In our last post, we began speaking about some of the steps one will need to take in winding up an estate. As we noted, the process can be overwhelming for those who've never encountered it, but a bit of planning ahead and knowing who to turn to for help can be a great help.
Probate refers to the legal process of winding up the estate of a deceased person. Because there are a number of steps to the process and the death of a loved one can be difficult, the probate process can be overwhelming, especially for those who've been appointed as executor who have never been through it and don't have a basic understanding about how it works. In particular, it can be difficult to navigate probate and tax laws. There are a number of things one can do, though, to make this easier.
In our previous post, we began looking at a legal dispute over the estate of deceased actor Gary Coleman. As we noted last time, Coleman's ex-wife and an ex-girlfriend are both laying claim to his estate. The size of Coleman's estate is unknown, though court documents reportedly list a $324,000 house and a pension. Price's attorney has said that the suit is more over future rights to Coleman's name and brand than his current assets.
Because it makes for interesting writing for this blog, we love to see estate disputes make headlines. Well, we don't love it exactly, as much as see it as an opportunity for discussing the important of cleaning up one's estate planning. Because, while few estate plans can be completely insulated from all possible challenges in probate court, it is always worth looking at how to reduce that risk.
With Steve Jobs' success as an entrepreneur, many would no doubt have been interested to know what his estate might look like. But it seems that he wished to avoid the publicity.
In our previous two articles, we have been discussing important areas to be aware of when thinking about estate planning. So far, we have mentioned the potential importance of maintaining harmony in the family, avoiding probate, taking advantage of asset protection opportunities, tax planning, keeping attorney's fees manageable and making sure to select successor fiduciaries and contingent beneficiaries in your estate plan. Here we offer some final suggestions.
In our previous post, we began looking at an article discussing important matters all those engaged in estate planning need to consider.
Proactivity, as can be imagined-as opposed to acting out of necessity-is an essential aspect of effective estate planning. But it isn't always easy to decide which aspects of estate planning deserve the most or immediate attention.
Many individuals choose to use safe deposit boxes through their bank to store various items, including various estate planning documents.
Many people have questions when it comes to the issue of whether to place their assets in a living trust in order to avoid the probate process. Oftentimes people hear how cumbersome or expensive the probate process can be, and feel that it would be best to avoid it at all costs.