Estate planning is one thing, but estate administration is another. Yes, you have to ask yourself how you want your assets distributed after you pass away. Once you know what you want to achieve, the next step is to sit down with a good inheritance planning lawyer to state your wishes in writing in a legally binding manner. However, there are actions that must be taken after you pass away. If you use a last Will as your primary vehicle of asset transfer, you must select an executor to actually … [Read more...] about Create a Clear Cut Path for Executor
Prevent Intestacy Through Proper Advance Planning
What would happen to your resources if you were to pass away without executing a last Will or a trust? The answer is that the situation would wind up being sorted out by the probate court. Ultimately, the assets that you leave behind would be distributed to your closest relative or relatives in accordance with intestacy laws of succession in the state of California. This is something that you want to steer clear of because the probate process will take a lot of time to run its course. In … [Read more...] about Prevent Intestacy Through Proper Advance Planning
Did Hemsley Have a Brother? Actor’s Estate Being Challenged
There is some celebrity estate planning news circulating at the present time that we would like to highlight here. It involves the last Will of the recently deceased actor Sherman Hemsley. Hemsley is best known for his role as George Jefferson, the well-to-do self-made man who strongly asserted himself at every opportunity. In fact, the personal proclivities of the actor Hemsley bore no resemblance to the boisterous character that he popularized. Hemsley was reportedly a private man who did … [Read more...] about Did Hemsley Have a Brother? Actor’s Estate Being Challenged
Your Property May Expose You to Estate Tax in 2013
Estate planning attorneys are always going to remind clients about the fact that your planning efforts should be seen as important and ongoing. There is a great deal in the balance when you consider the potential ravages of the federal estate tax so you want to be optimally prepared at all times. With the above in mind, 2012 is a very significant year. Throughout the rest of this year the estate tax exclusion is $5.12 million, but it is going down to just $1 million in 2013. The maximum rate … [Read more...] about Your Property May Expose You to Estate Tax in 2013
A Surprising Fact About Last Wills
You might think that the disposition of your resources would be handled in a private manner after you pass away. In fact, if you choose to use a Last Will as your primary vehicle of asset transfer, the general public would have access to all the details. This is because your estate must be probated when you use a Last Will. Probate exists partially because of the fact that there could be interested parties that have a rightful claim against the estate. Creditors, claimants, and/or individuals … [Read more...] about A Surprising Fact About Last Wills
Something to Consider When Executing a Revocable Living Trust
People who utilize a last will to elucidate their final wishes will be subjecting their heirs to the process of probate. This can create significant delays with regard to the distribution of assets, and there could be some considerable costs incurred during the probate process as well. Because of these and other reasons, probate avoidance strategies are often implemented. One way to arrange for the distribution of assets to your family members outside of the process of probate would be to … [Read more...] about Something to Consider When Executing a Revocable Living Trust
Are You Sure You Want to Open Joints Accounts?
When you draw up a last Will, you must appoint an executor or personal representative to actually carry out your wishes. The probate court will supervise the administration of the estate as the executor goes about the tasks, so there is indeed oversight. On the other hand, what if you opened up a joint bank account and made someone a co-account holder? If you were to entrust this individual to distribute the assets after you pass away in accordance with your wishes, there would be no true … [Read more...] about Are You Sure You Want to Open Joints Accounts?
Consumer Reports: Don’t Try This at Home
There is much to consider when you are preparing yourself for the eventualities of aging. Serious minded individuals who want to leave nothing to chance are going to want to discuss all the details with a licensed estate planning professional. If you make uninformed assumptions and look for overly simplistic solutions, your family may wind up paying the price someday. With the above in mind, you may have come across advertising campaigns that want you to believe that anyone can execute last … [Read more...] about Consumer Reports: Don’t Try This at Home
Northern Trusts Reduce Exposure
Revocable living trusts are utilized by many individuals who are looking for a way to avoid probate. The process of probate can be time-consuming, and there are expenses that go along with it including court costs. So choosing a trust can often times save your heirs time and money. Revocable living trusts can facilitate a smooth transfer of assets. They are also appealing because you, as the grantor, can retain full control of the resources while you are alive. However, because of this … [Read more...] about Northern Trusts Reduce Exposure
Spare Your Family from Unpleasant Surprises
Aside from being able to leave behind financial resources to your loved ones, you probably also want to leave behind a positive legacy. Depending on your unique situation, if your estate plan is not devised optimally your family could experience some unpleasant surprises later on, and this is something to be avoided. The truth is that there are individuals who make some unconventional choices. It is not entirely unheard of for someone to maintain a long-term, relatively serious relationship … [Read more...] about Spare Your Family from Unpleasant Surprises
