The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, and courts, as well as potential delays. The good news: Many […]
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. Wills are filed at the courthouse, and therefore probated estates become a matter of public record and can be seen by everyone. That means your nosy neighbor Nellie can simply go down to the […]
Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their […]
After a loved one dies, their money and property must be distributed to the right people, either according to their will or the state’s default distribution scheme (found in its “intestacy” statute). While most people want the settlement process to be done ASAP, probate can take between 3 months to a year or more. This can […]
The person you choose to be your executor (sometimes called a personal representative) will play an extremely important role, as that person will be responsible for gathering, securing, managing, and ultimately distributing your money and property when you pass away. As a result, you should make your selection only after careful consideration regarding who is the […]
For many people, a revocable living trust is a valuable tool to ensure that their finances are well managed during periods of incapacity and that their loved ones are financially secure upon their passing. Signing the trust agreement doesn’t end the estate planning process, but you also need the trust to be funded in order to […]
We live in a litigious society. Unfortunately, even family members sometimes file lawsuits because they are dissatisfied with what their parents or loved ones leave them in a will or trust. Some are so disgruntled that they decide to contest or challenge the validity of a will or trust, which can delay its administration for years […]
A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs.” In effect, when you buy a savings bond, you are loaning the U.S. government money which is repaid with interest after a fixed period of time. There are currently two […]
