Question 1: What is Probate? Probate is legal process through which a deceased person’s property must proceed before a new legal owner can be identified. Probate is designed to evaluate what a deceased person owned, as well as what kind of debts the person had. The property the person owned is used to pay off the debts, and anything left over is distributed to his or her inheritors. Question 2: Does all a Person’s Property go Through Probate? No. Some property is specifically exempt … [Read more...] about Probate Basics: Some Considerations
Revocable Living Trust
New Year Resolution: Review Your Estate Plan (part 2 of 2)
When considering creating or updating your estate plan in 2023, you will want to make sure that you consider all of your planning needs. This will ensure that you have a proper plan that will protect you during all of life’s unexpected events. The information below will explain more about your needs. In this second installment about estate planning considerations, we address additional issues often overlooked in many estate plans. If you have any questions about the information below, or if … [Read more...] about New Year Resolution: Review Your Estate Plan (part 2 of 2)
New Year Resolution: Review Your Estate Plan (part 1 of 2)
With the New Year upon, consider as one of your resolutions creating or updating your estate plan. What is often not appreciated are the number of issues that should be considered and addressed in one's estate plan. It’s important to take time to handle these issues so that you’re protected throughout your lifetime as well as after you die. Many people don’t take the time to fully think about their individual estate planning needs. Take a look at the information below to better understand … [Read more...] about New Year Resolution: Review Your Estate Plan (part 1 of 2)
Do All Estates Have to Go Through Probate?
If you have recently suffered the loss of a family member or loved one, you may be concerned about the legal steps required to probate the decedent’s estate. Probate is the legal process in court by which a decedent’s estate assets are inventoried and valued, debts of the decedent are paid and assets eventually transferred to the beneficiaries or heirs of the estate. Whether or not an estate must go through probate depends on a number of factors. Wills, Trusts, and Estate matters are governed … [Read more...] about Do All Estates Have to Go Through Probate?
Revocable Living Trusts Are Not All the Same
Perhaps the most common form of estate planning today involves a Revocable Living Trust. Normally, when you create a Revocable Living Trust, you retitle your assets in the name of the trust and use them for your own benefit. After you pass away, the Trust distributes any remaining assets in the Trust to the named beneficiaries according to the terms of the Trust. However, there are other ways to use a Revocable Living Trust to distribute your assets to your heirs. If you have young children, … [Read more...] about Revocable Living Trusts Are Not All the Same
Key Reasons Not to Die Without a Will or Trust
Many people die without taking the time to create a will or trust. Wills and trusts are powerful estate planning documents that allows individuals to be in control of the future. It’s important to consider the use of these documents, so that you can plan ahead. If you don’t take the time to plan, your wishes may not be respected. Take a look at the following 4 reasons as to why you don’t want to die without a will or trust. If you have any questions, or if you’d like to begin drafting you … [Read more...] about Key Reasons Not to Die Without a Will or Trust
Estate Size and Living Trusts
A question that often comes up in estate planning is “How much money do you need to get a Living Trust?” The question is a fundamental misunderstanding, but a common one. Although there would not be much point in doing so, you can put as little as a single penny into a Living Trust. The question is based on the premise that Living Trusts are designed for rich people. It’s a false premise. Living Trusts are designed for anyone who either wants to give something for one person to manage for the … [Read more...] about Estate Size and Living Trusts
Planning Tip: Make a List of Your Trust Assets
A primary benefit of creating a Revocable Living Trust is to avoid having your estate go through Probate Court. It's not something that you do for yourself. Probate is not a hassle for the deceased. Instead, you do it for your loved ones you leave behind. You do not want them to have to go through the expense and delays of Probate. Since you are already concerned about sparing your loved ones from unneeded trouble, why not take it one step further? One of the biggest problems with handling a … [Read more...] about Planning Tip: Make a List of Your Trust Assets
The Top Three Other Documents Your Estate Plan Should Include
When you decide to proceed with the creation of an estate plan, an experienced and qualified estate planning attorney will inevitably discuss including other documents in your estate plan in addition to your Will or Trust. Your estate plan should, at a minimum, include three other documents. These are: Advance Health Care Directive: This important document allows you to appoint a health care agent and to make specific decisions regarding future medical treatments you want to receive if you … [Read more...] about The Top Three Other Documents Your Estate Plan Should Include
5 Types of Assets A Will Does Not Cover
Many people mistakenly believe that a simple Will is all the estate planning they need. However, it is very likely you may need more than a Will to cover your all assets. A Will does not cover all types of property. This is a list of five items your will cannot cover or address. Survivorship property: If you own property in joint tenancy with a right of survivorship with a co-tenant, your Will does not determine ownership and succession rights. Instead, the surviving joint tenant … [Read more...] about 5 Types of Assets A Will Does Not Cover
