You’ve probably heard the stories about what happens when a family member dies without doing any estate planning… and if you haven’t heard them, I could fill a book! The vacuum left by the death of a loved one can produce some strange and unfortunate reactions. Slights (or perceived slights), feelings of unfairness and quirky family dynamics,…
DetailsHandling an estate for a loved one who has passed can be a real headache, but someone needs to do it. If the loved one has done his estate planning, the process will be easier than it would be if he has done nothing. Most estates, however, have to go through “probate”, and the probate…
DetailsOther aspects of estate planning are more complex, but choosing a trustee is one of the more difficult decisions to make. Conventional wisdom suggests that people should have several trustees in order of succession, but sometimes choosing even one successor trustee can be difficult. This is true whether we are talking about a living trust that is…
DetailsPeople often confuse executors and trustees. Both roles are important when it comes to estate planning, but the roles are distinctly different. Understanding the difference between executor and trustee will be helpful when you think about doing your estate planning. Simply put, executors are to Wills what trustees are to Trusts. An accurate picture of the…
DetailsAn article we did on our Family Law website highlights the difference between marital and non-marital property owned by spouses. Marital property gets divided between the spouses if there is a divorce, but non-marital property doesn’t get divided in a divorce. Non-marital property remains the property of the spouse in whose name the property is…
DetailsA beginning question for couples who want to avoid probate by using a trust or trusts is whether to use a single, “joint trust” or to use separate trusts, one (or more) for each spouse. There is no one-size-fits-all answer. Many couples own all or most of their property jointly, and couples naturally want to duplicate…
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If you have an estate plan, count yourself among the responsible few. Most people do not have one. Even if you have an estate plan, however, you should review it periodically to be sure it will meet your needs as times and circumstances and how you view your world change – and they will. When should…
DetailsPeople like stories, and I have gathered a few in the years I have practiced law. During the time I have been representing people doing estate planning and handling estates, I have seen many things, both good and bad, that are examples of what to do and what not to do. Most of the bad stories involve not…
Details“Avoiding probate” is a buzz word that is often stated and sometimes confused. The probate process is often misunderstood, even by people who are sure it should be avoided. Wills do not “avoid probate”, and probate does not subject an estate to taxation, though both concepts are often believed to be true. So, what is…
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