One of the most often misunderstand terms in estate planning is “probate” and what it means so we answer the most common FAQs about probate here: WHAT IS PROBATE? The term “probate” refers generally to the process by which the estate of a decedent (person who died) is administrated and distributed to the heirs and/or people named…
THE EXECUTOR I had a friend who died and he, On earth so loved and trusted me, That ere he quit this earthly shore, He made me his executor. He tasked me through my natural life, To guard the interests of his wife, To see that everything was done, Both for his daughter and his…
The sign is a clue to what a recent article in the Trusts & Estate section of WealthManagement.com identifies as a trend away from estate planning and, therefore, toward more probating of estates. (The Shift from Estate Planning to Estate Probating) In other words, the author believes the national trend indicates a penchant for putting off doing estate planning. The…
The handling of small estates has always been problematic. The probate process is not quick, or easy or cheap. The probate process can particularly be a burden on small estates. For years, the State of Illinois has provided an alternative mechanism for handing small estates, but the limitations excluded many estates that might otherwise qualify, making it…
When people are in love, they are not usually preoccupied with death; they are focused on living. Second marriage situations, however, present issues that should be discussed and addressed, especially when there are children from a first marriage. Whether the second marriage follows a divorce or the death of a spouse, careful consideration of estate…
People have told me they do not have enough money to bother doing a Will. It is not always about the money, however. Mickey Rooney, though he was the highest paid actor 70 years ago and had a legendary career, died with only $18,000 in his estate just recently at the age of 93. His…
When a loved one dies, a typical estate often consists of a house, some small bank accounts, an IRA or 401(k), maybe a vehicle, and tangible personal property. For many people, the biggest asset they own is a house, and a house can pose the biggest challenge for a small estate. This articles takes a short…