financial or medical decisions if their spouse became incapacitated, according to an article “How to Set Up a Power of Attorney” from U.S. News & World Report. Naming someone … Continue reading Do You Need a Power of Attorney?