Category: Estate Administration
“When dealing with the emotional pain of the loss of a loved one, family members also have to address daunting administrative tasks.” For most families, the process of estate administration or the probate of a will starts weeks after the death of a loved one. However, before that time, there are certain steps that need […]
“If your will was signed before 2013 and you have a so-called by-pass estate tax saving trust that is no longer necessary, you really should update and simplify your will.” Estate administration, that is, when the executor gets busy with paying debts, taxes and distributing assets, is often the time when any missing steps in […]
“During the estate planning process, these beneficiary designations are reviewed to ensure that the beneficiaries are correct, and that the distribution of these assets conforms with the client’s intended estate plan.” Naming a beneficiary on a non-retirement account can result in an unintended consequence—it can even topple an entire estate plan—reports The National Law Review […]
There is a lot of paperwork involved in transferring property and it needs to be done correctly. Ownership of property must be traced from one owner to another. However, when someone passes away, things change. There is now property that needs to change ownership. That creates the need for a lot of paperwork that needs […]
11 years after his death, the singer’s estate remains unsettled. Soul singer James Brown passed away in 2006, leaving millions to poor children in Georgia and South Carolina. However, none of the money has been given to the children because the estate is bogged down in numerous lawsuits, according to The New York Times in […]
Two institutions fought over rights to his journals, notes and letters. After a heated dispute, the Ransom Center matched Yale University’s $2.7 million offer to archive Arthur Miller’s work, according to The New York Times in “Inside the Battle for Arthur Miller’s Archive.” Miller, who died in 2003, had a close relationship with the Harry […]
Las Vegas killer leaves large estate, but fair compensation for the victims will be a challenge. Despite a hefty estate of $5 million left behind, it will be difficult to compensate the victims of Las Vegas mass shooter Stephen Paddock, according to The New York Times in “The Las Vegas Gunman Was Rich. Will His […]
Sometimes it creates problems to name a close family member executor, as seen in Jerry Garcia’s estate. A big mistake in Jerry Garcia’s estate came when third wife Debra Koons was chosen to administer the estate, according to the Wills, Trusts & Estates Prof Blog in “The Wrong Executor Can Make Family Drama Worse, As […]
Jury has awarded money for damages. However, it appears likely the amount won’t hold up to court scrutiny. JPMorgan has been ordered to pay plaintiffs $5 million in actual damages and $4 billion in punitive damages for a suit involving the handling of a complex estate that didn’t have an estate plan, according to Bloomberg in […]
Court orders body of famous artist be exhumed. A judge has found enough basis for the claims of a Spanish woman, claiming she is the child of Salvador Dali, that the body has been ordered to be exhumed from its current resting place underneath a theater in Dali’s hometown, so DNA testing can be performed, […]
