You may be wondering how your affairs will be handled after your death, whether you have an estate plan in place, or not. Take a look at some of the information below, to better understand how your affairs will be handled if you do indeed have a plan. Part 1 of this 2 part article discusses what happens if you do NOT have an estate plan in place. With an estate plan…If you only have a will in place, your affairs will likely still have to go through the probate process. This is … [Read more...]
The Little Things May be the Most Important
Your estate may be worth a little or a lot at your death. The items which your beneficiaries might cherish could be the sentimental ones. Read the following blog by my friend and colleague Steve Hartnett, an estate planning expert, to learn how your will or trust could provide the ability for you to keep a list and update it without needing to see your lawyer every time you change your mind on an item.The Little Things May be the Most Important … [Read more...]
Aretha Franklin Died Intestate: What Does It Mean for Her Family?
Aretha Franklin died intestate. Intestacy has definite drawbacks. In this post by my friend and colleague Steve Hartnett, an estate planning expert, he examines what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider.Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...]
Estate Administration: A Probate Attorney Can be Invaluable
A probate attorney, commonly referred to as an estate attorney, focuses on assisting a Personal Representative through the entire probate process from beginning to end. A probate attorney can be an invaluable resource because the laws in each state are different with regard to probate proceedings and all of the requirements imposed by the probate court. In fact, the first piece of advice for a personal representative is “hire an attorney.” Here's why. What is involved in estate … [Read more...]
Why Do I Need an Estate Planning Attorney?
We live in very different times than we lived in decades ago. These days, you can simply ask your smart phone any question, and it will provide you with an answer instantly.The Internet has changed everything as well. There are many different do-it-yourself resources that you can access online, and boilerplate legal documents can be purchased and downloaded. This can make you wonder why you would ever need an estate planning attorney to devise your plan.Before you decide that you can … [Read more...]
Court Says Woman’s DIY Will a “Cautionary Tale”
A recent story in the ABA Journal tells the tale of Ann Aldrich, a Florida woman who used a DIY (do-it-yourself) last will and testament much to the delight of two of her nieces. Even though not given an inheritance through the will, the nieces ended up inheriting a portion of the Aldrich estate because a Florida court found that the document Aldrich used was partly deficient.Even though Aldrich’s DIY will actually complied with the basic legal requirements imposed under Florida law, it was … [Read more...]
Your Will is Real, Your Will Reading is a Myth
There's no shortage of popular myths and misconceptions about the law, but one of the more widely held is the idea that after you die your lawyer will contact all your family members and friends and get them together in a single room so he or she can read them the terms of your last will and testament.Though this is a very popular myths and often encountered in movies and novels, it is almost completely baseless. The reality is that no one has a reading of the will nowadays. The probate … [Read more...]
The Government Estate Plan for Intestacy
If you are one of the millions of Americans who has failed to create an estate plan, you are officially signed up for the government estate plan. When you fail to execute as much as a Last Will and Testament or Living Trust prior to your death, your estate will be handled according to the government’s rules and laws since you are considered to have died intestate. So how does the government estate plan work?For starters, except for the most modest estates, it is likely that everything you own … [Read more...]
Dont End Up Rich, Famous, and Intestate
Many who have yet to create an estate plan tell themselves “When I become rich and famous I’ll do it because then I will really need one”. Surprisingly, many of the rich and famous still don’t get around to it, creating a legal nightmare when they die. Consider the following short list of rich and famous persons who failed to leave behind an effective estate plan.Abraham Lincoln: Despite being a lawyer himself, even the 16th President of the United States died intestate.Jimi Hendrix: One … [Read more...]
Amy Winehouse Died Intestate — Another Example of The Importance of Estate Planning
Singer Amy Winehouse died unexpectedly last July. As her many fans mourned her untimely death, speculation began about her would receive her fortune. Although only 27, Winehouse made a big splash on the music scene at an early age and is believed to have left behind a significant fortune. Early reports were that the young singer not only left behind a Last Will and Testament, but that she had also had the presence of mind to have updated her Will after her divorce from ex-husband Blake … [Read more...]
