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 | The Great Debate: Wills versus Trusts?
Choosing between a Will or a Trust is not always an easy decision. Many factors come into play and, ultimately, you can’t go wrong as long as you choose one or the other. As an attorney, my recommendations is that all estate planning is a good thing. It means that you are thinking about a…
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 | Use of Non-Resident Personal Representatives
Proper retirement planning means deciding not only what to do with your money, but also deciding who should be in charge of your estate upon your death. As I discussed in my prior post about qualification of a Personal Representative, the person that you choose to administer your estate is of the utmost importance. In…
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…
Retirement Planning | Managing an Estate Inventory
When conducting an estate administration, it is important to keep in mind that the estate inventory only includes assets of the estate that can be probated. I discussed what “probate” means in a prior post. Many times, according to your state laws, estate assets will go into the estate by virtue of how they are titled….
Estate Planning | Advice for the Recently Widowed
In recent article published Ron Lieber of the New York Times, he discusses financial pitfalls for the recently widowed to avoid when their spouse or life-partner dies. The article does an excellent job explaining the financial worries caused by a spouse’s death. As he astutely points out, women tend to live longer than men and…
Estate Planning | Proving a Will
As I discussed in my prior post, a beneficiary of someone’s estate can challenge the validity of a person’s Will in a court of law. Fortunately, there are ways to show that the Will is the actual instrument that a deceased person made when the personal representative and estate planning attorney initially submit the Will…
Estate Planning | Challenging a Will
The goal of estate planning is that there won’t be any room for a Will contest. However, even the most effective estate planning and drafting of a Will or Trust instrument cannot guarantee that a disgruntled heir may challenge the validity of a Will. In most states, Will contests can only be brought by parties…