Scenario My grandfather left his estate to my dad and me. However, he never named an executor in the will. Unfortunately, dad drained most of the accounts when grandfather was on his deathbed. Now the estate is headed to probate, what happens? The executor to a decedent’s estate is a fiduciary to the beneficiaries and…
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Scenario I lost a relative recently, but he left a will behind with the names of the beneficiaries to his estate. It is a large estate with numerous assets. We have been told that the estate has to go through probate, although the family feels this should be settled outside court. Since the case does…
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Scenario I lost a relative recently, and his estate has to go through probate. It is a moderate estate, with enough funds to pay the attorney and leave plenty of assets for the beneficiaries. I don’t believe that there will be any contests on the estate, do I still need to hire a lawyer? The…
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Probate is a thing you would want your loved ones to avoid. During death, a person’s estate can get in the hands of a probate court if the will is either missing or invalid. A will lists the last wishes of a person, and one of the areas affected at this time is real estate.…
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Studies show that private businesses become more vulnerable six months prior and after the death of the owner. Having a sound plan ensures that the business continues to run even after death. If you have been in the business field for a long time, you may have come across probate cases where family members or…
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Bypassing the probate process can help beneficiaries to save money and time. It also minimizes disputes between family members while ensuring that the deceased’s property gets inherited effectively. If you are not aware of the probate procedure, you cannot easily understand how to avoid it. Information on the process can be found on the internet.…
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Trusts are increasingly becoming popular in the securing individual estates because they offer a smart way of protecting property and assets. A living trust is more preferred than a will in so many ways. Its assets do not get filed in probate. They are distributed without involving the state. A living trust enables estate owners…
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Scenario My relative passed away a few weeks ago due to the virus and left behind a will. How do I initiate probate with the current lockdown in my state? The coronavirus has caused tough times in peoples’ lives, work environments, and businesses. Everything seems to have assumed a new turn, and access to justice…
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Planning your estate preserves your assets for the benefit of the heirs. It can be disastrous for those who assisted you in building the estate to be depleted after death. This article explains how you can use a living trust to secure your assets from the probate process. Planning one’s estate entails transferring some assets…
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When a person dies without writing a will, it means no one is assigned the responsibility of administering the estate. As a result, there will be delays in giving the estate to the beneficiaries. This also leaves a high possibility of the beneficiaries arguing over the estate. Study shows that over 70 percent of adult…
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