Preserving and Protecting Documents Is Part of Healthy Estate Planning

In the unsettled time after a loved one’s death, imagine the added stress on the family if the loved one died without a will or any instructions on distributing his or her assets. Now, imagine the even greater stress to grieving survivors if they know a will exists but they cannot find it! It...

What happens if you are bequeathed a car that no longer exists? The ABCs of Ademption

If you’re involved in settling a loved one’s estate, you may come across the curious word “ademption”. Ademption describes what happens when something designated in a will no longer exists. Say, for example, your uncle dies and leaves for you in his will an old-school Harley Davidson motorcycle. However, if your uncle crashed...

A Living Will or Health Care Power of Attorney? Or Do I Need Both?

Many people are confused by these two important estate planning documents. It’s important to understand the functions of each and ensure you are fully protected by incorporating both of these documents into your overall estate plan.

A “living will,” often called an advance health care directive, is a legal document setting forth your wishes for...

Making Decisions About End of Life Medical Treatment

While advances in medicine allow people to live longer, questions are often raised about life-sustaining treatment terminally ill patients may or may not want to receive. Those who fail to formally declare these wishes in writing to family members and medical professionals run the risk of having the courts make these decisions.

Responsibilities and Obligations of the Executor/ Administrator

When a person dies with a will in place, an executor is named as the responsible individual for winding down the decedent's affairs. In situations in which a will has not been prepared, the probate court will appoint an administrator. Whether you have been named as an executor or administrator, the role...

Testamentary Substitutes

In states that have “elective share statutes,” a surviving spouse is legally entitled to a certain percentage of the deceased's estate, even if that spouse has attempted to disinherit or to provide a lesser bequest, or gift, under the will. In “separate property” states, an elective share statute is likely to be in effect. ...

Preventing Will Contests

So, you have a will, but is it valid? A will can be contested for a multitude of reasons after it is presented to a probate court. It is in your best interest to have an attorney draft the will to prevent any ambiguity in the provisions of the document that others could dispute...

All in the Famiy: Cabin Crisis

A cabin can be a breeding ground for a family feud. It’s important to plan how to pass it down through generations. original article published in the Minnesota Star Tribune by KARA MCGUIRE http://www.startribune.com/lifestyle/yourmoney/55459457.html Bea Anderson and her siblings have always made decisions about their shared cabin with a handshake. With just a brother and a...

Disinheritance

Inheritance laws involve legal rights to property after a death and such laws differ from state-to-state. Heirs usually consist of close family members and exclude estranged relatives. Depending on the wording of a will, an individual can be intentionally, or even unintentionally, disinherited.

In most cases, spouses may not be legally disinherited. Certain contracts, however,...

What’s Involved in Serving as an Executor?

An executor is the person designated in a Will as the individual who is responsible for performing a number of tasks necessary to wind down the decedent’s affairs. Generally, the executor’s responsibilities involve taking charge of the deceased person’s assets, notifying beneficiaries and creditors, paying the estate’s debts and distributing the property to the...