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How often should people review and update estate plans?
Many adults dislike the idea of estate planning. They know that it is necessary for their peace of mind and the protection of their families. However, they delay the process because they view it as unpleasant or expensive. Those who have wills and other estate...
Formal vs. informal probate: What is the difference?
When someone passes away, their estate may need to go through probate. Probate is the legal process of managing and distributing assets based on an individual's will. If they do not have a will, state laws will decide how the assets are distributed. There are two main...
Do disinherited adult children have grounds to contest a will?
Losing a parent is a tragedy, but it is also a rite of passage for many middle-aged adults. Most children outlive their parents unless something unusual occurs. Adult children who have lost a parent have to grieve and also have to address many practical challenges....
Some simple estate planning steps can minimize family conflict
No matter how close your family is, you can never predict the ability of money and coveted assets (whether monetarily valuable or not) to tear them apart after you’re gone. This can be avoided, or at least minimized, by simply putting some extra time and attention...
3 types of taxes that may be due during estate administration
Probate proceedings and estate administration can be relatively demanding. The personal representative who oversees the probate process has many different responsibilities. They must secure and properly manage estate assets. They must attend probate court hearings and...
3 medical conditions that could affect testamentary capacity
There are a limited number of legal reasons why people might pursue litigation against an estate. Sometimes, people have reason to suspect that an outside party may have unfairly influenced the estate plan by pressuring the testator when they were vulnerable. Other...
What is the purpose of a trust?
A will is an important document to secure a testator’s legacy. However, complications may arise when an estate plan only has a will, such as probate, challenges and estate taxes. A trust can be made to protect an inheritance. A trust is an arrangement with a grantor...
Preventing sibling challenges when serving as an executor
A personal representative has to make time to attend court hearings as well as locate a will and secure high-value assets. Their obligations can easily last for a year or longer depending on the extent of the estate and the creditor claims that arise. In some cases,...
Naming the right guardian is a key parental responsibility
Becoming a parent means taking on a broad assortment of responsibilities. Parents have the daunting task of keeping a newborn alive. They also have to consistently meet the basic needs of their children. Parents have a legal obligation to provide shelter, nutrition...
Understanding ancillary probate
Ancillary probate is a secondary probate process that occurs when someone owns property in more than one state at the time of their passing. While primary probate is conducted in the state where the deceased resided, ancillary probate may be required for assets...