Losing a loved one is emotionally challenging. This difficult time can bring legal complications when the person’s passing coincides with the absence of a will—or any other form of estate planning. In such situations, our office will guide you through the legal challenges that may surface when determining heirship. Over the past few months, we have discussed locating estranged beneficiaries when there is a will and Read More
Probating A Will After Four Years
In our previous post, we discussed what happens to a will if it gets probated within four years of someone’s passing. We looked at this through the lens of estranged beneficiaries, representing a more typical process. Conversely, there are situations where people don’t probate a will after someone has passed away. This could happen for several reasons. People do not understand what probate is or realize they need to Read More
Estranged Beneficiaries When There Is A Will
Our next series of blogs will center around the concept of estranged beneficiaries. How they factor into the probate process largely depends on whether there is a will and when the will goes through probate. Today, we will look at the scenario of someone passing away with a will that is probated shortly after their passing. In future posts, we will explain how the process differs when a will is probated more than Read More
A Method For Avoiding Probate
After drafting a plan with your attorney or dealing with a loved one’s estate after passing away, you will appreciate the importance of titling assets. When a person passes away having only completed a will (or nothing at all), their assets will be subject to probate. Previous blogs explained the probate process when you pass away with and without a will. Though we are not here to discuss the probate process, one Read More
Leaving Your Children Unequal Shares
When you make the decision to have a Will drafted, you want it to express your wishes and make things simpler for the loved ones you leave behind.You will determine how your assets will be distributed, choose an executor of your estate, and may select a guardian for your children. When the Will we drafted to your specifications is finalized, you can be confident that you have a valid legal document. However, there Read More
The Importance of Beneficiary Designations
One of the most common excuses people use to avoid estate planning is that they simply don’t have enough assets to justify the cost of creating a plan. Estate planning encompasses more than just your assets as you will name guardians for your children. However, people often have more assets than they realize. For example, how much money is tied up in your 401(k), IRA, or life insurance policy? When you meet with an Read More
What Is Ancillary Probate?
There is a need for ancillary probate when you own property outside your state of residence at the time of your death. When a Montana resident has separate property in Texas, probate must be completed in both states. Ancillary probate is required for the transfer of ownership to occur. It is important to note that this extends to any residential property. For example, you could own a second piece of real estate as a Read More
Why Everyone Should Have A Durable Power Of Attorney
CNBC conducted a survey and reported that 67% of Americans do not have an estate plan. The root cause of why they overlook it can be traced back to a variety of reasons. Young professionals may assume that it isn’t a priority because of their age and that they have ample time to create one. Others could hold the false position that they simply don’t have enough assets to warrant the costs of hiring an Read More
Updating Your Estate Plan Is Paramount
When you look at estate planning as a process rather than an isolated event, the need for updating it is apparent. Although attorneys can provide the tools you need to ensure your assets go to designated beneficiaries, estate planning can accomplish significantly more. Parents can select and identify guardians for their children. People can designate agents to act for them using a durable power of attorney or a Read More
What Are the Responsibilities of an Executor?
The executor of a Will should be a person you trust to carry out all of the tasks associated with managing and distributing your assets after you have passed away. This process will take at least a few months and can take years, depending on the nature of the assets and the complexity of the distribution plan. Executors have fiduciary duties to the estate, beneficiaries and in some cases creditors. Fiduciary duty Read More
