The title of this article is a common misconception that people have about avoiding probate. A person will assume that just because he has been designated as his parent's Agent in his parent's Power of Attorney (POA) that he will have access to his parent's bank account after the parent dies. The person will incorrectly assume that having his name listed on his parent's account will be enough to avoid probate.
- If your spouse died last year or you got divorced, you should update your estate planning documents in order to remove your former spouse's name as a beneficiary, agent, executor, and trustee.
We a pleased to announce that our law firm has been named a 2016 Law Firm 500 Honoree. Earlier this year we were nominated for our growth, operational excellence and commitment to client service. It is an honor to be included as one of the top one-hundred fastest growing law firms in America!
A recent survey of more than 2,000 people found that 64% of the people surveyed indicated that they don't have wills, according to an article published online by AARP. Many people are superstitious about planning for death. People fear that once they get the ball rolling on estate planning, something bad will happen. Time after time, however, our clients tell us that they experience such a sense of relief after completing their estate planning. The peace of mind far outweighs the fear involved in beginning the estate planning process.
Channel 7 news broadcaster Jim Otte recently interviewed Nancy Roberson on the news special WHIO Reports about wills, powers of attorney, and other estate planning issues. The program contains 30 minutes of valuable advice about estate planning and discusses the topic of being prepared at any age for sudden illness or death. Watch the video here: http://video.daytondailynews.com/WHIO-Reports-Estate-Planning-June-12-2016-B-30993165.
You've probably heard that one of the main reasons why people decide to get a revocable living trust as part of their estate plan is to avoid probate. Did you know that a huge benefit of avoiding probate is protecting your family's privacy?
One of the most frequent questions that we get asked at our office is whether or not a surviving spouse or beneficiaries are personally responsible for paying the outstanding debts of a decedent after his or her death.
Estate Planning, in simple terms, is the legal process that takes care of yourself and your property, both during your life and after your death. Estate planning is not synonymous with wealth planning. A common misconception is that you have to have a lot of money in order to do estate planning, an area of law that requires an intricate knowledge of the probate, tax, and trust code, and how they all work together.
If a Will has been drafted and executed properly by a qualified estate planning attorney, then the chances of heirs having an estate battle over an inheritance is minimized. However, even when a Will has been prepared and executed properly, sometimes problems will happen anyway after a person's death.