The main purpose of the probate process is to distribute the deceased’s money and property in accordance with the Will or state law. Not all Wills, and not all accounts and property, need to go through probate court. And just because a Will is filed with the probate court does not mean a probate needs to be opened. But whether or not probate is necessary, most state laws require that a Will be filed when the creator of the will passes away.
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When you establish a trust, you name someone to be the trustee. A trustee does what you do right now with your financial affairs—collect income, pay bills and taxes, save and invest for the future, buy and sell property, provide for your loved ones, keep accurate records, and generally keep things organized and in good order.
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What's the role of successor trustees, professional fiduciaries, guardians, and personal representatives? What's the difference between a health care agent and a financial agent? Read this article to learn more about these important roles.
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Sometimes pet owners can get a bit creative when providing for their pets. In this week's article, take a look at 3 famous cases involving pet trusts and the important lessons we can learn from them.
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Real estate can take on different forms of ownership depending upon the number of parties and the unique circumstances involved. Understanding how your real estate is owned, or “titled,” is necessary because this determines the extent of control you have over your real estate, how susceptible your property is to creditors, and what will happen to it upon your death.
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Irrevocable trusts can be modified through a court order. Many people share the misconception that the name implies absolute permanence. Yet, changes in laws, family, trustees, or financial circumstances can warrant alterations. Errors in the trust document may also arise, prompting a need for modifications, even in irrevocable trusts.
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There are many reasons why you may want to give to a charity: You may give because you believe strongly in a cause or organization, but it can also reduce your yearly income tax bill and remove value from your overall estate. If you are considering making a donation, but are unsure of how to proceed, we are here to help. Read this article to learn about charitable planning strategies that can help you achieve your goals.
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Read this article if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” Although much of the traditional estate planning conversation focuses on surviving spouses, children, and grandchildren, many pet parents wonder about what would happen to their “furry children” after their death or if they become incapacitated and unable to care for their pets.
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Because your family’s needs and circumstances are constantly changing, so too must your estate plan. Your plan must be updated when certain life changes occur. These include, but are not limited to: marriage, the birth or adoption of a new family member, divorce, the death of a loved one, a significant change in assets, and a move to a new state or country.
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You have done the hard work of establishing an estate plan. Good for you! However, you still have serious work to do to ensure that the strategy you have selected will maximize your peace of mind and protect your legacy. In this article, read about the “stress test” questions you should ask yourself to assess whether you need to meet with an estate planning attorney.
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