In the field of estate planning and probate law, the legal doctrine known as “ademption” is an important construct to understand. You should speak with a good estate planning lawyer in your state for further information about the laws where you live. The basic definition of ademption is provided once again by my favorite law…
Category: Probate Court
Probate Law | What Does “Probate Property” Mean?
The term probate and probate property is, in my opinion, largely misunderstood by the public at large. Unfortunately, only a good probate lawyer will typically understand these complicated legal terms. Why is it important to understand the meaning of the term “probate property”? Because it has a significant impact on the administration of an estate…
Probate Law | First Steps to Take After a Loved One’s Death
Many questions arise in the mind of a probate lawyer when a potential client first calls the attorney’s law office. The efficient handling of a client’s concerns helps to minimize delays and errors when the estate is administered. Often, lawyers are contacted by grieving family members a short time after a loved-one’s death. Common questions…
Probate Law | State Interest in Just and Speedy Probate Administration
There is no federal law of probate or estate administration. That isn’t to say that federal law doesn’t play a role. It does – mainly in the form of estate taxation. However, the laws related to how a probate estate is administered are enacted by the states. Every state has slightly different laws related to how…
Estate Planning: Formal and Informal Estate Administration
Although the law is different in every state, and you should talk to your estate administration lawyer in your state about the process, it is true that many states of two, basic kind of estate administration procedures: (1) formal and (2) informal. What is the difference between formal and informal estate administration? I will apologize…
Estate Planning: What is Probate?
Many clients have asked me: “what is probate”? My answer: it depends. As an qualified estate planning lawyer will tell you, on a basic level, the term probate is merely a court proceeding(s) in which a court wraps-up or concludes all the legal and financial matters of deceased person. Think about it: when somebody dies,…
Estate Planning | Handling Estate Cash Responsibly
As I discussed in my prior post, a Personal Representative must properly manage the estate assets. The court and the beneficiaries of the estate will all be paying attention to make sure that Personal Representative is acting in the best interest of the estate. The Personal Representative must act as a fiduciary and handle estate…
Estate Planning | Managing the Estate Assets Responsibly
Estate and retirement planning takes work. Any estate planning lawyer knows this and will explain it to his clients. One of the key aspects of estate planning is thinking about how to manage estate assets in a responsible manner. The laws in many states provide that a Personal Representative has clearly laid-out duties and responsibilities. Foremost,…
Estate Planning | Avoiding Conflicts of Interest
One of the ways to avoid conflicts of interest in estate administration is to have open communications channels between the Personal Representative and the beneficiaries. Conflicts such as Will Contests or other estate administration lawsuits do arise. Believe it or not, beneficiaries do fight over money. However these conflicts can be minimized with some effort…