To summarize the process, trust administration can be broken into five basic steps: Inventory assets Determine estate tax Division of trust assets File the Federal and State tax forms Distributions to beneficiaries Although the trust administration process seems relatively straightforward, there are several reasons it can sometimes be drawn out over several months or even … [Read more...] about Does the Trust Administration process take a long time?
What is Probate Court?
Probate begins and ends with the special Probate Court set up in each state to handle estate issues. (Sometimes known as the Orphan’s or Chancery Court in certain states.) All actions taken regarding the estate are accountable to this court, and must be noted and reported regularly. This court is staffed by special judges qualified to oversee estate resolution issues. … [Read more...] about What is Probate Court?
Does the Probate process take a long time?
Depending on the complexity of the estate and the thoroughness with which accounting has been carried out before death, probate can either be a relatively simple task or a daunting one. Be aware that no matter the situation, probate may be a lengthy process often taking months or possibly years to play out, and one which may take a considerable amount of an executor’s time. To summarize the … [Read more...] about Does the Probate process take a long time?
What is Probate?
Probate is designed to create a “final accounting” upon death. It is the legal process of “proving up” a Will, or verifying that a Will is valid, takes place in one of two instances. First, if a person dies leaving behind a Will, or second, if the deceased has died intestate, that is, has not left behind a Will or estate plan of any type or the Will cannot be found. … [Read more...] about What is Probate?
Is a Living Trust a good idea for a LGBTQ person?
Yes. If you’re part of the Lesbian, Gay, Bisexual, and Transgender community, a Living Trust offers protection for your estate, as well. It will completely eliminate a living probate, a death probate, and you can minimize or eliminate estate taxes. Further, it allows you to override the laws that may fail to recognize the importance of your relationship. … [Read more...] about Is a Living Trust a good idea for a LGBTQ person?
Do unmarried couples have to plan more than married couples do?
Yes. The default in state law, called “intestacy,” is designed with married couples in mind. If a married couple dies without any estate plan, the survivor will get a good portion of the assets left behind. However, if you are unmarried, unless you are in a state that legally recognizes domestic partnerships or civil unions and you have registered as such, the survivor would get nothing. Instead, … [Read more...] about Do unmarried couples have to plan more than married couples do?
Are my estate planning documents a matter of public record?
Only your Will is a matter of public record. Your Revocable Living Trust and your Powers of Attorney are not public. Therefore, by using a Revocable Living Trust you can maintain the privacy of your wishes. Prying eyes of co-workers and neighbors will not have access to the details of your estate plan. … [Read more...] about Are my estate planning documents a matter of public record?
Is there a tax if I give some of my property to my spouse or partner?
Maybe. Federal law allows married couples to give each other an unlimited amount of property without gift tax during life or estate tax at death. Federal law does not recognize non-marriage relationships. However, each person gets to give up to his or her tax exclusion during their lifetime to anyone they want. But, any use during lifetime reduces the amount available for transfers at death. In … [Read more...] about Is there a tax if I give some of my property to my spouse or partner?
Will my spouse or partner be appointed guardian of my minor child?
Unless your spouse or partner has adopted your minor children, a court would decide what would be in the child’s best interest. Typically, your family of origin and that of the child’s other biological parent are given preference by the court. However, in your last Will, you can nominate your spouse or partner to be the guardian for your minor child. The court will then give weight to your … [Read more...] about Will my spouse or partner be appointed guardian of my minor child?
Can I make decisions about my spouse or partner’s remains?
Yes, if you are married or in a registered relationship and in a state which recognizes that relationship. However, if you’re unmarried and either, 1) not in such a registered relationship, or 2) you are in a state which does not recognize that relationship, then default state law allows your partner’s family of origin rather than you to make those decisions. However, if your spouse or partner … [Read more...] about Can I make decisions about my spouse or partner’s remains?
