Non-probate assets are those assets which do not go into an estate when the owner dies.
A will allows you to distribute your worldly goods, select a guardian for minor children and name an executor to carry out your wishes.
The probate process gets a bad reputation, but it’s the reality many families will face. It is a process that can function well for some small estates.
A second marriage can be a balm for the heartache of losing a spouse, be it through death or divorce. Nevertheless, if there are children or other heirs involved, you should consider carefully what will happen with your money and possessions when you pass on.
Many of our parents completed their estate plans decades ago. The documents may still be valid. However, if they are stale or outdated, you may spend significant money trying to use them down the road.
Probate survives as a procedure originally implemented by the King of England to protect his citizens from themselves and their greed.
For most of us, the first time we ever thought about probating a will is when someone in our family has died. So, what does it mean to probate a will?
A last will and testament is a straightforward estate planning tool, used to determine the beneficiaries of your assets when you die, and, if you have minor children, nominating a guardian who will raise your children. Wills can be very specific but can’t enforce all of your wishes. For example, if you want to leave…
Everyone, regardless of financial status or age, can benefit from having an estate plan—assuming you have assets to leave and people to leave them to.
The probate process refers to court proceedings that you have to go through when a loved one passes on, and they have left an asset in their name.