The most common estate planning document is the simple will. If you express your final wishes in a will, the executor that you name would admit the document to probate after your death. This is a court supervised proceeding. During probate, creditors are notified about the decedent’s passing, and final debts are paid. The assets are prepared for distribution to the heirs, and the court determines the validity of the will. If everything goes smoothly and the situation is not especially … [Read more...] about An Overview of the Probate Process
Estate Administration
What Does a Living Trust Trustee Do?
Many people harbor misconceptions about trusts. One of them is the idea that they are only useful for very wealthy people that have complex estates. This is a half-truth, because there are irrevocable trusts that high net worth individuals use to address estate tax exposure. However, irrevocable trusts are also utilized by people that are not extremely wealthy to satisfy relatively common objectives. Another myth is the notion that you lose control of assets that you can convey into any … [Read more...] about What Does a Living Trust Trustee Do?
Will My Estate Go Through Probate?
The process of probate can be a factor when an estate is being administered. It serves a purpose, but it is time consuming, and the beneficiaries do not receive inheritances while the estate is being probated by the court. This is one of the drawbacks, and the cost factor is another one. Probate expenses include the executor’s payment, possible accounting and legal fees, court costs, litigation and appraisal charges, and incidentals that drive down the value of the estate. Since probate is … [Read more...] about Will My Estate Go Through Probate?
Why Do Some People Avoid Probate?
When you are planning your estate, you should understand the estate administration process that will commence after your passing. This will sometimes involve probate, and we will provide some important facts about this process in this post. Court Supervision Most people are aware of the fact that an executor is the person that will eventually distribute inheritances when a will is used as an asset transfer vehicle. The executor is not allowed to administer the estate without any type of … [Read more...] about Why Do Some People Avoid Probate?
Own a Vacation Property? You Need a Living Trust
If you have the means, an out-of-state vacation home can enhance your life. You and your family and friends can relax, unwind, and have fun together when you have the opportunity, and you are making a good investment that can yield financial dividends. At the same time, there is an estate planning consideration, and we will explain the details in this post. Probate Process When a will is used as an asset transfer vehicle, it is admitted to probate after the death of the testator. This is a … [Read more...] about Own a Vacation Property? You Need a Living Trust
Follow These Steps to Get Through Probate
If someone asks you to be the executor of their estate, you are naturally going have questions if you have no knowledge of the process. In this post, we will break it down to some simple steps to give you an idea of the tasks that must be completed along the way. Produce the Document You have to get your hands on the document before you can do anything else. Presumably, the decedent would have let you know where you can find the will. Of course, if this never happened, you have to scour … [Read more...] about Follow These Steps to Get Through Probate
Be Discerning When You Choose an Executor or Trustee
Estate planning should be viewed from a holistic perspective. Yes, you have to state your wishes with regard to asset transfers in a will or trust, but that’s just half of the equation. You should also give the estate administration process careful consideration, and we will provide some food for thought in this post. Will Administration and the Executor’s Role If you use a simple will to serve as an asset transfer vehicle, you would name an executor to act as the administrator after you … [Read more...] about Be Discerning When You Choose an Executor or Trustee
Four Things You Should Know About Probate
A lot of people assume that a will is the simplest estate planning document, and assets get into the hands of the inheritors quickly when a will is utilized. In reality, this is simply not the case. If you create a will, you name an executor in the document to act as the administrator. This person would not be able to conduct the business of the estate on their own without any supervision. The will would be admitted to probate, and the court would preside while the estate is being … [Read more...] about Four Things You Should Know About Probate
Avoid These Three Estate Planning Mistakes
People often make estate planning errors that yield negative consequences. In this post, we are going to look at three of these common mistakes in an effort to raise awareness. Do-It-Yourself Estate Planning The websites that sell generic, boilerplate legal documents contend that you can plan your own estate using their worksheets and downloads. This can seem like a simple, affordable solution, but there are reasons why you may want to consider before you go this route. There are various … [Read more...] about Avoid These Three Estate Planning Mistakes
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?
