PROBATE

When is probate necessary?

By |2019-09-10T14:24:32+00:00July 16th, 2019|Categories: ESTATE PLANNING, PROBATE|

 Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person. Probate is governed by state law. Avoiding Probate One of the appealing aspects of putting together an estate plan is to avoid probate. One way to avoid the probate process is to ensure that no assets will be titled in the decedent’s name, or providing for an automatic transfer of [...]

Wills, Trusts & Dying Intestate: How They Differ

By |2019-09-10T14:24:32+00:00June 4th, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: , |

Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse: If you should die intestate, your estate will go through probate and all the world will know what you owned, what you owed, and [...]

Four Reasons Why Estate Planning Isn’t Just for the Top 1 Percent

By |2019-09-10T14:24:32+00:00April 23rd, 2019|Categories: Design, ESTATE PLANNING, PROBATE, Trusts|Tags: |

There is a common misconception that estate plans are only for the ultra-rich - the top 1 percent, 10%, 20%, or some other arbitrary determination of “enough” money.  In reality, nothing could be further from the truth. People at all income and wealth levels can benefit from a comprehensive estate plan. Sadly, many have not sat down to put their legal house in order. According to a 2016 Gallup News Poll more than half of all Americans do not have a will, let alone a comprehensive estate plan. These same results were identified by WealthCounsel in its Estate Planning Awareness [...]

DECLARE YOUR INDEPENDENCE FROM COURT INTERFERENCE!

By |2019-09-10T14:24:35+00:00August 23rd, 2018|Categories: ESTATE PLANNING, PROBATE|Tags: , |

While the rest of the nation celebrates its independence on July 4th, you can rest assured that you too can declare independence for your family — from court interference. Life can be unpredictable. Whether it is a financial issue, the birth or adoption of a child, sickness or incapacity, it is important to be prepared with proper estate planning. In fact, failure to put together a comprehensive estate plan can leave you and your loved ones at the mercy of the court when it comes to distributing assets or caring for a minor or sick family member. Estate Planning Basics [...]

THE BIGGEST THREATS TO SUCCESSFUL ESTATE PLANNING

By |2019-09-10T14:24:35+00:00August 23rd, 2018|Categories: ESTATE PLANNING, PROBATE|Tags: , , |

Poor estate planning is a recipe for disaster. Look no further than Dickens’ Bleak House—or a telenovela—to witness the tragedy and melodrama inadequate estate planning can cause. While having your estate planning documents prepared is the first hurdle to overcoming these types of disasters, there are several threats that lurk around the corner that might derail your wishes. Family Conflict According to a TF Wealth survey of over 100 estate planning professionals, family conflict is the number one risk to a peaceful inheritance. If children are treated differently under the estate plan, there is often an assumption that a mistake was made [...]

FINDING THE RIGHT FIT: QUESTIONS FOR PROSPECTIVE WILLS AND TRUSTS ATTORNEYS

By |2019-09-10T14:24:35+00:00August 23rd, 2018|Categories: ESTATE PLANNING, PROBATE, Trusts|

It goes without saying that estate planning is incredibly important and is more than just having a will or a trust. Estate planning offers a sense of security for you and your loved ones that your wishes will be carried out. With such an important and personal endeavor, selecting the right Wills and Trusts Attorney is crucial. Doing your homework, familiarizing yourself with the options and asking questions will be critical to getting someone who’s actively looking out for your interests. There are several key factors you should consider when interviewing potential attorneys and ultimately deciding which one to hire. [...]

DEBT AFTER DEATH? WHY YOU SHOULD THINK ABOUT IT WHEN ESTATE PLANNING

By |2019-09-10T14:24:35+00:00July 16th, 2018|Categories: ESTATE PLANNING, PROBATE|Tags: , , |

Debt After Death: Why You Should Think About It When Estate Planning If you carry debt, do not assume that your death or incapacity will make it automatically disappear. To the contrary, the money you owe may eat away at the assets you were planning to leave to your heirs or — if you owe a large amount of money — may wipe out your estate completely. Debt comes in many different forms including credit cards, student loans, car payments, mortgages, and other financial obligations. Not Just About Assets Estate planning lets you name people you trust to manage your affairs if you’re unable [...]