Your estate plan helps create a legacy after you are gone. It also ensures your family has the financial support they need when you can no longer assist them. Because the stakes are so high, you must be aware of common estate planning mistakes. Even seemingly minor...
Month: January 2018
What makes a good executor?
Practically every person should have an estate plan in place. In addition to providing assets to your heirs, estate plans can also protect you while you are still alive in the form of long-term care planning and advanced directives. When it comes to will creation, you...
What happens during probate?
Probate is a legal process that involves many tasks. In addition to proving that a person's last will and testament is valid and legally sound, probate also entails locating and paying creditors, and ensuring heirs receive assets according to the deceased's estate...
4 grounds for removing the executor of an estate
The executor of an estate is a position of great responsibility. Some executors take advantage of this position for their own gain, while others have good intentions but lack the necessary competence. According to the Pennsylvania General Assembly, it is possible to...
How can loneliness lead to undue influence?
Most Americans are free to prepare comprehensive estate plans that address a variety of end-of-life matters. Interestingly, though, according to Gallup, only about 46% of Americans currently have written a will. This number is down from 51% about 15 years ago. For...
What may I need to prove when contesting a will?
An estate’s personal representative introduces the deceased’s will to the county probate court after the testator dies. If you wish to challenge the will, you may file a claim with the court. The probate judge, however, could ask to see proof that supports the...
Intestate succession and inheritance as a surviving spouse
If you recently lost a spouse and he or she did not have an estate plan in place at the time of their death, it is pivotal to understand what happens next. When someone dies and they do not have a will, they died intestate, and you need to familiarize yourself with...
How can you pass on your family business?
If you own a business you want to pass down through your family, you must focus on building a succession plan as soon as possible. If something happens to you, your family may not know what to do with your company. Without a succession plan, you cannot predict the...
Have you created a succession plan for your business yet?
Your dedication to the management of day-to-day operations is probably a major reason for the success of your company. But what will happen to the company when you are no longer here? As a business owner, you may find the time has come to create an effective...
Can you stop an executor from breaching fiduciary duties?
Like most children, you have dreaded the day when your parents die. Now that the day has come, you depend on their executor to manage your parent's assets and distribute them according to their estate plan's instructions. The executor's fiduciary duty requires him or...