More About the Basics of Probate, Part 2

As in life, so in death . . .

Probate begins when someone turns in the last will and testament of a recently deceased person (the “decedent”) to the probate court. The court then investigates whether this is indeed the last will and testament, and appoints an executor (or a personal representative or an administrator) to administer the estate.

Administering the estate involves winding up the decedent’s personal affairs. The executor identifies and safeguards all the decedent’s property, pays off all valid creditor claims, fights off any illegitimate creditor claims, and sells or liquidates property, keeping accurate records every step of the way. When all creditor issues are resolved, only then do the beneficiaries get their share, according to the will’s provisions. Read More >>

A Moment to Ponder the Basics, Part 1

What is probate, anyway?

We’ll get back to the rest of the misconceptions of estate planning in a few weeks. First, we need to answer the question, “What is probate, anyway?” Here’s part 1 of the answer.

Probate is the legal process that transfers your property (your “estate”) to those entitled to it after you die. It’s a simple definition, but with many nuances. Let’s break down that definition. Read More >>

I Just Want a Simple Will…

Misconception #2 of “The 12 Biggest Misconceptions of Estate Planning Clients”

I hear this one all the time from new clients. They don’t see their lives as complicated, or maybe they’re trying to signal to me that they don’t want to spend a lot of money on estate planning.

I always wonder if they use the same approach with their doctor during their annual physical. As a highly trained and conscientious professional, the doctor will perform all necessary tests to assess health—no more, but no less. Anything short of that would be professional negligence, with the threat of a future lawsuit if something important was overlooked.

 Read More >>