Many individuals often establish an estate plan to provide instructions about how their estate and affairs should be managed upon death. Generally, anything you give to your legal spouse in your estate plan will remain binding if you were still married at the time of death. Your spouse will be entitled to inherit any property and asset you leave for them. However, in the event of a divorce or legal separation, you may be concerned about how your estate will be distributed upon your demise.
Losing a parent is never easy. Even if you’ve been planning and expecting it for a while, you’ll still have to process the grief and loss while also figuring out how to handle their estate and execute their will. What can make this time even more difficult is when you’re also dealing with family conflict over inheritance rights.
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.
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.
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.
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.
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.
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?
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.
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.
