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
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
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
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
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?
Probate is the legal process of estate administration. If you use a will, you would name an executor to carry out your final wishes, and the probate court would provide supervision. This court would also be involved if you were to pass away without any estate planning documents at all. In some instances, a child or an incapacitated adult will need a guardian. This is another matter that would be handled by the probate court. In this post, we will look at five things you should know about … [Read more...] about Five Key Facts About Probate
There is more to estate planning than the choices that you make with regard to the way you want your assets to be distributed after you are gone. It is wise to think holistically and envision the hands-on tasks that must be completed to make your wishes come to fruition. With this in mind, we will share some insight into how you can streamline the estate administration process. When you take the right steps, your loved ones will be the ultimate beneficiaries. Executor Duties If you use a … [Read more...] about Streamline the Estate Administration Process
As a layperson, you are simply not going to understand every aspect of the estate planning process. One factor that people often overlook is the estate administration component, and we will look at an important facet in this post. Estate Administration When you plan your estate, you have to record your final wishes in a will or some type of trust. At the same time, you should also consider the process that will unfold after your passing, because there is a human element. If you use a will … [Read more...] about Include a Letter of Final Instructions
You have options when you are planning your estate, and you should understand them thoroughly so you can make informed decisions. A lot of people assume that a last will should be the centerpiece in almost all cases unless you are very wealthy, but this is not really the case. In many instances, a revocable living trust would be a better choice. This is just one of a number of different types of trusts, but we will focus on the revocable living trust here. Probate Avoidance One of the … [Read more...] about Why Would You Use a Living Trust?
The process of estate planning extends into incapacity planning is well, so it is important to see a complete picture when you are making preparations for the future. Ultimately the objective is to make sure that things are in place for your family after your passing or in the event that you become unable to handle your affairs. It is a good idea to discuss all the details with an experienced estate planning attorney so that you don't overlook anything. Nobody is going to overlook something … [Read more...] about Safely Store Important Information