Probate is a process that takes place under the supervision of a court. During this process there is a proving of the will. The probate court examines the will to make sure that it is valid. When you draw up your last will, you name an executor or personal representative. This is the person who will handle the business of the estate after you pass away. The probate court supervises the overall administration of the estate along the way. Probate is in place to provide protections and oversight, … [Read more...] about Estate Planning FAQs: What Is the Cost of Probate?
BLOG
What Is Joint Tenancy?
People sometimes look for shortcuts that sound effective on the surface, and this enters into the realm of estate planning. Joint tenancy is one of the shortcuts that you should understand thoroughly. You may want to take pause before you buy into the notion that it is an ideal estate planning solution. Let's look at the facts. Co-Ownership of Property Joint tenancy sounds kind of complicated, but in reality, it is simply co-ownership of property. Let's say that you want your grandson … [Read more...] about What Is Joint Tenancy?
What Is a Supplemental Needs Trust?
A supplemental needs trust, also referred to as a special needs trust, is a type of trust that can be used to provide resources for the benefit of a loved one with a disability who is enrolled in government benefit programs. We will look at the details in this post. Medicaid/Medi-Cal Medicaid is a jointly administered federal/state government program that provides a health care safety net for low-income people. In California, it is called Medi-Cal. To qualify for Medicaid you must have very … [Read more...] about What Is a Supplemental Needs Trust?
Can a Living Trust Be Contested?
Many people who have not explored all the facts assume that they should use a last will to state their final wishes. You can go this route if you want to, but there are some drawbacks that go along with the utilization of a last will. A will must be probated before the heirs to the estate can receive their inheritances. This process provides certain protections, but there are a number of pitfalls that go along with it. One of the drawbacks is the fact that disgruntled parties could contest … [Read more...] about Can a Living Trust Be Contested?
Why Would I Want a Revocable Living Trust?
The process of probate can come into play when you are planning your estate. You may not be aware of the fact that your last will must be admitted to probate if you do in fact use a last will as a vehicle of asset transfer. This process is in place to provide protections, but in some cases, the rightful heirs to the estate experience certain difficulties. The process can take close to a year in simple cases. This is a rather long wait, and you would probably want your loved ones to receive … [Read more...] about Why Would I Want a Revocable Living Trust?
What Happens If I Die Without a Will or Trust?
There are studies done periodically that are designed to shed light on the estate planning preparedness of people around the United States. Unfortunately, the results of these surveys are not encouraging. Most of the adults in the United States do not have a comprehensive plan in place. They say that the only certainties in life are death and taxes. Yet, most people are not prepared for something that is definitely going to happen. What would the outcome be if you passed away without a will or … [Read more...] about What Happens If I Die Without a Will or Trust?
What Are the Drawbacks of Probate?
The process of probate is something that you should be aware of when you are planning your estate. This process comes into play when you maintain direct and sole personal ownership of your property through to the time of your death. If you were to pass away with no estate planning documents at all, the probate court would step in. The situation would be evaluated, and your estate would ultimately be distributed using intestate succession laws. When you use a last will to state your final … [Read more...] about What Are the Drawbacks of Probate?
Is Probate Always Required?
Probate is the legal process that comes into play when you directly own property at the time of your passing. This process would be a factor if you use a last will to express your final wishes, and the probate court would sort things out if you had no estate planning documents at all. There are a number of different ways that property can be transferred outside of the process of probate. We will look at some of them in this post. Payable on Death Accounts When you are opening a bank account … [Read more...] about Is Probate Always Required?
What Is Probate?
Many people are under the impression that a last will is a very simple document. You state your final wishes regarding the distribution of your assets, and you name an executor. After you die, the executor follows your instructions and your heirs receive their inheritances immediately after the funeral, right? In reality things are not quite that simple. If you are in direct personal possession of property after you die and you arrange for its transfer through the terms of a last will, the … [Read more...] about What Is Probate?
What Is Estate Planning?
Many people equate estate planning to the creation of a last will. In fact, estate planning should be viewed as a comprehensive, holistic endeavor. There are various different ways to transfer assets, and your estate plan should also include preparations for the eventualities of aging. Let's look at the details. Wills With a last will you can state your final wishes with regard to the distribution of your monetary resources. You can also nominate a guardian for minor children in your last … [Read more...] about What Is Estate Planning?
