Probate can be an extremely costly, lengthy, and public process. Many people take the time to carefully plan their estate in order to avoid probate. If you’re looking to avoid probate, you will need to utilize the right techniques. Take a look at some more great ways to avoid probate. If you have any questions or if you’re ready to discuss your probate avoidance needs, meet with an experienced, qualified estate planning attorney. Gift during your lifetime. If you’re able and willing … [Read more...]
Probate Avoidance Made Easy (part 1 of 2)
Are you looking to avoid probate? Luckily, there are steps that you can take to ensure that your assets avoid the probate process. Avoiding probate will allow your loved ones to get their inheritances quickly. Avoiding probate can also save time, money, and keeps your affairs private. Take a look at the information below to learn more about some of the probate avoidance options. If you have any questions or if you’d like to discuss a probate avoidance plan, meet with an experienced, … [Read more...]
Common Estate Planning Myths (part 2 of 3)
Friends, family, acquaintances, and the internet are a breeding ground for estate planning myths. These myths can lead to a failure to plan or a plan that fails. To set the record straight, we are dispelling common estate planning myths in this three part article. 3. Joint ownership, commonly called joint tenancy, is an inexpensive and easy way to avoid probate. It’s cheaper than using a fully funded revocable living trust. Myth!!! Joint ownership means that you could lose your … [Read more...]
Understanding How Property Ownership Affects Your Estate Plan (part 2 of 2)
When creating your estate plan, you will need to consider how your property ownership fits in with your overall planning needs. If you’re looking to better understand how your assets will transfer after your death, take a look at the information below. Some Forms of Joint Ownership are NOT Controlled by Your Estate Planning Documents Joint tenancy with right of survivorship – With this type of joint ownership, all owners have equal access to the assets. This means that any owner may … [Read more...]
Understanding How Property Ownership Affects Your Estate Plan (part 1 of 2)
If you’re just beginning your estate plan ventures, you may have trouble understanding how property ownership fits in with your estate planning. And, you likely don’t realize the significance of proper asset ownership. It’s important to understand how each of your assets will be distributed after your death as well as how they are controlled or not controlled by your estate planning documents. Take a look at the below information, to better understand property ownership and its effects on … [Read more...]
If You’re in a Second Marriage, It is Important to Plan to Protect Your Children
If you’re in a blended family, such as a second marriage with children from a previous relationship, you can do much to keep the peace in your family with your estate plan. One way to keep the peace, using your estate plan, is to specifically consider and plan for your children. This could include not making your children wait until your second spouse dies before they will inherit. Waiting and putting the children second may cause hurt feelings and a breakdown of relationships that you’ve … [Read more...]
13 Disturbing Estate Planning Problems
Each of these 13 disturbing estate planning facts is true; but, each situation can be avoided with a strong, individualized, comprehensive, and up-to-date estate plan. If you don’t name a guardian in your will, your minor children could end up with persons you either don't like or don't know. If you don’t provide for your pet in your estate plan, your pet may be euthanized when you die. If you put assets in joint tenancy with a second spouse, your children may be disinherited. If … [Read more...]
Jointly Owned Property And Probate
There are two types of probate, living probate and probate at death. Joint tenancy, a common form of jointly owned property, doesn’t avoid either type of probate. Living Probate Living probate is called “conservatorship” in California; it occurs when someone becomes disabled (i.e. incapacitated) and can’t manage his or her own finances. The court holds a hearing and determines whether the individual is indeed disabled; if so, all assets, including jointly owned assets, are frozen. The … [Read more...]
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...]
Joint Property and Your Probate Avoidance Plan
If you ask an average person what he or she knows about probate, you'll likely get one of two responses. First, people might have no idea what you're talking about. Second, they might have some idea of what probate is, but they will know that it's probably something best avoided. While the second answer isn't exactly correct, there are good reasons why creating an estate plan to avoid probate is a good idea. As part of this goal, some people believe they can use jointly owned property to help … [Read more...]
