Does Your Estate Have to Go Through Probate?
Every estate that holds titled property must be probated if title to that property is not transferred using some other wealth transfer method.
Counsel & Advice From Top New Mexico Estate Planning & Elder Law Attorney
Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.
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Every estate that holds titled property must be probated if title to that property is not transferred using some other wealth transfer method.
Every so often, it’s smart to methodically go through your estate planning documents and see if any tweaks are needed. Here’s a checklist to guide you through that mission.
My great-grandfather was a farmer and had about 23 acres when he died. My grandfather passed away before my great-grandfather. The land was put in a trust for my mother and uncles. My mother passed away two years ago.
If you do not learn from your mistakes, you are doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them. Mistakes in the estate planning of high-profile celebrities is one very good way to learn the lesson of what not to do. Here are eight celebrity estates, where the mistakes have been reported in the news over the years.
This legal document can also be beneficial in other situations, such as if you want to leave an inheritance to someone but aren’t sure they will use the gift wisely.
Beneficiaries, in general, are people or entities that the holder of an account designates to receive the assets in the account, typically, in the event of the account holder’s death.
One of the most important decisions you will ever make is choosing a fiduciary.
Probate survives as a procedure originally implemented by the King of England to protect his citizens from themselves and their greed.
Should I terminate these trusts and just have my children as beneficiaries of my investment accounts and life insurance?
To be tax efficient, which types of assets should you live off of in retirement, and which should you plan on passing down? There’s a bit of art to the equation, and how you plan can make a big difference to your beneficiaries.