When I ask a probate client if the decedent (or decedent’s predeceased spouse, if any) received medical assistance, I often receive a confused look. I make this inquiry because if the decedent (or decedent’s predeceased spouse) received medical assistance there may be a medical assistance lien filed against real property owned by the decedent. Before […]
In a previous post, I discussed the circumstances under which a surviving spouse could be completely disinherited by the decedent spouse. There are other circumstances where the surviving spouse can elect for a specific share of the decedent spouse’s testate or intestate estate that the spouse would not otherwise be entitled to, but for the election. This […]
No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after […]
We often talk about new parents needing an estate plan to ensure they have guardians appointed for their minor children (see the recent article Appointing a Guardian for Minor Children). However, older parents with adult children should also be encouraged to have an estate plan in place. We find that most individuals truly understand the […]
Having a baby or adopting a child is a major life event that should cause people to start thinking about estate planning. Most specifically, creating a will to nominate a guardian if something were to happen to both parents. For many, choosing a guardian for minor children is a very difficult decision; so difficult that it prevents many […]
Epilawg first brought you the story of Wellington R. Burt on May 24, 2011, in Unusual Will Provisions in a Multimillion Dollar Estate. The saga appears to have finally been laid to rest, 92 years following Burt’s death. Burt’s $100 million to $110 million estate was distributed to 12 heirs who did not even know the man […]
A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
SEVEN PRACTICAL LESSONS REGARDING ESTATE SETTLEMENT & TRUST ADMINISTRATION Lesson #1: Someday…you will die. It seems harsh, but it’s a reality we all face. If you don’t agree, then estate planning may seem unnecessary. However, if you accept the fact that you won’t be alive forever, you should keep reading. When we die, someone will […]
A majority of states statutorily provide a surviving spouse with the right to inherit a percentage of the decedent spouse’s estate, even where the decedent spouse’s will evidences an intent to disinherit the surviving spouse. This statutory provision is often referred to as the surviving spouse’s “elective share” of the decedent’s augmented estate. The share […]
There are many misconceptions about who needs a Will and what happens if you die without one. If you die without a Will, the legal term is that you die “intestate,” meaning that you didn’t have a will drafted before you died or your will does not meet the requirements of your state’s laws. For example, […]
In past articles we have covered the pros and cons of avoiding probate. As a brief refresher, probate is not always a terrible process but in some cases, it can be long, complicated, and expensive. If you want to avoid probate, you need to title your property in a way that it will be transferred […]