Before asset distribution, the estate’s executor should make every effort to pay all outstanding debts. After bills are paid, and the remaining assets are accounted for.
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Author Archives: Skvarna Law
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Dec
Dec
The probate process is generally efficient in smaller estates but can become lengthy and complex in larger ones. States have varying probate codes, and many have informal and formal processes.
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The key to ensuring that your estate plan will work the way you envision is understanding that how you own your money and property (i.e., how title is held) determines whether your will or trust, or neither, controls who will receive that money and property.
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Nov
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When creating a trust, you can include specific provisions in your trust agreement that will either encourage or discourage certain kinds of behavior.
Celebrity Estates, Estate Planning, Probate, Uncategorized
Celebrity Estates: Lessons from Anne Heche
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Nov
Nov
Normally, somebody in the will specifies an administrator (a person who oversees settling of the estate).
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Nov
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Bruce Wayne possess something key to moonlighting as Batman: money. Heir to an enormous fortune, Wayne emerges as one of Gotham’s wealthiest citizens. A major philanthropist who donates money to various causes, neither role would work without assets.
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Oct
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When people create estate plans, they typically focus on distributing their money and property to loved ones. For those interested in multigenerational wealth transfer, consider dynasty trusts.
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Oct
Oct
The beneficiary of a blind trust also has no knowledge of what goes on with the trust. However, in most cases, the trust-maker is also the beneficiary. That is, the trust contains their personal money and property, and the trustee manages that money and property for the benefit of the trust-maker-beneficiary—the trust-maker-beneficiary just has no knowledge of, or control over, the activities of the trust.
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Oct
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surprised young business woman looking through binoculars on yellow background.
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When choosing trusted decision makers, select individuals based on their strengths. In other words, consider which characteristics or traits each decision-making role requires.