LadyBird Lawyer’s Post

If you want to have a say in what happens to your wealth after you pass away, you need an estate plan. Even if you're single and you don't have any close family, you can still leave a legacy. We share ten estate planning tips for singles at the link below. https://lnkd.in/gfFwiWD3 #estateplanningtips #estateplanninglawyer #willsandtrusts

https://lnkd.in/gw5TzG6Q The loss of a loved one is hard enough. Don't be caught off guard when settling the estate. Let us know if you have any questions about the critical planning topic!

Lady Bird Deeds can be an important part of an Estate Plan. Read about them in the blog post below! #ladybirddeed #estateplanning #michiganlawyer

😞Even with the best intentions, failing to regularly update your estate plan can render it ineffective or even invalid. That's why it's so important for you, as a father who loves his family, to review your estate plan on a regular basis or when a significant life event occurs. Don't leave your family's future unprotected! Check out our article to learn more. 💻Click here: https://lnkd.in/geDEfMaw #HsiaoLaw #EstatePlanningAttorney #EstatePlan #TrustandWills #Trust #California #Didyouknow

If you've been named the executor under a last will and Testament (the "Will"), it quickly becomes apparent that it's a role with both emotional and administrative tasks. As the executor, you've been entrusted with the responsibility of carrying out a loved one's last wishes. Knowing and understanding the responsibilities involved is the first step when preparing to oversee the estate process. This checklist is intended to help:

The death of a loved one is never easy. Regardless of your relationship with the deceased (for example, a relative, significant other, or close friend), you need space and time to process and grieve your loss. Once you have had time to cope with all that has happened, you should consider updating your estate plan in light of your loved one’s death. https://lnkd.in/g9htTefT For questions regarding updating your estate plan contact a member of Barrett McNagny's Estate Planning Team- John Barce, Trisha Paul, Philip Wagler, Zachary Witte or Brian Downey.

Most people believe that they have complete freedom to make a will leaving their estate to whomever they choose, even if that means cutting out a child or leaving everything to the dog’s home. In our latest insight, Laura Alliss discusses the circumstances which may lead to the court ordering your estate to be distributed differently to how you intended https://lnkd.in/eW8s9zhw

Prince’s estate fiasco serves as a reminder: proactive planning is key 👩🎤🔑 Prince's estate situation teaches us the importance of having a Will, accurately valuing assets, and addressing potential family conflicts in estate planning. Skip the drama – learn from other’s slip-ups to protect your loved ones and your assets. Read the full story from Kiplinger 📖 https://bit.ly/3HJOjY7 #estateplanning #inheritance #powerofattorney #estateplanningattorney #willsandtrusts #texasestateplanning #useyourvoice #prince #princeestate

I am pleased to contribute my experience of nearly forty years (yes it's true!) to a couple of property forums. I am constantly amazed at the questions posed, and also the level of advice that correspondents expect on a free forum. But one caught my eye this week about what happens to your let property on death, especially if (for example) a husband and wife die together. It's actually quite an interesting question and there may be elements where there isn't an answer as such - there's a raft of issues to deal with on death, not least the grant of probate that can take some time. Luckily, the event of two partners dying together is rare, but it does of course happen occasionally. Even one joint owner dying can affect the dynamic of property ownership. Irrespective of a family's property and business interests, there should be wills in place (and LPAs to cover incapacity whilst still alive). It is helpful if the executors and family members are given details and that those involved with the business know how to access relevant information. In my firm's role as property management agent, we have a protocol that we implement when a client (landlord) dies. Sometimes it can be difficult for family members to appreciate what we are doing and why, but we do have good reason. Firstly, we will freeze the landlord's account as at the date of death on our system and not incur any further expenditure, or attribute any income to that account. We then open a new account for the Executors or Personal Representatives. We do this so that any money held before death is very clearly identified. It is possible that the deceased requested their money to be left to one person, or body, and their property to be left elsewhere. if we hold, say, £10,000 for a client then this is effectively their cash and not part of the property. Being able to account to the date of death enable the estate to file a final tax return. In terms of instructions, our client now become the Executors (or PRs) and not individual family members. It is possible that no one in the family is either Executor or beneficiary. It is therefore helpful if we are told quickly who the Executors are. It can be difficult for some family members to appreciate this and occasionally they are concerned that they cannot access money themselves and we may not accept their instructions. From a practical point of view we do try to keep things moving, especially safety and repair issues, but we cannot get involved in new works, new lease/tenancies unless we get proper instructions. Hopefully most property owners have discussed their wills with their family, but not all do. It is worthwhile letting agents know who to contact in the event of death and which solicitor is dealing with matters. That way agents can react quicker and ensure matters progress smoothly. We do not wish to get embroiled in family arguments and are obliged to act in a professional matter.

This is our latest blog post on the new form of deed - Transfer on Death Deeds - that we worked to get enacted in NY. It's an important estate planning tool for low to moderate income homeowners to preserve homes from one generation to the next. https://lnkd.in/eDnhGZkP