We will explain escheat laws in this post, and they relate to a lack of estate planning preparedness. According to a 2023 Caring.com survey, 34.1 percent of American adults have estate plans. This is a remarkable paucity of preparedness, and it is not confined to younger adults. You will probably be surprised to hear that just 46 percent of people that are 55 years of age and older have plans in place. If you have family members depending on you and you are in the unprepared group, you are … [Read more...] about What Are Escheat Laws?
Intestacy
2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
Caring.com conducts annual surveys to get a feel for the percentages of American adults that have estate plans in place. They release the results during the early portion of the year, and they have recently shared their 2023 findings. We will take a look at some of the important takeaways in this post. Overall Preparedness The percentage of adults with estate plans has remained constant for the most part over recent years with slight fluctuations. This time around, 34.1 percent of all people … [Read more...] about 2023 Caring.com Survey Reveals Widespread Estate Planning Unpreparedness
These Celebrity Estate Planning Mistakes Can Be Instructive
Over the years, celebrities have made estate planning mistakes that have yielded negative consequences. These scenarios can be instructive for others, because you see a practical example of the way things can go awry if you don’t take the right steps in advance. Let’s look at three of these situations that provide valuable insight. Former Football Star Steve McNair Steve McNair was one of the best quarterbacks in the NFL in his prime, and his life was snuffed out in violent fashion. In 2009, … [Read more...] about These Celebrity Estate Planning Mistakes Can Be Instructive
Why It’s Important to Plan Your Estate Now
Two out of every three American adults do not have wills or trusts in place. Many of these folks are planning ahead for retirement, and in general, they manage their lives effectively. Strangely, they fail to take action to address one of the two certainties of life. A lot of people would tell you that they do not have estate plans in place because they will have time to do it later on. Many of them do get the opportunity, but in other cases, families are left behind to deal with difficult … [Read more...] about Why It’s Important to Plan Your Estate Now
Who Are the Heirs of a Deceased Person?
When someone passes away, who are the heirs of a deceased person? This is a question that we hear sometimes, and the answer is in your hands if you are proactive. We provide details in this post. Intestacy in Connecticut As we have touched upon at times, the studies that are conducted to gauge the estate planning preparedness of adults consistently reach the same conclusions. About two thirds of people do not have plans in place, and over half of people over the age of 55 are completely … [Read more...] about Who Are the Heirs of a Deceased Person?
What Are the Responsibilities of the Probate Court?
As estate planning and elder law attorneys, we are intimately connected to the probate court. One of the major functions of the court is to provide supervision when an estate is being administered. If you use a last will to express your final wishes, you name an executor in the document. This estate representative would take care of the hands-on tasks, and the probate court would provide oversight. During probate, creditors must be notified, and they are given a certain amount of time to … [Read more...] about What Are the Responsibilities of the Probate Court?
Avoid These Estate Planning Missteps
We have worked with families that are trying to deal with estate planning mistakes that were made by loved ones. Because of this experience, we are aware of the missteps that people commonly take, and we will share a couple of them here in an effort to raise awareness. Intestacy Surveys that measure the estate planning preparedness of Americans consistently yield disturbing results. Everyone is going to pass away someday, but the vast majority of people in this country do not have estate plans … [Read more...] about Avoid These Estate Planning Missteps
Estate of Musician Prince Has Finally Been Settled
When high-profile celebrities with a lot of money pass away, the press knows that people are interested in the estate details. They dig through them if they are available, and they are widely publicized. This is an intrusion of privacy, but mistakes that are made can be instructive. This dynamic definitely applies to the 2016 passing of the music icon Prince, we will revisit the matter now that it has finally been settled. Intestacy Prince did not have a will or a trust when he passed away, … [Read more...] about Estate of Musician Prince Has Finally Been Settled
What Happens If You Pass Without a Will?
Unfortunately, the vast majority of American adults are unprepared from an estate planning perspective. You would expect younger people to be remiss, but they are not alone. Just under 50 percent of older folks that are 55 years of age and older have wills or trusts. If you pass away without a will or a trust, you would die intestate, and we will take a look at the way that an intestate estate is handled in this post. Probate-Free Asset Transfers When a will has been executed, the document … [Read more...] about What Happens If You Pass Without a Will?
Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
Tony Hsieh was staying in a house that was owned by a friend in New London when it caught fire on November 18. He suffered from smoke inhalation and burn injuries, and he passed away nine days later. He had a remarkable run as a businessman that started when he cofounded LinkExchange in 1996 when he was just 22 years of age. Two years later, the partners sold the business to Microsoft for the sum of $265 million. Hsieh used the capital to launch a startup funding firm called Venture Frogs. … [Read more...] about Deceased Former Zappos CEO Tony Hsieh Had No Estate Plan
