If you've chosen to express your final wishes through a last will, you'll need to become familiar with the term “probate.” This process, overseen by the court, involves authenticating your will, settling any debts, and ultimately, allowing the executor to distribute your estate's assets to your designated beneficiaries. At first glance, this may appear quite straightforward. However, the probate process comes with certain disadvantages that might not be immediately apparent. Let's take a … [Read more...] about Why Do People Avoid Probate?
Probate
What Can You Do to Avoid Probate?
Probate is the legal process of estate administration. If you use a will to direct asset transfers after you are gone, it would be admitted to probate. The executor that you name in the document would take care of the hands-on tasks, and the court would provide supervision. It should be noted that there is a simplified probate process in Connecticut that can potentially be used if the value of the estate is $40,000 or less. Otherwise, the full probate process would be necessary. This … [Read more...] about What Can You Do to Avoid Probate?
How Long Does It Take to Probate an Estate in Connecticut?
For the average person, one of the primary motivations for creating an estate plan is to ensure that their loved ones are provided for after their death. One thing that people often fail to consider though, is how long it will take for their loved ones to actually receive the assets earmarked for them in that estate plan. To help you create a successful estate plan, a Glastonbury probate attorney at Nirenstein, Horowitz & Associates, P.C. explains how long it typically takes to probate an … [Read more...] about How Long Does It Take to Probate an Estate in Connecticut?
Do I Have to Accept the Job of Executor?
One of the first practical steps that must be taken after someone dies is to determine if the decedent executed a Last Will and Testament. If the Will is located, it should indicate who the decedent appointed to be the Executor of the estate. If that person is you, it is completely understandable if you have mixed emotions about being about. Ultimately, do you have to accept the appointment though? The Glastonbury estate planning attorneys at Nirenstein, Horowitz & Associates, P.C. discuss … [Read more...] about Do I Have to Accept the Job of Executor?
Do You Need to Go Through Probate If There Is a Will?
If someone close to you recently passed away, you are undoubtedly going through the grieving process that follows a loss. The last thing you may want to focus on is the need to administer the decedent’s estate. If it appears that you are the logical person to do so, however, you will need to devote some of your time and energy to the process. If the decedent died intestate, or without a Last Will and Testament, you may be wondering if the estate is required to go through probate. As you will … [Read more...] about Do You Need to Go Through Probate If There Is a Will?
What Happens When an Estate Lacks Sufficient Liquid Assets to Pay Claims?
At some point during your life, you will likely be intimately involved in the probate of an estate, making it beneficial to learn as much about the process as possible. Knowledge about the probate process is also beneficial when you are creating your own estate plan. Careful planning, for example, can help your estate avoid litigation and/or other common problems that occur during the probate of an estate, such as insufficient liquidity. Insufficient liquidity refers to a situation wherein the … [Read more...] about What Happens When an Estate Lacks Sufficient Liquid Assets to Pay Claims?
Celebrity Estate Planning Lessons: Aretha Franklin
We all lost a legend recently with the passing of music icon Aretha Franklin, known to the world as the “Queen of Soul.” With a career that spanned half a century and produced such unforgettable songs as “Respect,” “Chain of Fools,” and “Think,” Aretha’s legacy will not soon be forgotten. That legacy includes a fortune estimated to be worth more than $80 million; however, because Aretha died intestate (without a Last Will and Testament), exactly what will happen to that fortune remains unclear. … [Read more...] about Celebrity Estate Planning Lessons: Aretha Franklin
Probate Steps for the Executor
For some time after the death of a loved one, most people experience a wide range of heightened emotions. If you are currently going through this emotional time period, the last thing you probably want to do is focus on the legal ramifications of your loved one’s death. If you were appointed to be the Executor of the estate in the decedent’s Last Will and Testament, however, you will need to do just that, Moreover, time is of the essence when it comes to safeguarding your loved one’s estate, … [Read more...] about Probate Steps for the Executor
Problems that Can Arise During Probate
Connecticut probate attorneys know that the probate process is often a complicated and difficult process for family members to go through after their loved one has passed away. The probate process can take a long time, cost a lot of money, and leave families struggling to understand legal concepts that they do not fully grasp. You don't want the probate process to be any more difficult than it needs to be, which means you should make sure you have a legal advocate helping you to fulfill your … [Read more...] about Problems that Can Arise During Probate
Five Ways Probate Attorneys Help Executors
Hartford probate attorneys provide invaluable help during the probate process, which is the process by which assets are typically transferred to new owners when someone has passed away. The probate process can be a complicated, high-stakes process as the outcome of the probate process will have a major impact on what happens to the assets that the deceased has left behind. Many people are involved in the probate process, including creditors with claims against the estate, heirs or … [Read more...] about Five Ways Probate Attorneys Help Executors
