The world of estate planning can be complex. If you have just started your research or are in the process of setting up your estate plan, you’ve likely encountered discussions of wills and trusts. While most people have a very basic understanding of a last will and testament, trusts are often … [Read more...] about Testamentary v. Inter Vivos Trusts
Wills
Responsibilities and Obligations of Personal Representatives
When a person dies with a Will in place, a Personal Representative or Executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a Will has not been prepared, the probate court will appoint someone to that role. Whether you have been named or … [Read more...] about Responsibilities and Obligations of Personal Representatives
How to Leave to Stepchildren
Today, blended families have become increasingly common, and many individuals have stepchildren. In situations where stepchildren have not been legally adopted, however, they do not have a legal right to an inheritance from a stepparent. For those who wish to leave stepchildren part of their estate, … [Read more...] about How to Leave to Stepchildren
The Difference between Equal and Equitable Inheritances
When it comes to estate planning, many individuals believe that dividing assets equally among adult children is the best choice. However, there are situations in which leaving each child the same amount might not be practical. For this reason, it is important to know the difference between an equal … [Read more...] about The Difference between Equal and Equitable Inheritances
Leaving a Timeshare to a Loved One
Timeshares are a popular piece of property for people who enjoy vacationing. But timeshares can create complications when it comes to estate planning. If you have a timeshare you need to consider how it will be handled in the event of your death. You may have some options in how to handle the … [Read more...] about Leaving a Timeshare to a Loved One
Preventing Will Contests
So, you have a will, but is it valid? A will can be contested for a multitude of reasons after it is presented to a probate court. It is in your best interest to have an attorney draft the will to prevent any ambiguity in the provisions of the document that others could dispute later. A will may … [Read more...] about Preventing Will Contests
Will or Won’t? Things a Will Won’t (or Can’t) Do
Wills offer many benefits and are an important part of any estate plan, regardless of how much property you have. Your will can ensure that after death your property will be given to the loved ones you designate. If you have children, a will is necessary to designate a guardian for them. Without a … [Read more...] about Will or Won’t? Things a Will Won’t (or Can’t) Do
Things to Consider When Picking an Executor
The role of an executor or Personal Representative is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets according to the will, the maintenance of assets until the will is settled, and the … [Read more...] about Things to Consider When Picking an Executor
Why Shouldn’t I use a Form from the Internet?
In this computer age, when so many tasks are accomplished via the internet -- including banking, shopping, and important business communications -- it may seem logical to turn to the internet when creating a legal document such as a will. Certainly, there are several websites advertising how easy … [Read more...] about Why Shouldn’t I use a Form from the Internet?