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Wills and Estate Planning Resources

admin — Thu, 02 Apr 2009 01:23:13 +0000

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Learn how to protect your estate and assets.

SaveWealth Estates - Guide to estate planning.

Free Advice - Estate planning articles and FAQs from Free Advice.

Nolo - Making a no-frills will.

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Lawyers.com - Wills and probate info from Lawyers.com

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Resources for Avoiding Probate

The CPA Journal - Avoiding Probate

Legal Help Mate - Try to Avoid Probate

LegalZoom - Probate, and Reasons to Avoid It

National Education Association - How Living Trusts Avoid Probate

Ric Edelman - Two Ways to Avoid Probate

First American Bank - Ways to Avoid Probate

Nolo - An Introduction to the Most Popular Ways to Avoid Probate

Nolo - A Handful of Reasons to Stay Out of Probate Court

Free2EstatePlan - Reasons for Avoiding and Ways to Avoid Probate

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Things You Should Know About Probate

admin — Thu, 02 Apr 2009 01:17:07 +0000

Probate is the legal process of determining how the estate of a deceased individual should be distributed. It can be a long and confusing process for those involved. Because most people have never gone through the probate process, there is a general lack of knowledge of probate by many who are facing the responsibilities inherent to probate.Although it is never an easy process, having a sufficient knowledge and understanding of probate will lower your stress, and increase your comfort level. Some of the things you should know about probate include the following:

If a valid will exist, the executor named in the will is responsible for carrying out the instructions of the will.
If a valid will does not exist, the court will appoint an administrator to perform the duties of the executor.
The probate process will occur in probate court. Each state has its own laws and procedures, but most states have courts specifically designed to deal with probate.
All creditors of the deceased will have an opportunity to make claims against the estate for any outstanding debts. The court will determine if the claims are legitimate, and any bills will be paid out of the estate.
Probate will vary in length, but typically will take 6 months to a year, with more complex estates requiring even longer.
Heirs to estates in probate may be eligible to receive cash advances on their inheritance, avoiding the waiting period of probate. For more information, please see our Inheritance Cash Advance page.
Not all assets are subject to probate. Certain assets, such as life insurance policies and retirement accounts name beneficiaries that are able to attain ownership of the asset.
Probate can be partially or completely avoid with proper estate planning. If you would like to make the process easy on your heirs and beneficiaries, proper estate planning is crucial. For guidance in estate planning, please visit Do It Yourself Asset Protection.
Real estate that is held up in probate may be sold before the probate process is complete. If you are interested in selling real estate, please visit our Probate Real Estate page.

Termination of a Revocable Living Trust

admin — Thu, 02 Apr 2009 01:14:44 +0000

Revocable living trusts are intended to avoid probate and to distribute the assets as the deceased individual intended. Much time and attention is dedicated to planning and preparing the trust, but how does the process carry out and conclude?

The first step is for the named trustee to gather and value the assets held in the trust. In some cases, such as life insurance, assets will be added to the trust after the death. During this process all creditors are identified and outstanding debts and bills are paid.

Notices of death are sent by the trustee to beneficiaries and creditors. During this time creditors are able to make claims against the trust.

After claims have been made and creditors have been paid, the trustee will determine if estate taxes are due.

After taxes have been paid, the trustee will carry out the wishes of the deceased person. Instructions of the trust are followed as the assets are distributed to beneficiaries, without the need for probate

The Steps Involved in Probate

admin — Thu, 02 Apr 2009 01:11:40 +0000

If you are an executor to an estate in probate, this article should help you to understand the basic steps of the probate process. Each step can vary greatly in length. Typically, probate takes at least six months to a year, with more complex estates requiring more time.

Not all assets are subject to probate. Life insurance policies and retirement accounts will normally name a beneficiary, in which case probate is not needed. The asset is then passed directly to the beneficiary. Other assets, such as payable-on-death bank accounts and transfer-on-death securities work in a similar fashion. Jointly owned assets and property may also avoid probate. Also, property held in a living trust is not subjected to probate. With a living trust, documentation is provided to the court and the assets are distributed as directed in the living trust.

For all other assets, the first step of the executor is to inventory and collect all assets. Creditors will have an opportunity to make claims against the estate. Those claims will be inspected to determine if they are valid.

Following collection of the assets, creditors should be paid from the estate. This includes and necessary state and federal taxes (executors are encouraged to hire a probate attorney to assist in this process).

Lastly, the remaining assets of the estate are distributed as instructed in the will

Intro to Probate

admin — Mon, 30 Mar 2009 03:24:35 +0000

Probate is the court-supervised process of ensuring that an estate is properly distributed upon a person’s death. The assets of the estate are distributed to heirs, beneficiaries and creditors accordingly. Typically, a will is written to legally formalize plans for distribution of the estate.

Not all property of the estate is subject to probate. Certain types of assets are able to be passed or designated without probate. These types of assets include life insurance policies, payable on death bank accounts and transferable on death securities. Many individuals make significant efforts to arrange their assets so that probate can be avoided. There are several advantages in avoiding probate, including a reduction of fees and quicker distribution. (For more information on avoiding probate, see our article Why Avoid Probate?)

Probate laws vary from state to state; however, the primary process is consistent in most states. Probate may be contested or uncontested. Most of the time it will be uncontested, but sometimes an heir or a creditor will contest that they are entitled to a larger share. Contention can also be made that the will was not completed legally. Each jurisdiction will have a specific length of time that the estate must be open, in order to allow creditors to contest the distribution. Generally, disinterested parties (can be relatives, but not beneficiaries) appraise the assets of the estate.

An estate falls in to one of two categories:

1 – Testate – An estate with a valid will.

2 – Intestate – An estate without a valid will (ruled invalid by the state).

Typically an executor (male) or executrix (female) will be named by the decadent (the deceased individual) to carry out the responsibilities during probate. The executor will be made official by the court. If an executor is not named, the court may appoint a personal administrator to fulfill the necessary duties.

Keep in mind that probate laws and processes vary from state to state, and not each case is the same.
Please see the following related articles and resources:

Why Avoid Probate?

Probate FAQ

Probate Glossary
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Intro to Estate Planning

admin — Mon, 30 Mar 2009 03:23:01 +0000

Effectively prepared estate planning can help your heirs save a great deal of time and money. By taking the time to carefully document the estate plan it is possible to reduce or eliminate the need for probate, thus getting the inheritance to the heirs quickly and avoiding many of the costs probate, as well as reducing taxes.

Estate planning is necessary to assure that your hard-earned assets will be passed on and distributed according to your wishes. If you die without a will or estate plan, probate courts will determine how the estate is to be distributed, and it will be done on their schedule (which can be very long and drawn out).

Probate is the process of legally validating a deceased person’s will, which commonly takes up to a year. During probate, the assets of the estate are handled by the executor.

Simply having a will does not mean that the estate will avoid probate. Proper estate planning will avoid probate by using revocable living trusts, joint tenancy, life insurance that names a beneficiary, retirement accounts that name a beneficiary, and payable-on-death bank accounts.

Revocable livening trusts are intended to avoid probate. A trust allows you to transfer your assets into the trust and designate a beneficiary. Typically, the individual who owns the assets and is creating the trust will be named as the trustee. By being the trustee, you remain in control of the assets. Successor trustees are also named. The successor trustee will be responsible for the assets and distribution upon the death of the trustee.

In order to create a revocable living trust, seek the help of a qualified professional estate planner. If you are interested in creating the estate plan yourself, several products are available online to guide you through the process, including Do It Yourself Asset Protection

The Role and Responsibilities of the Executor of an Estate

admin — Mon, 30 Mar 2009 00:50:06 +0000

The executor of an estate has a great deal of responsibility. Typically, the executor will be a family member of close friend of the deceased individual. The responsibilities of the executor come with many legal obligations. The normal duties of the executor include, but are not limited to, the following:

Administer the Estate

This includes collecting all of the decedent’s assets. The executor will need to consult with banks and other institutions where accounts were held, and life insurance proceeds should be collected. All real estate deeds and mortgages will be gathered and organized. The home should also be checked for cash or valuables that are stored or hidden. Securities should be transferred to the name of the executor until they are distributed to the heirs. If any rental properties were owned, the executor must also maintain and manage those properties. An appraiser may need to be hired to determine the value of certain assets.

The executor will be responsible for probating the will. Probate is the process by which the will is legally validated by the court. During probate creditors will have the opportunity for making claims against the estate for any unpaid or outstanding debts. The executor, along with the court, will determine which claims are legitimate, and will make payment to those creditors from the estate. Many times during probate the executor will need to determine liquidity needs of the estate. This may include booking of records, reviewing assets, and selling certain assets. Attorney fees and executor’s fees will be paid from the estate.

Distribute Assets

After all of the assets have been identified and gathered, necessary tax forms (federal and state) should be filed and taxes should be paid from the estate. If the will provided any instructions for charitable donations, the executor should follow those instructions. Finally, the remaining assets of the estate will be distributed to the heirs and beneficiaries as the decedent intended.

The above descriptions provide generalizations of the executor’s role. Fortunately, executor’s have the option of hiring a probate attorney to help with the process. Most executors do not have experience with probate and do not have the time to complete all of the necessary tasks. To find an attorney in your area, please visit our Find a Probate Attorney page

Why Avoid Probate?

admin — Mon, 30 Mar 2009 00:43:56 +0000

The purpose of probate is for the court to properly distribute the assets of an estate. If adequate measures are taken during one’s lifetime, some or all of the assets may be correctly distributed without going through the probate process. There are four primary reasons to avoid probate:

The beneficiaries receive more of the estate. Probate can be very costly. The estate may be charged for court fees, attorney fees, and fees for personal administration. Avoiding probate altogether usually means that estate will retain more assets to distribute to the beneficiaries. Most of us would rather have our assets go to loved ones than to attorneys and to the state.
The assets are distributed faster.The probate process can take months, or longer. Beneficiaries do not receive the assets until distribution, which comes at the conclusion of probate (certain assets may be distributed earlier). Without probate beneficiaries are able to attain ownership of the assets much earlier.
Probate can require a lot of work for the heirs.Typically, heirs are not familiar with the probate process, which makes the work more time consuming and more difficult. Avoiding probate can spare the heirs of countless hours of work.
In probate the court has final determination of who receives the assets.Probate is intended for the proper individuals and creditors to receive the rights to the assets of the estate; however, the court has the right to distribute assets as it sees fit. By avoiding probate one can be certain of where the assets are going.

Related Articles:

Intro to Probate

Things You Should Know About Probate

The Steps of Probate

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