There are websites that sell boilerplate legal documents, including devices that are used in the field of estate planning. Most people do not have estate plans in place, and a lot of them are looking for quick solutions, and DIY estate planning is appealing to some. You can put this big responsibility behind you by filling in the blanks on a form that you download, and you are good to go. This is the perception, but in reality, negative consequences can come about when you try to act alone … [Read more...] about DIY Estate Planning Can Yield Unintended Consequences
You will invariably come across the word “probate” if you are looking for information about estate planning. Everyone should have a basic understanding of this process, and we will provide an overview in this post. Court Supervision If an executor that is named in a will could provide inheritances without any court supervision, creditors may not be given an opportunity seek payment before the assets are distributed. There would be no oversight, and there would be no process for challenging the … [Read more...] about What Is Probate and Why Do People Try to Avoid It?
Some people do not understand why estate planning is important because they think that it is simply a matter of drawing up a will when you are old and gray. In reality, there are some very good reasons why every responsible adult should put some effort into the process. Efficient and Effective Asset Transfers If you state your final wishes in a will, the people that are named in it as inheritors will play a waiting game. The document would be admitted to probate by the executor, and it can … [Read more...] about Why Do You Need an Estate Plan?
Let’s say that you start talking to the person sitting next you on a flight, and you learn that they are an estate planning lawyer. They are willing to answer any questions that you have for the next couple of hours. If you had this opportunity, you would come away with a new understanding of the process, so we are going to share a hypothetical version in this post. When does estate planning become important? You should have an estate plan as soon as you are a self-supporting adult. This … [Read more...] about A Casual Discussion With an Estate Planning Lawyer
A lot of people assume that you cannot revoke a trust after it has been created. If you harbor this misconception, you may not consider the utilization of a trust because you do not want to take such a huge step. In fact, there are two different categories of trusts, and we will provide some clarity in this post. Irrevocable Trusts There are in fact some trusts that cannot be revoked, and they can only be changed under very limited circumstances. The trustee is the trust administrator, and … [Read more...] about Can You Revoke a Trust?
A lot of people do not understand why they need to consider working with an estate planning lawyer because they think it is a very simple matter. You draw up a will, and you have taken care of the responsibility, end of story. If you embrace this line of thinking, you are making a mistake because a well-constructed estate plan will be broader in scope. Simple Will Alternatives Obviously, your estate plan will be built around a document that is used to facilitate postmortem asset transfers, … [Read more...] about Does Your Estate Plan Include These Important Documents?
Advisors often include irrevocable trusts as part of a comprehensive estate plan to achieve both tax and non-tax goals. The use of irrevocable trusts can cause apprehension because of the perception that irrevocable trusts are inflexible in changing circumstances. This article explores how the use of a trust protector may provide flexibility in an irrevocable trust to address these concerns. Read on to learn more. … [Read more...] about Changing “Irrevocable” Trusts Through Use of a Trust Protector
During times of high stress such as tragedy or emergency, we tend to feel helpless. This article explores how a comprehensive estate plan helps reduce anxiety in uncertain times. Read on to learn more. … [Read more...] about Estate Planning Reduces Stress During High Anxiety Times
What happens when an individual who is not licensed to practice law provides advice to an individual – does the quality of the advice matter if the individual is unlicensed? This article explores the unauthorized practice of law and how it damages the legal profession. Read on to learn more. … [Read more...] about The Other Side of the Unauthorized Practice of Law
Online reviews have become commonplace. It’s impossible to ignore the convenience of being able to post a review from your telephone or computer – but what happens when the review is negative? This article explores what, if anything, can be done in response to a negative review. Read on to learn more. … [Read more...] about Dealing with a Negative Review