To avoid any unnecessary complications in the settling of your affairs, take care to avoid ambiguous or unclear language in your will. If there are any doubts about your last wishes, the executor and beneficiaries may wish to consult with an estate planning lawyer to discuss next steps.
Category Archives: Estate Planning
Assets, Estate Administration, Estate Planning
Movie Estate Administration: What Hollywood Gets Wrong
08
Mar
Mar
In movies and television shows, there is often a dramatic scene where family members gather in a lawyer’s office for the reading of the will. The atmosphere is usually tense, and everyone is eagerly waiting to find out who gets what.
01
Mar
Mar
One option to financially provide for your pet is to give a lump sum to the person you choose to care for your pet at your death. This option is the easiest to carry out and does not involve any ongoing administration or oversight. However, because the money goes directly to the caregiver, there will be no one monitoring the use of the funds. You must trust that the caregiver will use the funds for the pet’s benefit.
23
Feb
Feb
Estate planning can be a complex process and facing it may seem impossible. To make it more manageable, break the process down into smaller, more achievable steps. Identify the first three steps and act.
Assets, Estate Planning, Trusts
The Difference Between Estate Planning Attorneys & Trust Administration Attorneys
16
Feb
Feb
The state may also have to get involved with choosing guardians for your children, authorizing others to act on your behalf, and deciding other important matters. The state’s decisions may be very different than what you would have chosen. In addition, a lengthy probate process can cause delays, increased expenses, and a loss of privacy. Having an up-to-date estate plan makes your wishes known and makes things easier for your loved ones.
Assets, Estate Administration, Estate Attorney, Estate Planning, Trusts
Estate Planning Attorney and Trust Administration Attorney
09
Feb
Feb
As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones with estate and trust administration when you pass away.
05
Feb
Feb
In other cases, an estate’s liquid assets are not valuable enough to cover the outstanding debt claim. People lose valuable inheritable property and must sell it to cover creditor claims in probate court. A creditor forcing this type of sale extends probate proceedings. This leads to additional costs. Secured creditors receive priority over unsecured creditors. The primary secured creditor is often a bank.
12
Jan
Jan
It is essential to recognize that the probate system, originally designed to protect property when someone passes away, serves a valuable purpose. So, is there any redeeming value in probate? The answer is a resounding “Yes.” Let’s delve into the pros and cons of probate.
04
Jan
Jan
Although a large amount of her wealth came from her marriage to the late billionaire financier Richard C. Blum, Senator Feinstein was also successful in her own right. During their marriage, Feinstein and Blum established a marital trust that is now the subject of a fierce legal battle between Feinstein’s daughter and Blum’s three daughters.
15
Dec
Dec
As trust beneficiaries die and younger generations become the new heirs, vague provisions or outright mistakes in the original trust agreement may become apparent. Decanting can be used to correct these problems.