Category: Probate
“Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.” Many people decide they need an estate plan when they reach a certain age, but when an estate plan is needed is less about age than it is about stages in life, explains […]
“Estate planning can come in a variety of forms, from basic beneficiary designations when you open a bank or brokerage account to more complex and comprehensive plans.” The key reason for estate planning is to create a plan directing where your assets will go after you die. The ultimate goal is for wealth and real […]
“Beneficiary mistakes can result in retirement plan assets being transferred to unintended beneficiaries.” Beneficiary designations supersede all other estate planning documents, so getting them right makes an important difference in achieving your estate plan goals. Mistakes with beneficiary designations can undo even the best plan, says a recent article “5 Retirement Plan Beneficiary Mistakes to […]
“Creditors typically try to collect on unpaid debt, by going after the decedent’s estate during a process called probate.” When a person dies, it’s not unusual for them to leave behind some unpaid debt. What happens to that debt depends upon how their estate was organized, says the article “This is how your unpaid debts […]
“If you think of estate planning as something only ultra-wealthy people need to do, you’re not alone. That’s a common misconception.” Financial planners know that most people need to have estate plans, no matter how much or even how little money they have, as explained in this recent article “I’m a financial planner, and there […]
“Probate is the court process to distribute someone’s estate after their death, even if there is a will and is notoriously slow in California.” The nature of the probate process varies from state to state, and even varies from county to county. However, the nature of the process is the same. A court has to […]
“Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.” Many people get these two things confused. A recent article, “Appreciating the differences between probate and trust administration” from Lake County News clarifies the distinctions. Let’s start with probate, […]
“Recently, the Indiana Court of Appeals decided the case of Trowbridge v. Estate of Trowbridge. The case involved a man, Everett, who, despite their divorce, remained on good terms with his ex-wife, Christal.” A dispute over a will that made its way to the Indiana Court of Appeals serves as a useful lesson for the […]
“Without an estate plan in place, clients will be reliant on state laws and probate courts to appoint individuals who will be responsible for financial affairs and health-care decisions, in the case of illness and ultimately the transfer of assets upon death.” The continuing escalation of the COVID-19 pandemic has forced many people to finalize […]
“If you want a legal plan that avoids probate court, there are two options: first, an enhanced life estate deed, and second a living trust. Each has its pros and cons.” There are numerous ways to accomplish distributing property according to specific wishes. A woman with three grown daughters faced a problem about passing down […]
