If you start to hear bits and pieces about the estate planning process, you will invariably run into the concept of probate. Most people have had no exposure to it so there are invariably going to be questions. We will try to answer some of them in this post. Legal Process of Estate Administration Probate can be succinctly defined as the legal process of estate administration. If you die while you are in possession of property that is going to be transferred through the terms of a will, the … [Read more...] about Will My Estate Be Subject to Probate?
If you use a will to state your final wishes, your executor would submit it to probate. This is a legal process that takes place under the supervision of a court. To plan your estate effectively, you have to understand this process, and we provide five key facts in this post. It serves a purpose. When you poke around on the Internet looking into the process of probate, you will find negative statements made about it. We will cover the drawbacks in some of the other sections, but it does serve … [Read more...] about Five Things You Need to Know About Probate
There is an expression that is often used about a little knowledge being a dangerous thing. This applies to the estate planning process, like many other things. People often hear about so-called “simple solutions” that sound great on the surface. However, when you know all the facts, you often see gaping holes in many of these notions. In this post, we will look at a few of them so that you understand the limitations and potential drawbacks. Joint Tenancy With Right of Survivorship Some … [Read more...] about Don’t Oversimplify the Planning Process
Estate planning is sometimes viewed as an exercise in document creation. You simply express your wishes in writing and that’s the end of the story. It is certainly important to create a will or a trust to serve as the centerpiece of your estate plan with regard to leaving behind instructions. At the same time, you should be well aware of the estate administration tasks that must be completed after you are gone to bring your wishes to fruition. The Role of the Executor If you use a will as … [Read more...] about Estate Administration 101
When you are planning your estate you would do well to engage the services of a local northern Kentucky probate lawyer. Though you have alternatives, such as a revocable living trust, if you use a last will as your primary vehicle to transfer assets, your estate must pass through the legal process of probate. So when your will is being constructed, it should be done with the expectations of the local probate court in mind. This is something to consider when you see websites claiming that it … [Read more...] about Why You Need A Probate Lawyer
For many people, the choice between an irrevocable trust and a revocable trust comes down to a matter of asset control. The truth is that there are some clear differences in benefits that should also be considered. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our estate planning lawyers can help you decide between revocable vs … [Read more...] about Pros and Cons of Revocable vs Irrevocable Trusts
We all know that passing away is one of the two certainties of life, but in spite of this, the majority of American adults are not properly prepared from an estate planning perspective. A lot of people fail to act because they really don't know why estate planning is important. There are several things you should know about estate planning, and when you digest this information, you will understand why having an estate plan is essential. Our Ashland estate planning attorneys can provide the … [Read more...] about Why is it Important to Have an Estate Plan?
Although most people equate estate planning with simply creating a last will and testament, a will is not always the best choice. If you use a will to state your final wishes, your heirs will receive lump-sum inheritances. However, everyone is not good at managing money, and this can be disconcerting. Let our attorneys explain how using a revocable trust can be a better choice than a simple will. Revocable trust vs will Many clients ask which is better? When considering the question revocable … [Read more...] about Revocable Trust vs Will: Which is Better?
Our Ashland probate lawyers understand that the probate process can be very confusing, especially if you have no court experience. But, before you begin to create your estate plan, it would be very helpful to have at least a basic knowledge of how the probate process works. That way you will better understand the effect your various estate planning tools will have on how your estate is distributed after your death. You still have certain legal protections Legal protections do not simply … [Read more...] about Understanding the Basics of the Probate Process
For most clients, deciding between creating irrevocable trusts and revocable trusts depends on the need for retaining control of assets. There are, in fact, some very distinct differences that should be considered as you make the decision. Trusts have been around for a very long time, but they’ve only really begun to gain mainstream acceptance in the last several decades. When it comes to choosing between an irrevocable and a revocable trust, our Charlotte trust attorneys can help you decide … [Read more...] about Ask Your Trust Attorneys Which Type of Trust Will Meet Your Goals