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
It is important to consider all of the details when you are planning your estate. Some people think that the execution of a last will is the simplest way to arrange for asset transfers. This is debatable, because the estate must be probated when you use a last will to facilitate the distribution of your resources. Probate is the legal process of estate administration. The will must be admitted to probate before the heirs to the estate will receive their inheritances. Role Of Executor When you … [Read more...] about What Is an Executor?
The probate process comes into play when you are in direct personal possession of property after you pass away. As a Connecticut resident, if your estate is valued at less than $40,000, you could potentially qualify for a simplified probate procedure. Otherwise, your estate must pass through the full probate process unless you take steps to arrange for asset transfers outside of probate. There are certain drawbacks that go along with the probate process. One of them is the fact that probate can … [Read more...] about How Long Does the Probate Process Take?
The last will may seem like the estate planning device for you. Even though you may be a layperson, you probably have a good understanding of what a will can accomplish. With a will you can express your final wishes regarding the distribution of your monetary assets to your heirs. What you may not know about a last will is that your estate must be probated before your heirs receive their inheritances when you use a will as a vehicle of asset transfer. The Probate Process Probate is a legal … [Read more...] about Probate in Hartford Connecticut: Does It Cost Anything?