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
Is Joint Tenancy a Good Fit for Me?
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?
I’m Thinking of Creating a Will…How Will it Help Me?
A will is one of the most basic and important estate planning documents. If you’re just getting started with your estate planning, you may be considering implementing a will into your plan. However, you may be unsure of the benefits of a will. Take a look at the information below to learn more. If you have additional questions or if you’d like to create a will, contact an estate planning attorney. What is a will? A will is a legal document that allows you to appoint a guardian for the care … [Read more...] about I’m Thinking of Creating a Will…How Will it Help Me?
Who to Call When a Loved One Dies
When a loved one dies, you will likely feel overwhelmed, sad, and stressed. You may feel angry and scared as well. All of these emotions are completely natural. Your mind will likely start spinning and you wonder what you should do next. The smallest task may seem insurmountable. Know that you will get through it and that there is no emergency, meaning that you don’t have to get everything done right away. Also, important to remember is that there are many people who will help you. Who to … [Read more...] about Who to Call When a Loved One Dies
I Want to Avoid Probate
Many people seem to know that they want to avoid probate even if they aren’t sure why. Here are some reasons you might want to avoid probate: What is probate? First of all, what is probate? This is a common question and even when people know they want to avoid probate, they’re not sure what it is. The term “probate” is commonly used for two processes: the process by which the probate court determines the validity of a will and the entire process of settling an estate. What happens during … [Read more...] about I Want to Avoid Probate
What is Trust Settlement?
If you’re like most people, you’ve heard the term “estate administration,” but may not be familiar with the term “trust settlement.” Trust settlement is similar to estate administration, but not the same. Both terms refer to wrapping things up after a death. Here is some information to help you understand trust settlement. Who’s in charge of trust settlement? The trusted family member, friend, or professional that you named as trustee of your trust is in charge and holds legal title to … [Read more...] about What is Trust Settlement?
Small Estates and Probate
Many people are determined to take steps so that their estate will avoid probate when they die, and while this can be very helpful for some, it is important to realize that probate for a small estate may not be that big of a problem. The real dilemma will be in determining what would constitute a small estate. A small estate is basically any estate with assets subject to probate that are less than $15,000 (in Kentucky), though this amount can vary by state. Assets such as life insurance … [Read more...] about Small Estates and Probate
I Know I Want to Avoid Probate, but what is Probate?
If you’re like most people, you think you want to avoid probate, but you still have the question, “What is probate?” You’re not sure exactly what probate is. Technically, probate is the process the court uses to determine whether a Will is valid or not. But the term “probate” is also used to describe the entire process of administering your estate. The executor of your Will probates your estate, usually with the help of an estate planning attorney, under the supervision of the court. The … [Read more...] about I Know I Want to Avoid Probate, but what is Probate?
