It isn’t uncommon for some people to first realize that they need to create an estate plan after they come into contact with the often aggravating probate process, typically as a result of a family member passing away. Estate planning lawyers often tell clients that they should create an estate plan that does as much as possible to minimize probate. But why do they do this? Why is avoiding probate so important? Here are three main reasons. Money The probate process involves a probate court and … [Read more...] about Why is Probate Avoidance so Important?
Probate
Understanding The Difference Between Probate and Non-Probate Estates
The goal of any good estate plan is to protect as much of your property as possible and ensure that, once you die, that property is inherited or transferred in a manner that you choose. While some people know that probate is the set of legal requirements that have to be met before inheritors can become the legal owners of a deceased person’s property, it isn’t always clear what property has to go through probate. In short, your property will be divided into two general categories after you … [Read more...] about Understanding The Difference Between Probate and Non-Probate Estates
About Self-Proving Wills
A complete estate plan always includes a last will and testament, even if you use other tools that make the will little more than a safety net. But even if you don’t plan on using your will for important decisions about passing on property, you will want to make it as easy as possible for your estate to validate the will so it will minimize any probate costs. One of the best ways to do this is to create a self-proving affidavit that will accompany the will. Here’s what you need to know. Witness … [Read more...] about About Self-Proving Wills
Need Help Finding Out About an Estate? Here’s How to Get Started
Whether a family member has recently died or you are just curious about someone’s estate, there are several ways you can find more information about probate cases. While different states have different probate codes and requirements, you can usually find estate information fairly easily if you know where to look. Here are a few places you can start. Talk to the administrator. Let’s say you have been notified that a relative has died and you stand to inherit from the estate. This notice … [Read more...] about Need Help Finding Out About an Estate? Here’s How to Get Started
JTWROS And Your Estate Plan
There are some terms you might come across as you develop your estate plan, such as JTWROS, that you should know about before you start making your plan in earnest. A JTWROS, which stands for joint tenancy with the right of survivorship, is a form of property ownership that can offer certain benefits for people interested in avoiding probate. However, this form of property ownership also has some significant negatives that you will need to consider. Always talk to your attorney whenever you have … [Read more...] about JTWROS And Your Estate Plan
3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
Your family home may well be the largest piece of property you own, and one that will form a large part of your estate. When it comes time to leave your home to your children there are several options available to you. Some options are more commonly employed than others, and like all other estate planning choices it’s best to discuss each of them with your attorney before you decide on the method that is right for you. Will Transfer If you create a last will and testament you can use it to … [Read more...] about 3 Common Ways to Transfer Your Home to Your Children: Pros and Cons
What You Think You Know About Probate Could Hurt You
Probate is one of those areas of the law that few people know much about. The few who have heard about it can often have some very misguided ideas because they have heard myths or commonly repeated misperceptions from others. Fortunately, probate is not too difficult to understand. The main problem most people have with it is that it’s really boring and not something anyone outside of probate law has much interest in dealing with. Nevertheless, the beliefs you might have about probate could … [Read more...] about What You Think You Know About Probate Could Hurt You
California Probate and the Guardian Ad Litem – Common Questions
Some California probate cases involve a guardian ad litem. Unlike a guardian or conservator or, a guardian ad litem serves a specific and temporary role in a probate proceeding. What is a guardian ad litem and what does that person do? Let’s take a look at some commonly asked questions. What is a guardian ad litem? A guardian ad litem is a person appointed by a court to represent the interests of a person who is not able to represent his or her own interests during a legal proceeding. Many cases … [Read more...] about California Probate and the Guardian Ad Litem – Common Questions
Florida Widow’s Probate Problems
Even though she and her husband had been married for 53 years, a Jacksonville, Florida widow has been unable to withdraw the money out of the savings account her husband had with a national bank. Julia Bolena lost her husband about 16 months ago, and ever since has been fighting with the bank to try to recover the money in his savings account. Though the two had a joint checking account with the bank, the savings account was only in Mr. Bolena’s name and he had apparently not named his wife as … [Read more...] about Florida Widow’s Probate Problems
What You Need to Know About Being an Executor
If a friend approaches you and asks you to serve as the executor of his or her estate, there are some issues you will need to think about before you accept this position. While simply being asked means that the friend considers you trustworthy enough to serve in this important role, you should resist the urge to accept right away. As executor, it will be your job to manage the probate process correctly. Here are some brief points you need to know about this process before you … [Read more...] about What You Need to Know About Being an Executor
