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?
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?
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
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
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?
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
Planning is important. If you don’t plan, your assets go pursuant to the state’s default plan, which may be very different from what you want. If you plan, you can be sure your assets go exactly to whom you want and in a manner that can benefit them the most. Make Your Own Plan … [Read more...] about Make Your Own Plan
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about a heart-breaking story of someone who didn’t plan and the consequences. Planning is Critical … [Read more...] about Planning is Critical
Aretha Franklin died intestate. Intestacy has definite drawbacks. Read on to see what this means for her family, financially and in other ways. Aretha was the Queen of Soul, but her lack of planning caused consequences she did not consider. Aretha Franklin Died Intestate: What Does It Mean for Her Family? … [Read more...] about Aretha Franklin Died Intestate: What Does It Mean for Her Family?