Understanding Exclusions: What Assets are NOT Part of the Probate Process?
The probate process can seem daunting, especially when navigating the myriad of assets left behind by a loved one. While many assets pass through probate, some bypass this legal process altogether. Understanding this distinction is crucial for beneficiaries and executors. Let’s explore these exclusions together. Key Assets Excluded from Probate Jointly Owned Property: Real estate […]
How to Navigate Estate Planning When Living in Two States
For many retirees, dividing time between two beloved locations is the dream. Known as “snowbirds,” these individuals enjoy northern US states in the summer before flocking to warmer climes come winter. While this lifestyle has many advantages, it can significantly impact the distribution of your assets when you pass away. For instance, your home state […]
How to Manage Your Inheritance
Inheriting assets is a mix of honor and responsibility. As a probate lawyer, I’ve seen many people unprepared for the implications of managing their inheritance. The inclination to treat an inheritance as “bonus” money is common, but there are many pragmatic ways to use these funds for future benefits. Integrating Inheritance into Your Financial Plan […]
What is Probate?
Probate is the process of bringing a Last Will and Testament to the Surrogate’s Court and asking for them to prove its validity. Once the court declares that the Will is valid, they issue something called Letter Testamentary to the Executor. This allows the executor to step into the shoes of the decedent and handle […]
What You Need to Know about an Estate Inventory
If you are serving as the executor of someone’s will, one of the most important tasks you will need to do is to complete an inventory of the decedent’s estate. This could feel like an overwhelming process, especially if the deceased person had a lot of assets. However, knowing more about the process you are […]
Tips for Handling an Out-of-State Probate
Losing a loved one is an emotional and life-changing experience. You might be tasked with the responsibility of settling the estate while also grieving your loss. It can be a challenging time in anyone’s life. However, it becomes complicated when you must go through probate for out-of-state property. Many people move to various states throughout […]
A Creditor’s and a Probate’s Role
The use of legal techniques to avoid probate allows you to save taxes, keep your estate away from public scrutiny, and avoid having to obtain court approval each step of the way. You can save time, frustration, and in many cases, attorney and court fees. An executor, also known as your personal representative, is responsible […]
When Is Probate Unavoidable?
While probate may seem expensive and complicated, it is a standard step in formalizing how assets pass to heirs or beneficiaries. Whether or not you require probate depends on the type of property and how you own it, and the state laws in which you live. While probate can be a complex process for vast […]
How Does the Probate Process Work?
The probate process involves authenticating the deceased individual’s will, assessing the assets, settling debts and taxes, and oversee the allocation of the inheritance. After an asset-holder dies, the court will appoint a valid will’s executor to administer the probate process. In the absence of a will, the court will appoint a state administrator to handle […]
What are non-probate assets and how to recover them?
When a person passes away, their estate is often comprised of probate assets and non-probate assets. Probate assets are assets that will be distributed according to the decedent’s Last Will & Testament. These assets are titled solely in the decedent’s name. Non-probate assets are sometimes called testamentary substitutes. These assets have beneficiaries associated with the […]