Creating an estate plan is a bit like going to the dentist; in that most of us know we should do it, but there's always an excuse to put if off a little while longer. In fact, over half of all Americans have yet to create an estate plan. One common excuse people give for not having an estate plan is they don't yet need one. So, when should you talk to an estate planning attorney about creating your estate plan? The answer is simple. Every adult should have at least a basic estate plan in place. … [Read more...] about When Should You Talk to an Estate Planning Attorney about Creating Your Estate Plan?
Creating a comprehensive estate plan typically involves goals that reach beyond the simple division of your assets upon your death. Probate avoidance, for example, is a common goal of estate planning. Understanding the drawbacks of probate will help you understand why you may wish to include probate avoidance in your estate plan. Probate is the legal process that follows an individual's death. The purpose of probate is twofold-to account for and value the decedents estate property and to … [Read more...] about What Are the Drawbacks of Probate?
Although the primary goal of an estate plan is to determine how your estate assets will be distributed when you die, another common goal is to avoid probate. There are a number of reasons why avoiding probate is a worthwhile goal. Understanding those reasons can help you develop an estate plan that allows your estate to avoid probate to the extent possible. In many cases, completely avoiding probate is not possible; however, there are many estate planning strategies that can significantly … [Read more...] about Can My Estate Avoid Probate?
While the primary goal of any estate plan is to determine who will receive your estate assets when you die, there are usually a number of secondary considerations that go into creating any estate plan. One of those goals is usually the avoidance of probate. Probate is the legal process that most estates must go through when someone dies. During the probate process, your estate assets will be inventoried and valued, your estate and personal bills will be paid, and eventually the remaining assets … [Read more...] about Probate – Why Your Estate Plan Should Avoid It