There are plenty of people who have prepared their Last Will and Testament and believe they have done everything they need to do for their loved ones and secure their estate. The more time passes, the more essential it is to revisit your Will and make sure it is kept up to date. Here are just a few reasons why it might be time to update your will: Continue reading “When is it Time to Update Your Will?”
Tag: estate law
Common Mistakes in Estate Planning for High Net Worth Individuals
While estate planning is a complex process for anyone, it can become even more complicated if you have a large number of assets to manage within your estate plan. Unfortunately, many high net worth individuals fail to anticipate the complications that such large estates can cause, resulting in legal and financial problems for themselves and their heirs. Here are five common mistakes high net worth individuals make when planning their estates: Continue reading “Common Mistakes in Estate Planning for High Net Worth Individuals”
Five Ways to Avoid Legal Problems With Estate Planning
If you are getting older or have a chronic illness, you may have spent time thinking about what would happen to your loved ones if you were to pass away, or if you could no longer take care of yourself. Despite these concerns, you may have put off estate planning. By planning your estate properly, you can protect yourself and your loved ones from serious legal difficulties.
Here are five ways estate planning can benefit you and your family: Continue reading “Five Ways to Avoid Legal Problems With Estate Planning”
Five Reasons You Should Consider a Trust for Estate Planning
Although not the most widely known or understood estate planning tool, a trust may be extremely helpful for your personal needs. While a will might be fine for some, the advantages of a trust can be preferable for some estates. Here are five major reasons you should consider a trust for your estate planning needs: Continue reading “Five Reasons You Should Consider a Trust for Estate Planning”
What Does it Mean for a Will to Lapse?
When someone dies with a Last Will and Testament, their property is distributed in accordance with what the Will states. While preparing a Will can be a complicated and stressful process at the best of times, if not properly drafted, your wishes might not be realized when distribution of the Will occurs. For example, if a beneficiary under your Will has already died when distribution of your estate assets occurs, the issue of lapse will arise. Continue reading “What Does it Mean for a Will to Lapse?”
Five Ways to Protect Your Estate Through Your Will
If you are planning your estate and writing your last will and testament instead of using a Trust, the last thing you want to worry about is who might try to attack your estate when you are no longer around to defend it. However, if you are not careful, the distribution of your estate can become a massive debacle as family members and creditors all fight for a piece of the pie. If you decide to use a will instead of a Trust to distribute your estate, here are five ways you can use your will to protect your estate from this kind of chaos: Continue reading “Five Ways to Protect Your Estate Through Your Will”
Five Things to Consider When Planning Your Estate
Estate planning is an important task for anyone advancing in years, especially for anyone with a large amount of property that will need to be allocated after your demise. But what do you need to consider when you’re planning your estate? What can you do to avoid catastrophe when the worst comes to pass? Well, here’s five questions to ask yourself when you’re planning your estate. Continue reading “Five Things to Consider When Planning Your Estate”
Voluntary Administration Proceedings for Small Estates
When a parent dies without a Will and leaves behind money (example $10,000) in a sole checking account, a proceeding would be governed by the small estate process. Not all estates require a full probate or an administration proceeding. If the deceased passed away after January 1, 2009 and has $30,000 or less in personal property, they are entitled to a voluntary administration proceeding, which is a simplified Surrogate’s Court procedure.
Continue reading “Voluntary Administration Proceedings for Small Estates”
