In recent years, the popularity of do-it-yourself estate planning has led to some significant, and often very costly, mistakes. People who try to create estate plans on their own often have little to no experience in the law, and making even a simple mistake as they go about creating a plan they want to rely upon can be serious problem. Over the next two weeks, we’re going to take a closer look at some of the more common do-it-yourself planning mistakes that people make, and why you want to … [Read more...] about DIY Estate Planning Mistakes That Can Cost You: Part 1
Probate
Can Probate Be Avoided?
You should know some things about the probate process when you are planning your estate. If you use a last will to direct the distribution of your personally held property, the property would become probate property at first except in the case of a modest estate. During probate the probate court supervises the administration of the estate. The heirs to the estate typically do not receive their inheritances until this process has run its course. A simple and straightforward case will typically … [Read more...] about Can Probate Be Avoided?
California Probate: Can I Start Probate if I Can’t Find The Will?
California probate is often viewed as a difficult process. There is, in fact, a lot of truth to the idea that it can be difficult to manage probate simply because most people are so unfamiliar with. This is especially true when, for example, people believe they need to be in possession of a decedent’s last will and testament before they go to probate court. Fortunately, if a relative of yours has died in California, you don’t need a will to begin the probate process. Can’t Find the Will Most … [Read more...] about California Probate: Can I Start Probate if I Can’t Find The Will?
Naming Co-Executors: Good? Bad? Other?
One of the most important decisions you have to make when making a last will and testament is deciding on who will be the executor. Also known as a personal representative, your executor has important responsibilities when it comes to managing your property after you die. Because of the vital nature of the position, some people consider naming two or more co-executors. Here’s what you need to know if you’re considering naming co-executors. Why people choose co-executors. Many people who create a … [Read more...] about Naming Co-Executors: Good? Bad? Other?
3 Big Risks You Take When You Ignore Estate Planning
If you ask the average American whether they have an estate plan, a number of them would likely have no idea what you were talking about. And even if a person knows what estate planning is that doesn’t mean they have taken the time to create one. Estate planning often feels about as enjoyable as planning a trip to the dentist, but there are some pretty big risks you take when you don’t have a plan. Even a simple plan can correct these mistakes, but not having one in place will almost guarantee a … [Read more...] about 3 Big Risks You Take When You Ignore Estate Planning
A Few Common Questions About Small Estate Probate in California
Question 1: What is small estate probate? The probate process is the legal process that applies after a California resident has died leaving behind property. That property, called an estate, will have to go through probate before new owners can take possession of the deceased person’s property. (The deceased person is often referred to as a decedent.) When the estate is valued at below a specified dollar amount a less formal set of probate procedures applies, known as small estate … [Read more...] about A Few Common Questions About Small Estate Probate in California
Practical Steps to Take When Dealing With Tangible Personal Property in an Estate
Part of an executor’s job is to account for everything the decedent leaves behind. Many of the items you have to account for, such as investment accounts, real estate, and bank accounts, are very easy to identify and value. One of the harder tasks you may face, however, is categorizing and valuing the mountains of personal property that some people leave behind. Here are some practical concerns you will need to be prepared to deal with when you begin the inventorying and valuation … [Read more...] about Practical Steps to Take When Dealing With Tangible Personal Property in an Estate
Common Questions About Executors and Their Duties
Question 1: What does an executor have to do? Anyone appointed to the position of an executor has to perform a number of tasks as required under the probate code. The executor is responsible for settling a deceased person’s estate, meaning he or she has to find out what the deceased person owned and make sure that it is distributed to new owners and that bona fide creditors are paid. Question 2: What is an estate inventory? One of the executor’s first duties is to marshall and then take an … [Read more...] about Common Questions About Executors and Their Duties
The 40-Million Inheritance Going to New York State
A recent article in Forbes highlights one of the most important reasons why you need to create a last will and testament. In January of 2012, New York real estate developer Roman Blum died at the age of 97. He left behind an estate worth $40 million and, apparently, not a single living relative. Because no relatives can be found and Mr. Bloom did not have a last will and testament stating how he wanted his property to be distributed after he died, it appears that the state of New York will … [Read more...] about The 40-Million Inheritance Going to New York State
The Estate Inventory – 3 Commonly Asked Questions
Question 1: What is an estate inventory? After a person dies, the personal representative, also known as an executor, has responsibility to perform specific tasks in order to settle all of the deceased person’s affairs. One of these tasks is to distribute all the property the deceased person owned. Before an executor can do this, however, he or she has to find out exactly what is in the estate. (The estate is simply the collection of property left behind by a deceased person.) The estate … [Read more...] about The Estate Inventory – 3 Commonly Asked Questions
