In states that have “elective share statutes,” a surviving spouse is legally entitled to a certain percentage of the deceased's estate, even if that spouse has attempted to disinherit or to provide a lesser bequest, or gift, under the will. In “separate property” states, an elective share statute is likely to be in effect. ...
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Category: Wills and Trusts
Preventing Will Contests
So, you have a will, but is it valid? A will can be contested for a multitude of reasons after it is presented to a probate court. It is in your best interest to have an attorney draft the will to prevent any ambiguity in the provisions of the document that others could dispute...
What’s Involved in Serving as an Executor?
An executor is the person designated in a Will as the individual who is responsible for performing a number of tasks necessary to wind down the decedent’s affairs. Generally, the executor’s responsibilities involve taking charge of the deceased person’s assets, notifying beneficiaries and creditors, paying the estate’s debts and distributing the property to the...
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6 Events Which May Require a Change in Your Estate Plan
Creating a Will is not a one-time event. You should review your will periodically, to ensure it is up to date, and make necessary changes if your personal situation, or that of your executor or beneficiaries, has changed. There are a number of life-changing events that require your Will to be revised, including:
Change in...
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Costs Associated with Dying Without a Will
When someone dies without a will, it is known as dying intestate. In such cases, state law (of the state in which the person resides) governs how the person's estate is administered. In most states, the individual's assets are split -- with one third of the estate going to the spouse and all surviving...
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Things to Consider When Picking an Executor
The role of an executor is to effectuate a deceased person’s wishes as declared in a will after he or she has passed on. The executor’s responsibilities include the distribution of assets according to the will, the maintenance of assets until the will is settled, and the paying of estate bills and debts....
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What Would Happen if Another Child is Born After Establishing an Estate Plan?
This question presents a fairly common issue posed to estate planning attorneys. The solution is also pretty easy to address in your will, trust and other estate planning documents, including any guardianship appointment for your minor children.
First, its important to note that you should not delay establishing an estate plan pending the birth of...
Preventing a Will Contest & Preserving Peace in the Family
The purpose of writing a Last Will and Testament is to make sure that you – and not an anonymous probate court judge – have control over the distribution of your property after your death. If one or more family members disputes the instructions in your will, however, then it is possible that a...
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The Blunder that Brought Down the “King of Pop’s” Estate
When relentless news coverage ensued following the death of Michael Jackson, it likely came as no surprise to his family, given his icon status and the unexpected timing and nature of his death. However, the media attention that surrounded the administration of his estate, making it a very public and dramatic affair, was neither...
A Simple Will Is Not Enough
A basic last will and testament cannot accomplish every goal of estate planning; in fact, it often cannot even accomplish the most common goals. This fact often surprises people who are going through the estate planning process for the first time. In addition to a last will and testament, there are other important planning...
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