Your last will and testament is just one part of a comprehensive estate plan. If a person dies without a Will they are said to have died “intestate” and state laws will determine how and to whom the person’s assets will be distributed.
Some things you should know about wills:
A properly executed will is usually the first step in creating an estate plan; however it’s merely the first step of many.
We have found the answer to the tedious problem of settling the estate of a loved one. With our TrustCASE™ system we map out the estate administration up front. This step-by-step process relieves the family of much of the stress and hassle.
Because probate can be a lengthy and costly process, many people choose to avoid it. The average cost to settle an estate in probate can range from 2-4% of the gross value of the remaining assets. While the average time it takes to complete is at least 12-18 months.
There are a several legal strategies that will allow you to pass property to another person after death, without going through probate:
Revocable Living Trust. This legal document allows you to establish a separate entity (the trust) to hold legal title to your assets while you are alive. Typically, you would serve as the trustee managing the assets for your own benefit. Upon your disability or death, the trust would appoint a successor trustee to manage or distribute the assets.
probate | noun | PRO-bate. Settling the estate of a loved one. Usually drawn out, expensive, unpredictable, and frustrating. No more. Our TrustCASE™ system provides for quick family-lawyer collaboration, predictable legal services, and a single, flat fee. Why TrustCASE? To be honest, as lawyers we’d rather be loved than to be seen as part of […]
With increasing rates of life expectancy, multiple marriages and the ability to survive disabilities and injuries, the need to protect what we hand down to our heirs also increases. The best way to address these challenges is by implementing an estate plan that includes a lifelong trust for each child.
“If something bad happened to me, or I suddenly passed away, who would take care of my children?” It’s not a pleasant thought, but if you’re a parent, it’s highly likely that you’ve asked yourself this question numerous times. Appointing a legal guardian for your kids is a weighty decision -- but it’s a decision that must be made, nonetheless.
The Supreme Court ruled that inherited individual retirement accounts aren't protected in bankruptcy. The issue now becomes how to protect these plans within a solid estate plan.