Creating a successful estate plan requires you to integrate a wide variety of needs and goals into one cohesive plan. To do that, a better understanding of the various estate planning tools and strategies is helpful. For example, knowing what the relationship between living trusts and probate is may cause you to rethink how you distribute the majority of your estate assets after you are gone. What a Last Will and Testament Can -- and Can’t -- Do for You A Last Will and Testament is a legal … [Read more...] about Living Trusts and Probate
One of the most common secondary goals included in estate planning is probate avoidance. You may, in fact, have heard people discussing the importance of avoiding probate and/or the desirability of doing so. If you are unfamiliar with the probate process, however, you may not fully understand why avoiding probate is such a popular goal. To help clear that up, Ray German, attorney at German Law Group explain the top three reasons for avoiding probate. What Is Probate? When most people die, they … [Read more...] about Top 3 Reasons for Avoiding Probate
The time period following the loss of a loved one is typically an emotional, and often stressful, one. If you also learned that the decedent appointed you as the Executor of his /her estate, the stress level will likely increase for you, particularly if you have never been through the probate process before as the Executor. With that in mind, a Grand Forks probate attorney offers the following tips that may help you navigate the probate process efficiently, and with a minimum amount of … [Read more...] about Tips for Getting through the Probate Process
You undoubtedly think of a Last Will and Testament as the Testator’s opportunity to decide precisely what happens to his or her estate assets after death. In most instances, that is exactly what happens –the decedent’s Will is used to probate the estate and, therefore, determine what happens to the estate assets. Sometimes, however, a challenge to the validity of the Will is filed. If the contestant is successful with that challenge, the Will is declared invalid and the estate is probated using … [Read more...] about The “No Contest” Clause
Despite admitting to understanding how important it is to have a comprehensive estate plan in place, over half of all Americans do not have one. When asked why they have yet to create an estate plan, one of the most common responses boils down to a lack of knowledge about the entire process. Basically, people do not know much about Wills and probate so they are intimidated by the thought of trying to create an estate plan. While this response is certainly understandable, it is something that can … [Read more...] about 10 Things You Need to Know about Wills and Probate
If you have never given much thought to the subject of estate planning, you may harbor some misconceptions. It can seem as though a last will would be a logical choice for an asset transfer vehicle if you want to make sure that you keep things simple for your loved ones after you pass away. In reality, the heirs to the estate do not receive their inheritances right away when a will is used, because the will must be admitted to probate. This is the legal process of estate administration. … [Read more...] about Probate and the Uniform Probate Code
Before we explain why someone may want to avoid probate, we should provide a basic explanation of the process itself. Probate by definition is official proving of a will or determining it's validity. The probate court will supervise the administration of your estate if you pass away while you are in direct possession of property. The property would be looked upon as probate property, and it could not be distributed to the heirs right away. During probate the court would examine the will to … [Read more...] about Why Would Someone Avoid Probate?
In Minnesota, if you pass away in direct possession of personal property, this property becomes probate property. Probate is the legal process of estate administration. The executor is empowered to administer the estate, but the administration is supervised by the probate court. The process of probate in Minnesota is in place to provide protections, but there are also some drawbacks that go along with it. This is why people often choose to implement probate avoidance strategies. Click here … [Read more...] about Free Report: Probate in Minnesota – Can It Be Avoided?
One of the factors that people often overlook when they are not completely informed about estate planning is the impact that probate can have after you pass away. You may assume that the executor that you name in your last will can distribute assets to your loved ones immediately after you die. In fact, this is not the case. The estate must be probated before the inheritors receive their bequests. This process takes place under the supervision of the probate court. We should point out … [Read more...] about What Is the Cost of Probate?
You may assume that you should use a last will to facilitate future asset transfers. If you do use a last will to state your final wishes regarding the distribution of your property, the will must be admitted to probate. The estate administrator is the executor of the estate. You nominate an executor when you create your last will. The executor will handle the business of the estate, but the probate court will supervise. During probate the court must determine the validity of the will. If … [Read more...] about How Long Does the Probate Process Take?