Life insurance plays a significant role in estate planning, and we frequently examine the ways that it is used by those who are looking ahead toward the future. In this post we will take a look at some of the questions that people who are the beneficiaries of life insurance policies often pose. I am aware of the fact that I will be receiving a significant influx of money when my mother dies because she has made me the beneficiary of a large insurance policy. Does this mean that I will have to … [Read more...] about Providing Clarity to Life Insurance Beneficiaries
It is important to go forward with the benefit of accurate information when you are planning your estate. If you harbor misconceptions you may make errors of commission or omission that can negatively impact your family members. With the above in mind let's take a look at three of the most common estate planning misconceptions. 1.) I am too young to worry about estate planning. This is a very commonly held notion, but in truth every self-supporting adult should have an estate plan in place. … [Read more...] about Three Common Estate Planning Misconceptions
People have some misconceptions about trusts. There are multiple different types of trusts, and they do not all accomplish the same things. With this in mind we would like to pass along three things that you should know about revocable living trusts. Medicaid Eligibility Some individuals have the idea that you are surrendering personal control of property that you place into any trust. They assume that they can convey resources into a revocable living trust as a way to reduce assets as they … [Read more...] about Three Things to Know About Revocable Living Trusts
There are do-it-yourself estate planning downloads and worksheets that are offered by certain websites. They suggest that it is a snap to draw up your own last will or living trust and that you can simply plan your estate without legal assistance. In fact, you may well be making a mistake if you try to go it alone. There are many different reasons why you would do well to engage the assistance of a licensed estate planning lawyer when you are executing a last will or a living trust. The … [Read more...] about Discuss Estate Administration With Your Attorney
Our firm makes a concerted effort to provide the greater Cleveland community with reliable information about all aspects of estate planning and elder law. To this end we have developed a library of informative special reports, and at the current time we are offering our report on the probate process for free download. Probate is the legal process that your estate must pass through if you choose to use a last will to direct asset transfers after your passing. Each jurisdiction has different … [Read more...] about Get Your Free Report on the Probate Process
Estate planning attorneys will often advise their clients about the drawbacks of the probate process. When you use a last will to express how you want your financial resources divided the activities do not take place privately among family members. Your estate must be probated when you use a last will to direct asset transfers. During this process entities that have business with the estate can come forward seeking satisfaction. If someone wanted to contest the will this individual would … [Read more...] about Singer’s Estate Tells Tale About Probate
A last Will may appear to be a very simple and comfortable solution. Everyone knows more or less what a last Will is supposed to accomplish, and it can just seem like an easy, no-hassle choice when you are planning your estate. In fact, when you dig beneath the surface there may be some difficulties that go along with the utilization of a last will that may never occur to you. The probate court that is local to the deceased is involved in the process. The court will supervise the … [Read more...] about Are Probate Records Public?
The most commonly utilized vehicle of asset transfer in the field of estate planning is the last will. If you do in fact use a last will to express your wishes you have to understand the fact that it is not simply read after your funeral among family members. The last will must be deemed valid by the probate court. During the probate process the court will supervise the administration of the estate. The actual legwork and hands-on tasks are handled by the executor or personal … [Read more...] about Why Is Probate Sometimes Avoided?