Many people hear the term “probate” when taking the time to plan their estate, but they usually aren’t quite sure what the term really means. It can be confusing to understand the probate process, as well as how probate planning fits in with your estate planning. Did you know that probate can be avoided? Did you know…? If you have no estate plan or a simple plan (only a will) and you own assets in your individual name, your affairs will be handled through probate court when you die. If you … [Read more...] about Probate: Did You Know…?
Probate
What Are the Duties of an Executor?
If you’re planning your estate and creating your will, you will have to choose a reliable executor to handle your estate’s affairs. It’s important to understand the duties that are required of an executor, so that you choose a trusted helper who is capable of handling all of your affairs. Take a look at some of the information below, to better understand the responsibilities of an executor. If you have any questions, or if you’d like help choosing an executor, contact an estate planning – … [Read more...] about What Are the Duties of an Executor?
Why You Need to Name Back Ups in Your Estate Planning Documents
You need to name back up trusted helpers in your estate planning documents because as life rockets along, people and circumstances change. For example, the trusted helper you named to raise your minor children may not be able to serve when the time comes. Jan was a single mom. She had a great relationship with her only sister, Becca. So, when Jan had her two children, Elle and Eric, she named Becca as their guardian in her will. Becca carefully considered the responsibilities and … [Read more...] about Why You Need to Name Back Ups in Your Estate Planning Documents
When Probate is a Benefit
When you think of estate planning, most of the time the first thing that will come to mind is finding methods that will help keep your estate out of probate. It’s true that in many cases this is the best for the family and the estate, but in some cases probate might actually be beneficial. For most small to medium estates, probate can easily be avoided and is also unnecessary in many cases, but with larger estates there may be some benefit to letting the estate go through probate. The main … [Read more...] about When Probate is a Benefit
Should You Amend Your Will
There could be any number of reasons why you might want to amend your will. Possibly you have changed your mind about who your beneficiaries will be, or you have added significant assets to your estate and must change your will to reflect your changing situation. At one time, it was common for people to simply go to an attorney and have their will amended to reflect the changes that they wanted, but today this is no longer practical for many reasons. The first being that the laws change on a … [Read more...] about Should You Amend Your Will
How NOT to Avoid Probate
One of the goals people often have in estate planning is to avoid probate – the legal process that administers and settles an estate. Probate has the reputation of being costly and taking too much time, and this reputation is well deserved. But to avoid probate, you should work with an estate planning attorney, in order not to make this costly mistake. Transferring your home into the name of a family member can be such a mistake. All too often, we have seen people execute deeds that include … [Read more...] about How NOT to Avoid Probate
Does Probate Have Advantages?
There are several estate planning tools that allow property to avoid probate, the legal process that administers and settles the estate of a deceased. But are there any advantages to probate, would it actually help an estate? There are several tasks that take place in probate, such as paying the bills of an estate, notifying creditors, notifying heirs and beneficiaries of the death, as well as passing the title of property. Some of these tasks can benefit certain estates. 1. … [Read more...] about Does Probate Have Advantages?
Who Pays the Bills When you Die?
When you pass away, what happens to your bills? Unfortunately, they live on, and one of the tasks that takes place in probate, the legal process that administers an estate when someone dies, is the payment of debt of the deceased. So who is tasked with this chore? Your estate’s executor handles this and many other duties during probate. Other tasks that take place during probate include: Assets are inventoried; Creditors are located and notified of the death; Beneficiaries (if there was … [Read more...] about Who Pays the Bills When you Die?
The New York Surrogate’s Court Defined
Probate Court in the State of New York is called Surrogate’s Court, and it involves many terms that may be unfamiliar to the general public. We define several terms used in probate proceedings: Ancillary Probate: An ancillary probate is a supplemental probate proceeding held in a State where the deceased owned property but did not live. Codicil: A will document that amends, but does not replace, a previously executed will that may add or revoke small provisions within the … [Read more...] about The New York Surrogate’s Court Defined
The Frequently Asked Questions of Probate
Probate is the process of validating a will and administering the estate of a deceased. Many estate planning techniques are used to avoid probate, as the process can be lengthy and incur fees. But if you’ve not had to deal with the probate process, you may have several questions, and we’ll address the most frequently asked questions regarding the probate process. If a person has a will, does their estate go through probate? Yes, every estate goes through probate, but on the other hand, not … [Read more...] about The Frequently Asked Questions of Probate
