Readers may be aware that there are options for borrowing against the equity in their homes. One such option is called a reverse mortgage. A reverse mortgage is a loan insured by the Federal Housing Administration. It comes with several restrictions. Generally,...
Estate Administration & Probate
Does filing a will in court automatically subject it to probate?
Many individuals would prefer to avoid the privacy invasion into their private financial affairs that may result from the probate of an estate. In addition, court involvement also means a schedule set by the court, which may involve a delay of weeks or months.In...
What happens to the estate when there is a surviving spouse?
What happens if a loved one forgot to name a beneficiary for an asset that was titled in his or her name only? Keep in mind that the right of survivorship generally requires property to be jointly titled in the name of the decedent and the surviving spouse or other...
Should a surviving spouse make an estate plan checklist?
Although jointly owned assets do not require probate before passing to a surviving spouse, it’s still a good idea to consult with an attorney when a spouse passes. For starters, an attorney can save an estate from unnecessary costs by informing the...
Does your estate plan account for your life insurance proceeds?
The named beneficiary of a life insurance policy is usually an individual. Yet there may be special situations where an attorney that focuses on wills and trusts may be needed to structure things differently.Life insurance proceeds could be made payable to an...
What type of assets are included in an estate’s valuation?
Although some assets may not have to go through probate, they may nevertheless count toward an estate's valuation.One example is life insurance proceeds. As a payable-on-death contractual arrangement, the life insurance proceeds are generally paid directly to the...
Open communication may help prevent an inheritance dispute
From the perspective of heirs, not all inheritances may seem equal. If an heir is unhappy with his or her inheritance, the distribution of a grantor's assets and property might be delayed by a probate dispute. Is there a way to avoid this situation? An attorney...
What happens if an estate has debts?
Whereas probate is generally the process by which a will is determined to be valid, trusts can be established during an individual’s lifetime. After an individual’s passing, most trusts also bypass probate.However, what happens when a decedent’s...
New 401(k) rule may help estate planning
As individuals approach retirement age, conversations about estate planning necessarily include a projection of retirement expenses. In a recent post, we noted that defined contribution plans, like 401(k) plans, might not encourage long-term projections because they...
Do’s & Don’ts Of Funeral/Estate Planning
By Austin A Frye, MBA, CFP, JD Do provide your heirs with as much details as possible. For example;Don't write instructions such as "I want my ashes spread at sea."Do include more details such as, "I want my ashes spread over the Pacific ocean near the Santa Monica...
