Probate is a legal process that will have to run its course before the heirs to your estate receive their inheritances if you use a last will to arrange for the transfer of your personal property. Most people would prefer to see their loved ones receive their inheritances right away if possible. However, this is not going to happen when probate is a factor. How Long Will It Take? You may wonder how long it will take for your estate to be probated. This is a question that does not have one … [Read more...] about How Long Does Probate Take?
It can be difficult to get people to recognize how important it is to commit their final wishes to writing in one form or another. But if you are ready to finally put the procrastination behind you, gaining an understanding of estate administration details is part of the process. Assuming you are using a Last Will to direct the transfer of assets to your heirs, the estate will be subject to the probate process. During this time the probate court supervises the administration of the estate. The … [Read more...] about A Look At Estate Administration
The typical layperson probably does not know much about the estate planning process. He or she may know what a last Will is meant to accomplish but not know how a last will is handled. If you do set out your final wishes by executing a last Will, it is not going to be a private family matter. Because you may have outstanding debts or financial claims against you at your death, individuals or entities have an opportunity to recover from the estate; and if someone wants to contest the Will, he … [Read more...] about Being Prepared For Probate
In the process of estate planning you will inevitably hear the word "probate" so we would like to explain a little bit about it. A lot of people think that a last will is a document that is just passed around among family members. But your will actually must be found valid by the probate court, and interested parties can step forward to challenge the will in court. During probate, creditors and claimants can also come forward seeking satisfaction. Once a will is accepted by the court, the … [Read more...] about Avoiding Probate Can Provide Advantages
A lot of people are not aware of all of the costs that may impact their legacies when they are doing their planning. With this in mind let's take a glance at Probate costs. If you use a last Will to direct the transfer of assets to your loved ones, your estate has to go through a legal process that is called Probate. During this time any parties who had business with the estate could come forward seeking satisfaction, and if anybody wanted to challenge the Will they could do so before the … [Read more...] about Circumventing Probate Costs
The last will is the most common estate planning vehicle, and everyone knows what a will is intended to accomplish. However, when you are planning your estate you don't have to use a last will. There are a number of different vehicles to transfer assets; and depending on the nature of your assets, the dynamics of your family, and the specific details of your wishes, a last will may not be the best option for you. One reason a lot of people look for alternatives to a last will is because your … [Read more...] about The Probate Process
Part two of two parts on Probate and Estate Planning (continued from August 24) In our earlier post on Probate we defined Probate for you and gave you some examples of how an estate is settled in the courts. Again, Probate is designed as a protective tool for families, but Probate does have drawbacks, not the least of which is loss of privacy. Another critical factor – often overlooked – is the fulfillment of the wishes of the deceased: it may be that he or she wanted to leave this or that … [Read more...] about Probate Alternatives You Should Seriously Consider
Part one of two parts on Probate You’ve probably heard of the term “Probate.” Probate relates to the settlement of an estate by means of a specific process in the courts. Many estates are settled in Probate, but not all of them by any means. The most common Probates involve individuals who do not have a formal Estate Plan or Living Trust in place. Probate is put into practice in every state, although the procedures can vary. The intent of Probate is to offer a legal process for reviewing … [Read more...] about Probate: What It Is, What it Does, and How You Can Avoid It
If you’ve been appointed the executor of a loved one’s estate, you have many upcoming responsibilities. It’s important to make sure that your handle all of the affairs with care and dedication. Take a look at the information below to better understand the importance of keeping an open line of communication with beneficiaries. If you have any questions, or if you need help understanding your duties as executor, contact an estate planning attorney. As an executor, it’s your responsibility to … [Read more...] about The Need to Have Open Communication as an Executor
If you’re taking a look at your asset ownership when creating your estate plan, you may be considering using joint tenancy as a way to own certain assets. This can be beneficial in many cases, but it has many pitfalls. We’ve outlined below some information on the use of joint ownership. If you have any questions, or if you’d like to discuss how joint ownership would affect your estate plan, meet with an estate planning attorney. What is joint tenancy? Joint tenancy is a form of ownership in … [Read more...] about Is Joint Tenancy a Good Fit for Me?