When it comes to a person's will, administering their estate and dealing with the possibility of probate, there are many legal steps that need to be followed. For example, with a will, a personal representative must be selected by the individual. This representative...
About a month ago, we concluded our three-part series on wills, and the many different situations that can arise with this important document. We talked about the changes you can make to a will; the ways in which you can revoke your will; and the legal challenges that...
When it comes to executing an estate, the tax implications for that estate are going to be important. Now, most estates don't run into the problem of qualifying for the federal estate tax, which sits at $5.43 million for 2015. However, some do, and even if you don't...
Many people know about estate plans, and they've probably heard the phrase "probate" thrown out into a conversation before -- but they may not know what that important phrase means.Probate is simply the legal process involved when fulfilling the last wishes of a...
When people think about estate plans, they probably think about an older person organizing and structuring their estate plan. The older person may even be close to death. The point is that most people think of estate plans as "something that older people do." If you...
In the second installment of our three-part series on wills, we talked about changes in your will (and your life). Your will is a constantly evolving document, but in order to make this evolution happen, you have to remain organized and make the necessary changes to...
In our last post on the subject of wills, we talked about revoking a will. This is an important step for many people out there who are looking to create a new will or want to change their will -- which leads in to today's subject.Altering a will is another very...
In estate planning, the will is one of the most important documents involved in the plan. Any person should that holds assets or has any amount of wealth should consider drafting a will. Once that will is drafted, though, you shouldn't think that you're set for the...
Probate describes the legal process used to transfer title to your assets – a home, cabin or vehicle – either through a will or in accordance with the law. All wills (testate estates) need to go through probate, but the complexity and degree of court involvement...
An estate plan needs to be a living set of documents that change with your life circumstances or they do no good.What can go wrong? An easy example occurs frequently with beneficiary designations. Failing to change a beneficiary after divorce could even leave a 401(k)...
