It’s only natural to feel a mix of emotions when someone close to you passes away. You’re likely dealing with feelings of grief and loss while also trying to sort through your loved one’s estate. One concern that many people have is whether or not they’ll have to pay an inheritance tax or estate tax on assets they receive as an heir.
Does a New Will Supersede an Old Will?
The benefits of having a will are numerous, but perhaps the most important is that it allows you to take care of your family and loved ones long after you pass away. If you start this process early in life (and you should), your will will likely need to be revised throughout the years and you may need help drafting a new will.
FAQs About Will Contests
A will is a crucial instrument in protecting your assets and loved ones. In my experience, most folks do not experience issues when a will is done correctly.
Understanding Legal Capacity and Dementia
Contesting a will can be a complex legal matter. That is why understanding legal capacity and dementia can become key considerations when contesting a will. Challenging a will based on legal incapacity as a result of dementia requires a clear understanding of its legal basis.
Joint Ownership in Probate
When someone passes away, their assets must go through the process of probate. This process is designed to ensure that the deceased’s assets are passed on in accordance with their wishes. But what happens when two people own an asset jointly? In such cases, there can be some confusion as to how to handle jointly-owned assets in probate.
Breaches of Fiduciary Duty in Estate Administration
If you’re a beneficiary to a loved one’s will or trust and you suspect malfeasance by the executor or trustee of the estate, what are your options? Can you have the person removed and replaced?
Dispelling Estate Planning Myths
At its core, estate planning is about deciding how your property and finances will be handled after you pass. Because of its association with assets and death, many people often assume that being wealthy or retired are prerequisite to taking part in the process.
Why Estate Planning Is Important
A 2022 Caring.com survey found that while 50% of Americans think estate planning is at least somewhat important, only 33% of them actually have a will or living trust in place. Many of them claimed to not have a will because they believed they did not have enough assets to leave behind.
Common Misconceptions About Probate
Probate, which involves the administration of a deceased person’s estate, can be complicated and confusing. Unfortunately, there are many myths and misconceptions surrounding the probate process. Dispelling those misconceptions can help you get a better understanding of the process, your rights, and your options.
Estate Planning for Young Adults
Why do so many people in Texas delay planning their estates? This procrastination fortifies the misconception that estate planning is an activity for the elderly, wealthy, and terminally ill. In fact, estate planning is best done early in adulthood and updated throughout your lifetime.