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?
Category: Probate
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?
What about House Contents when Someone Dies?
Probate law does not allow anyone to take items from a loved ones’ home after they die, until the will has been probated. Learning about probate, what it entails and how to prepare for it may make it a little easier when a family member dies, says an article titled “Can you empty a house before … Continue reading What about House Contents when Someone Dies?
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
Why Do You Need an Estate Plan?
Everyone benefits from having an estate plan. If you own property, investments, or anything of value, you need an estate plan. If you have family or dependents, you need an estate plan. Estate planning directs how assets are directed, if you become incapacitated or when you die. The checklist for creating an estate plan includes … Continue reading Why Do You Need an Estate Plan?
How Does Probate Court Work?
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?
Can You Plan for Probate?
What can you do to help heirs have a smooth transition when settling your estate? An article from The Community Voice, “Managing probate when setting up your estate,” provides some recommendations. Joint accounts. Married couples can own property as joint tenancy, which includes a right of survivorship. When one of the spouses dies, the other becomes the owner and … Continue reading Can You Plan for Probate?
Do I Need a Trust, or a Last Will and Testament?
Whether to have a will or a trust or both is often discussed when embarking on the estate planning process. Arriving at the answer, as discussed in an article, “Personal needs, preferences drive estate planning,” from The News-Enterprise, requires a closer look at each individual’s situation. The last will and testament doesn’t take effect until two events occur: … Continue reading Do I Need a Trust, or a Last Will and Testament?
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?
Is an Estate Plan Battle Looming?
Some people don’t create an estate plan before they die. Or, if they do, they failed to have an estate plan created with an experienced estate planning attorney and their will is unclear, or even invalid. They might die with debts conflicting with their wishes. These and other situations can lead to a long and … Continue reading Is an Estate Plan Battle Looming?