Probate
When you pass away, your family may need to visit a probate court in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other asset) in only your name. Although having a will is a good basic form of planning, a will does…
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As Ambrose Bierce once darkly observed, “Death is not the end. There remains the litigation over the estate.” Obviously, ideally, when someone passes away, the paperwork and material concerns associated with the estate are so flawlessly handled (thanks to excellent preparation) that they fade into the background, allowing the family to grieve and remember in…
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In estate planning circles, the word “probate” often comes with a starkly negative connotation. Indeed, for many people —especially those with larger estates —financial planners recommend trying to keep property out of probate whenever possible. That being said, the probate system was ultimately established to protect the property of the deceased and his/her heirs, and…
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With extreme wealth accumulated, one would assume that celebrities would take steps to protect their estates. But think again: Some of the world’s richest and most famous people enter the pearly gates with no estate plan in place, while others have made estate planning mistakes that tied their fortunes and heirs up for years in…
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While it is an honor to be named as an executor of a will or estate, it can also be a sobering and daunting responsibility. Being an executor (sometimes called a personal representative) requires a high level of organization, foresight, and attention to detail to meet responsibilities and ensure that all beneficiaries receive the assets…
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Trusts allow you to avoid probate, minimize taxes, provide organization, maintain control, and provide for yourself and your heirs. In its most simple terms, a trust is a book of instructions wherein you tell your people what to do, when. While there are many types of trusts, the major distinction between trusts is whether they…
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Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do –That Wills Can’t Avoid a conservatorship and guardianship. A revocable living trust allows…
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Most people understand that having some sort of an estate plan is, as Martha Stewart would say, a “good thing.” However, many of us don’t take the steps to get that estate plan in place because we don’t understand the nuances between wills and trusts –and dying without either. Here’s what will generally happen if…
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Many people today are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust will avoid the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big…
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The bad news: probated estates are subject to a variety of costs from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate’s complexity, fees can run into tens of thousands of dollars. The good news: probate costs can be reduced by avoiding probate. It’s really that simple. Here are three simple ways…
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Nosey Neighbor Nellie Can Find Out About Your Probate. Really.
Most people think of probate as a private process. However, since wills are filed at the courthouse, probated estates become a matter of public record. That means your nosey neighbor Nellie can simply go down to the courthouse or hop online and find out about your probate. Really. It’s Not Just Nellie That Has Access……
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HELP! This Probate Is Taking Forever!
After a loved one dies, his or her estate must be settled. While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress. 5 Reasons Probate Takes So Long There are many reasons why probating a…
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