Category Archives: Estate Planning

The Difference Between Estate Planning Attorneys & Trust Administration Attorneys

opposite directions arrow paper cut grey and blue with copy space

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. 

Estate Planning Attorney and Trust Administration Attorney

Lawn auction hammer and small house on the table. real estate mortgage auction

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.

Probate and Creditors

The businessman pushing wheelbarrow with dollars downhill

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.

Probate Pros & Cons

WHAT YOU SHOULD KNOW ABOUT PROBATE TEXT WORD CLOUD CONCEPT

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.

Celebrity Estates: Senator Dianne Feinstein

A photo of the bronze bust of Senator and former San Francisco mayor Diane Feinstein, with flowers, during her public lying in-state at San Francisco City Hall.

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. 

Conservatorship: Michael Oher Controversy Explained

American football player in helmet holding rugby ball

A conservatorship is a court-ordered arrangement that gives one person (or multiple people), called a conservator, legal authority to manage the affairs of another person, known as a conservatee or ward. Conservatees are often children. Incapacitated adults and those with developmental or age-related disabilities often enter conservatorship.

Can AI Programs Write Your Estate Plan?

Robotic hand reaching out of laptop screen to begin typing generative AI writing work. Bloggers and ghostwriters are being supplemented by technology

Some state laws are complex and hard to understand, and you may not know enough specifics to offer the correct information about your situation or verify that AI has properly generated or created your will or trust. Additionally, your final documents may contain wording, formatting, and grammatical errors that make them unenforceable. 

A Purpose Trust: Succession Planning

Dart arrow or dartboard hitting on number target center with miniature wooden house models. Success Gold of property mortgage or real estate investment business concept, vintage tone, soft focus

In September 2022, Yvon Chouinard, the founder of Patagonia, a $3 billion clothing company, transferred the voting stock of the company to a purpose trust designed to further his lifelong goal of fighting the environmental crisis. In a message from Chouinard on Patagonia’s website, he explained that his desire was for the company to continue to pursue its stated purpose: “We’re in business to save our home planet.”