Very few estate planners provide estate planning for digital assets for their clients. With time, digital assets have come of age, and they need to be protected. Failure to do this means that the assets’ beneficiaries find it hard to handle the assets, especially without any planning involved. Bitcoins valued in millions of dollars have…
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Depending on your own and the family relations, the naming of beneficiaries – the people you choose to inherit the assets, can be one of the challenging aspects of coming up with a comprehensive plan. The more beneficiaries you have, the harder it is to pass on your estate. When you don’t have any family…
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The coronavirus outbreak hasn’t been easy for everyone. While you have had an estate plan in place, the pandemic changes the way you plan and your inheritance structure. With the pandemic, anything is possible; you don’t know whether you will still be around next week or be incapacitated. This is why you need to have…
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How business owners title their assets goes a long way in determining the implications. It is always wise to hold titles in such a manner that facilitates probate avoidance. When purchasing real estate or any other property as a business, it is important to have asset protection measures in mind. Besides avoiding probate, business owners…
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Business assets are divided into probate and non-probate categories. Non-probate assets are transferred directly to designated inheritor without the involvement of the probate court. While probate assets are anything that was owned by the deceased and must pass through petition in a surrogate court before distribution to their rightful inheritors. A grant of representation is…
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There are several ways one can avoid probate on their business, one of them is to name beneficiaries in advance to inherit the business. This means that at the point of death, the beneficiary can directly inherit the business without having to go through a long process. This saves the owners expensive costs of going…
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You can avoid probate on some assets by establishing a contract that grants ownership of the property. A contract refers to a written agreement that governs the relationship between the differentparties that are involved in the agreement and the assets in question. The contract sets forth how the property has to be used when you…
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An enhanced life estate deed acts like a normal property title deed, but it is customised such that the estate is passed on to a beneficiary or “gifted” to them, upon the death of the owner of the estate. Because of its nature, such a deed does not go through probate as it is clear…
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The NewYork probate process can be challenging and hard to navigate most of the time when you don’t have a lawyer to help you. When the estate comprises of rental property, then the probate process becomes more challenging. Most of the owners of real estate are out of the state. This usually complicates the succession…
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When you own business, be sure about who takes over the business when you die. Passing on will be stressful for the family – you don’t need to make them more stressed with succession for your business. More than half of small businesses fail after the original owner passes away. By the time you turn…
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