Posts Categorized: Probate

The Pros and Cons of Probate

by Tara Cheever ~ Attorney at Law November 21, 2022 Estate Planning, Probate, Trusts, Wills

In estate planning circles, the word “probate” often carries a negative connotation. Indeed, for many people – especially those with valuable accounts and property financial planners recommend trying to keep accounts and property out of probate whenever possible. That being said, the probate system was ultimately established to protect the deceased’s accounts and property as well as their family, and in some cases, it may even work to an advantage. Let us look briefly at the pros and cons of going through probate.

For some situations, especially those in which the deceased person left no will, the system works to make sure all accounts and property are distributed according to state law. Here are some potential advantages of having the probate court involved in wrapping up a deceased person’s affairs: READ MORE

Why a Trust Is the Best Option to Avoid Probate

by Tara Cheever ~ Attorney at Law November 4, 2022 Estate Planning, Probate, Trusts

Establishing a trust can seem a bit complicated, and the process can cost a bit more initially than preparing a will. However, if you are willing to invest a little more upfront, a trust can be your best option for avoiding probate later. 

The key to effective planning that minimizes the likelihood of a drawn-out, contentious, expensive process is to work with highly qualified, trusted people. Find a lawyer who genuinely cares about you and your loved ones and who knows how to forge the right strategy for all of you. Give us a call today to learn more about the next steps for achieving the peace of mind you deserve. READ MORE

Three Celebrity Probate Disasters and Tragic Lessons

by Tara Cheever ~ Attorney at Law October 28, 2022 Estate Planning, Probate

One would assume that celebrities with extreme wealth would take steps to protect their estates. But think again: some of the world’s richest and most famous people enter the pearly gates with no estate plan, while others have made estate planning mistakes that tied up their fortunes and heirs in court for years. Let us look at three high-profile celebrity probate disasters and discover what lessons we can learn from them.

These celebrity probate disasters serve as stark reminders that no one’s wealth is exempt from the legal trouble that can occur without proper estate planning. As always, we are here to help you protect your loved ones and legacy. Give us a call today to discuss protecting your hard-earned money and property and your loved ones. READ MORE

Three Reasons to Avoid Probate

by Tara Cheever ~ Attorney at Law October 21, 2022 Estate Planning, Probate, Trusts, Wills

When you pass away, your family may need to sign certain documents as part of a probate process in order to claim their inheritance. This can happen if you own property (like a house, car, bank account, investment account, or other assets) in your name only and you have not completed a beneficiary, pay-on-death, or transfer-on-death designation.

Although having a will is a good basic form of planning, a will does not avoid probate. Instead, a will simply let you inform the probate court of your wishes – your loved ones still have to go through the probate process to make those wishes legal. READ MORE

What Happens to My Spouse’s Debts at Their Death?

by Tara Cheever ~ Attorney at Law July 1, 2022 Estate Planning, Probate, Trust Administration & Probate, Trusts, Wills

Most Americans have some debt. The obligation to pay debts does not go away when a person dies. While most debts are paid by the deceased’s estate (money and property owned by the decedent at their death) and do not transfer to a surviving spouse or other beneficiaries, in some cases, you may be responsible for paying off your deceased spouse’s creditor claims.

If the legal duty to pay off a spouse’s debt falls to you, it has implications for your finances, so you will want to be clear on the laws where you live. If debt collectors contact you, know that you have rights as well. You should discuss questions about your debt payment obligations and rights with an attorney who specializes in estate planning and administration. READ MORE

Probate: What It Is & How To Avoid It – Part 2

by Tara Cheever ~ Attorney at Law March 22, 2022 Estate Planning, Power of Attorney, Probate, Trusts, Wills

Unless you’ve created an estate plan that works to keep your family out of court when you die (or become incapacitated), many of your assets must go through probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate – and keeping your family out of court – is often a central goal of estate planning. 

To spare your loved one’s the time, cost, and stress inherent to probate, last week in part one of this series, we explained how the probate process works and what it would entail for your loved ones. In part two, we’ll discuss the significant drawbacks of probate for your family and outline how you can help them avoid probate with wise planning. READ MORE

Probate: What It Is & How To Avoid It – Part 1

by Tara Cheever ~ Attorney at Law March 15, 2022 Estate Planning, Incapacity, Power of Attorney, Probate, Trusts, Wills

Unless you’ve created a proper estate plan when you die, many of your assets must first pass through the court process known as probate before those assets can be distributed to your heirs. Like most court proceedings, probate can be time-consuming, costly, and open to the public, and because of this, avoiding probate – and keeping your family out of court – is a central goal of most estate plans. 

It’s important to point out that even if you have a will in place, your loved ones will still be required to go through probate upon your death. Therefore, if you want to keep your family out of court and out of conflict when you die, you cannot rely solely on a will, and you’ll need to put in place other estate planning vehicles, which we will cover in further detail later.  READ MORE

Springing Financial Powers of Attorney

by Tara Cheever ~ Attorney at Law February 18, 2022 Estate Planning, Power of Attorney, Probate, Trusts, Wills

If you can no longer manage your affairs, you will need somebody to act on your behalf and in your best interest. A financial power of attorney (POA) is a legal document that lets you designate a trusted person to make financial decisions for you (sign checks, open a bank account, collect your mail, etc.). The financial POA can be immediate, meaning somebody else is authorized to act for you now and into the future, or it can be springing, that is, effective only if and when an event occurs (usually when you become incapacitated or unable to make decisions for yourself).

While every estate plan should feature a financial POA, a springing financial POA requires a little more nuance to overcome its limitations. Additionally, a springing financial POA can pose problems that may not be quickly resolved even when carefully written. That said, some people dislike the idea of making a financial POA effective immediately. They prefer to have a financial POA kick in only when necessary. READ MORE

Pour-Over Will: Not Your Average Will

by Tara Cheever ~ Attorney at Law January 28, 2022 Estate Planning, Probate, Trusts, Wills

If your estate plan is based around a living trust, you are probably familiar with the trust’s benefits over a standard will. Avoiding probate, reducing attorney’s fees, and providing privacy for you and your loved ones are the primary benefits of using a living trust.

Ideally, you transfer all your accounts and property into the living trust. At the same time, you are still alive by changing ownership from you as an individual to you as the trustee of the living trust or naming the living trust as the beneficiary of items such as life insurance or a retirement account. The trust, in effect, is a legal entity that is separate from your estate (the money and property you own). Since you create the trust while you are alive and will most likely name yourself as the beneficiary, you will continue to use and enjoy the accounts and property. READ MORE

My Loved One Has Died – What Do I Do Now?

by Tara Cheever ~ Attorney at Law July 2, 2021 Estate Planning, Probate

When a family member or other loved one dies, grief and shock can sometimes be overwhelming. The last thing most people want to think about is making phone calls or funeral arrangements. Some things do not need to be done immediately, but there are some steps that should be taken soon after the loss of your loved one. We hope the following guide will help facilitate this process during a stressful and emotional time. READ MORE

What Are the Rights of a Child Born Outside of Marriage?

by Tara Cheever ~ Attorney at Law May 20, 2021 Estate Planning, Probate, Trust Administration & Probate, Trusts, Wills

If you are a nonmarital child or have a nonmarital child, it is essential to understand how rights to inherit are formed and defined. Failure to adequately provide estate planning for a nonmarital child could be problematic for children and families attempting to assert their rights following the nonmarital father’s death. READ MORE

Simultaneous Deaths: What If My Spouse and I Die at the Same Time?

by Tara Cheever ~ Attorney at Law May 7, 2021 Asset Protection, Estate Planning, Personal Representative, Power of Attorney, Probate, Tax, Wills

The chances of a married couple dying in a common accident or within a very short time of one another are probably quite slim. However, it does happen. And it happens frequently enough that most states have laws to address the issue and the problems that can arise from simultaneous deaths. What are these laws, why do we need them, and can we work around them if we need to? READ MORE

My Trust is Signed, No Probate for My Family, Right?

by Tara Cheever ~ Attorney at Law June 6, 2019 Estate Planning, Probate

Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s important to be aware, however, that simply meeting with an attorney and signing a Trust does not mean your estate planning process is complete. Without properly funding your Trust, your assets could still be forced through the probate process. READ MORE