There is no federal law of probate or estate administration. That isn’t to say that federal law doesn’t play a role. It does – mainly in the form of estate taxation. However, the laws related to how a probate estate is administered are enacted by the states. Every state has slightly different laws related to how…
Category: Personal Representative
Estate Planning: Formal and Informal Estate Administration
Although the law is different in every state, and you should talk to your estate administration lawyer in your state about the process, it is true that many states of two, basic kind of estate administration procedures: (1) formal and (2) informal. What is the difference between formal and informal estate administration? I will apologize…
Estate Planning | Handling Estate Cash Responsibly
As I discussed in my prior post, a Personal Representative must properly manage the estate assets. The court and the beneficiaries of the estate will all be paying attention to make sure that Personal Representative is acting in the best interest of the estate. The Personal Representative must act as a fiduciary and handle estate…
Estate Planning | Managing the Estate Assets Responsibly
Estate and retirement planning takes work. Any estate planning lawyer knows this and will explain it to his clients. One of the key aspects of estate planning is thinking about how to manage estate assets in a responsible manner. The laws in many states provide that a Personal Representative has clearly laid-out duties and responsibilities. Foremost,…
Estate Planning | Do Single Americans Have an Advantage When Planning for Retirement?
As discussed in a recent article by Market Watch, a recent survey by Charles Schwab shows that the majority of Americans think it is easier for singles to plan for retirement than for married couples. According to the article, more than 53% of married couples and 69% or singles believe retirement planning is simpler for the…
Estate Planning | Avoiding Conflicts of Interest
One of the ways to avoid conflicts of interest in estate administration is to have open communications channels between the Personal Representative and the beneficiaries. Conflicts such as Will Contests or other estate administration lawsuits do arise. Believe it or not, beneficiaries do fight over money. However these conflicts can be minimized with some effort…
Retirement Planning | Qualification of the Personal Representative
Retirement planning means that you will have to choose a loved one to administer your estate upon your death. The person you choose is often a spouse, child, sibling, or other trusted person. This person is often referred to as the “Personal Representative” or “Executor” of your estate. In many states the Personal Representative must…