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…
Category: Retirement Planning
Estate Planning Advice | Put Your Will in a Trust
As I discussed in a prior post, many people are not aware of the common differences between a Will and a Trust. This post offers a discussion of what is known as the “Pour-Over Will.” The Pour-Over Will is a document that acts as a typical Last Will and Testament in many respects with one…
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 | Do Single Americans Have an Advantage When Planning for Retirement?
As discussed in a recent article by Market Watch, a recent survey by Charles Schwab shows that the majority of Americans think it is easier for singles to plan for retirement than for married couples. According to the article, more than 53% of married couples and 69% or singles believe retirement planning is simpler for the…
Estate Planning | The Great Debate: Wills versus Trusts?
Choosing between a Will or a Trust is not always an easy decision. Many factors come into play and, ultimately, you can’t go wrong as long as you choose one or the other. As an attorney, my recommendations is that all estate planning is a good thing. It means that you are thinking about a…
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…
Retirement Planning | Qualification of the Personal Representative
Retirement planning means that you will have to choose a loved one to administer your estate upon your death. The person you choose is often a spouse, child, sibling, or other trusted person. This person is often referred to as the “Personal Representative” or “Executor” of your estate. In many states the Personal Representative must…