Category: Probate
“One of the biggest wealth transfers our nation has ever seen is about to take place. Over the next 25 years, as much as $68 trillion of wealth will be passed to succeeding generations.” Heirs who are prepared to inherit wealth, with families who talk about wealth and have an estate plan, will do better […]
“Remember that a will goes through probate, so a husband and wife typically try to avoid it by using joint ownership or beneficiary designations. However, they’re often mistaken by believing the will still controls their estate.” Most people think a will is the most important tool in the estate planning toolbox, but in many instances, […]
“A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.” Before accepting the role of a trustee, it is important to have a thorough understanding of what you will need to do […]
“When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.” For most families, the process of estate administration or the probate of a will starts weeks after the death of a loved one. However, before that time, there are certain steps that need […]
“The inheritance you leave could be eaten away by taxes or given to the wrong person. Here are five tips to avoid that.” It is true that a single person who dies in 2020 could have up to $11.58 million in personal assets and their heirs would not have to pay any federal estate tax. […]
“Prince’s sudden death in 2016 triggered numerous court proceedings. First, probate documents had to be filed in court because Prince died without a will.” Filing probate documents was just the beginning of process that still hasn’t ended the bad news from the Prince estate. He did not have a spouse or children, but Prince had […]
“Probate is a process to transfer the assets after someone dies. For example, when a homeowner passes, probate allows for the home to be sold or transferred, if necessary, even though the owner is no longer alive to sign a deed.” Estate planning attorneys are often asked if one of the goals of an estate […]
“As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?” For the most part, we are free to make our own decisions […]
“To ensure your estate is settled in the way you want, it’s wise to do a bit of extra planning to keep your documents up to date.” For anyone who thinks that their will or trust can be used to distribute assets in a 401(k) after they pass, think again. The beneficiaries listed in a […]
“The distribution of some of our assets can be governed by contracts. Examples of these contracts include life insurance, investment accounts, bank accounts and trusts.” Without proper planning, your will determines who inherits your property—everything from your home, car, bank accounts and personal possessions. Your spouse may not necessarily be your heir—and that’s just one […]
