Estate Planning and Administration

Too often I have a family come into our office to take care of a loved one’s estate. The conversation can go something like this:

“We’re here to finalize my Uncle’s estate, but don’t worry, it will be easy. He put everything in a Revocable Trust.”
The person usually then goes on to explain that they understand that having everything in a trust means there are no taxes to be paid, and that it will be quick, painless and inexpensive.

I am the one who gets to deliver the sad news. The Trust, because it is revocable, likely has no effect on the […]

Leaving a legacy today includes more than just the traditional things that we leave to others. It now includes our “digital assets.” I challenge anyone to thoroughly define a digital asset. The Revised Uniform Fiduciary Access to Digital Assets Act (yes, there is such a thing) defines a digital asset as “An electronic record in which an individual has a right or interest. The term does not include an underlying asset or liability unless the asset or liability is itself an electronic record.” That’s a mouthful!

From that definition (which is only one of the ‘official’ definitions around today) we learn […]

An article in Forbes Magazine from April of 2014 cites many statistics, among them the fact that approximately 64% of Americans do not have a Last Will & Testament. Some studies put that number closer to 50% or 55%. None of these numbers represent good news. So why is this the case?

The most common reason people give is that they simply “never got around to it.” Dave Ramsey of Financial Peace University fame has a good thought for those people. He says “Do you hate the people in your life? Die without a Will! They’ll spend years fighting each other […]

Leaving a legacy. That sounds like something only the very important or very wealthy people get to do. But that is not the case.

A legacy is what you leave behind. It is defined as “a gift of property, especially personal property, as money, by will. It is also defined as anything handed down from the past, as from an ancestor or predecessor.”

In a properly drafted Last Will & Testament, you can leave the legacy you desire, even if you are not rich and famous. I could tell you stories of specific gifts left to an individual where the testator (the […]

When someone has a loved one pass away, do they need to hire an attorney?

I am often asked, “Is taking care of my loved one’s estate something I can handle on my own?” My honest answer is no, it is not. If I am pressed for a further answer, I sometimes say “You could handle this yourself, providing you know everything I know.”

Estate administrations are all different; depending upon what assets are owned, how they are owned and where they are located. There may have to be an ancillary administration elsewhere in addition to the administration in your […]