A lot of people know that they should take action to put an estate plan in place, but they procrastinate for one reason or another. It stays on the back burner for years, and the years turn into decades. In far too many instances, these individuals pass away without ever getting around to it. When this happens, the condition of intestacy is the result. Under these circumstances, there is a government mechanism in place to respond, and we will look at the process here. Intestate Estate … [Read more...] about Don’t Let the State Plan Your Estate
Many people have misconceptions about the way things transpire after someone passes away. For example, you may conjure images of scenes that you have seen in movies and on television shows. There is a funeral, and the attendees gather at the home of a family member after it is over. Certain people are called into a room where a meeting is convened, and there is then a “reading of the will.” The idea is that the executor that reads the will has the power to distribute the assets independently … [Read more...] about Consider Estate Administration Realities
Estate planning is something that most people are not particularly anxious to think about. But at the same time, as they say, no one here gets out alive. Going through life without making any preparations for something that is definitely going to take place really doesn’t make a lot of sense. If you do decide to put the wheels in motion and begin to look into the process of estate planning, you will hear about something called probate. When you use a last will to express your final wishes, … [Read more...] about Probate 101
It’s important to have a plan. If you don’t have a plan, your state law dictates who gets your property and makes decisions for you. Read on to learn more about the prevalence of unexpected deaths and an example of what can happen without planning. Planning for the Unexpected … [Read more...] about Planning for the Unexpected
Each of us will die eventually. This article looks at how planning can make our passing easier for our loved ones. Specifically, this article looks at how planning can maintain privacy for your loved ones. Many Reasons to Plan … [Read more...] about Many Reasons to Plan
When you are planning your estate, you have options. There are various different ways that you can get inheritances into the hands of your loved ones after you pass away. It is possible to be proactive about the facilitation of timely asset transfers. If you were to use a last will as your primary asset transfer vehicle, you would name an executor when you create the document. This person would serve as the estate administrator. After your passing, the will would be admitted to probate. … [Read more...] about When Will My Heirs Receive Their Inheritances?
There are some folks that have a tiny bit of knowledge, and this can be dangerous, especially when they want to share it with others. This dynamic can definitely enter the picture when it comes to estate planning estate planning tips. At the end of the day, there is no substitute for qualified legal counsel, but some families pay a heavy price to learn this lesson. Downloads and Worksheets Several companies on the Internet sell downloads and worksheets that you can use to create different … [Read more...] about Estate Planning Tips Gone Awry
Created to transition certain legal rights in case of incapacity, revocable living trusts are an important tool for those planning for their future. It’s a written contract between the grantor or settlor (the one who creates it) and the trustee – the one named to oversee the trust. It’s not at all uncommon, especially in Vermont, that a grantor is also the trustee. It might be that there is more than one grantor, too. It’s these types of versatile options that make them popular. In a … [Read more...] about Revocable Living Trusts
Should you pay your executor? Increasingly, the answer is yes. The administration of an estate takes time. Debts must be compiled, notifications sent to creditors, tax returns must be filed, and finally the remaining assets must be distributed according to the will. Many of these duties can only be done in normal business hours. If the executor is employed time must be taken away from their primary employment. Depending on the complexity and size of an estate, fees may be charged as a … [Read more...] about Should You Pay Your Executor?
When it comes to estate planning, understanding the various legalities can be overwhelming. There are so many dynamics that go into proper planning and shortcuts just aren’t an option. Vermont estate planning laws are intricately detailed, but they’re written in ways to protect both your assets and your surviving family members. Our estate planning attorneys stand ready to provide legal assistance, but we also understand that our clients like to conduct their own due diligence. It’s a proactive … [Read more...] about Understanding Joint Tenants with Rights of Survivorship