The estate administration process involves managing a deceased person’s assets and distributing them to their beneficiaries. This process typically includes identifying and inventorying the decedent’s assets, paying debts and taxes, and distributing any remaining assets to the beneficiaries named in the decedent’s will. Without a valid will, actions are taken to comply with state intestacy […]
It might seem straightforward to leave your property to your heirs. You make a will or a trust, you do a transfer-on-death deed for your real estate, you put your kids on your bank account, you designate beneficiaries for your life insurance and retirement accounts, and you’re done. If only things were that simple. The […]
When it comes to estate planning, wills, and trusts have specific and quite different benefits. Each state has specific laws and regulations governing these legal documents. You can have both a will and a trust; however, the information in each should complement the other. As a standalone, it is not accurate to say one is […]
It was recently announced by researchers at the Lewis Katz School of Medicine at Temple University that mice with Alzheimer’s disease (AD) can be protected from the disease with pharmacological “chaperone therapy”. Alzheimer’s is a chronic neurodegenerative disease that currently has no cure. Abnormal clumps (amyloid-beta plaques) and tangled fiber bundles (neurofibrillary or tau tangles) […]
A proper estate plan can mitigate unwanted risks by anticipating what might occur and preventing problems before they arise, which can reduce the complexity, length, and expense of probate. Sound estate planning can make the probate process run efficiently and smoothly, protecting your estate’s value and legacy, and preserving your family’s well-being. Probate includes: Avoiding […]
A power of attorney is an essential tool in planning for the possibility of becoming incapacitated and needing someone to manage your affairs on your behalf. These legal documents can grant broad authority to one or more power of attorney agents to transact business or make medical decisions based on your behalf. The Different Forms […]
A Living will is also called an advance health care directive. It specifies what decisions you want medical professionals to make if you are incapable of making them due to accidents or illness. A living will is crucial for all adults because accidents or a sudden onset of severe or terminal illness can happen at […]
A spouse or long-term partner’s loss makes it difficult to think beyond just your grief. However, it is crucial to understand there are important and timely decisions you need to make regarding your finances and personal estate plan. In truth, estate planning is perpetual as it accounts for changes in marriages, deaths, divorces, and births […]
Despite sounding complicated and expensive, probate is a standard legal procedure used to transfer assets from decedents to their 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 estates, […]
It can be challenging to address and legally formalize the inheritance of family values and assets, especially for parents who wait too long to start passing them on. Undoubtedly the best time to teach and empower your children as eventual inheritors of your family legacy is during childhood, then continuing throughout adulthood. Waiting until your […]
A lack of a plan leaves your family’s financial legacy to the court’s administration of your state’s intestacy laws. Dying without an estate plan or a basic will creates confusion, work, and heartache for your family at a time when they should be mourning your loss. Aside from not having an estate plan, failing to […]
Trusts set up for loved ones with disabilities are typically supervised by the grantor (the individual who creates and funds the trust). However, it is crucial to choose a successor trustee who will continue properly managing the SNT to benefit the individual with special needs. When selecting a reliable, honest, and capable successor trustee, there […]