Understanding the priority of estate debts is essential to the administration of a probate estate. Anytime someone dies leaving debts, it's natural for family members to wonder how those debts get repaid. The priority of estate debts is not something most people have to worry about, but understanding the priority can make the probate process a lot easier, regardless of what role you play. Estate Administration and the Priority of Estate Debts When a person dies leaving behind … [Read more...] about Understanding Estate Planning – Priority of Estate Debts
If you are like a lot of people in Kansas, Missouri and Oklahoma, you have probably been to or heard of estate sales in your area. But how do estate sales relate to estate planning? Do you have to have an estate sale if you die and leave behind property? How will you pay for the sale? Who will conduct the sale? Today we're going to take a look at estate sales to get a better idea of the role they play in estate planning. Estate Sales An estate sale is a sale of personal … [Read more...] about Estate Sales and Estate Plans, What is the Connection?
It isn't uncommon for people to be asked to be an executor of someone's estate, especially when that person is a close friend or a relative. But if you have been asked to be an executor, how do you know how to respond? Should you accept the appointment? How do you make a decision? What kind of factors should you weigh when making your choice? To determine what you should say when asked to be an executor, you first need to understand what your duties and responsibilities will be should you … [Read more...] about Understanding Estate Planning – Being Asked to be an Executor
On June 21, we briefly discussed the legal process when a family member dies. Today we will continue where we left off. The process is essentially the same regardless of where you live, although there may be small differences. If you need legal advice or have specific questions, you need to talk to us so we can give you the information you need. After a Family Member Dies: The Estate Settlement Process/Probate The legal process of taking everything owned by a … [Read more...] about Understanding Estate Planning: What Happens After a Family Member Dies – Part 2
There are some considerable drawbacks that come along with the probate process; let's take a look at three of these pitfalls. Topics covered in this white paper include: Privacy Lost Probate Expenses The Waiting Game Probate Avoidance Strategies Conclusion References Click here to read the whole article or download the PDF. … [Read more...] about Free Report: What are the Drawbacks of Probate in Oklahoma?
You may have set up your estate plan correctly and taken care of it throughout your lifetime, but your beneficiaries may still experience the perils of probate. Listen in on this short case study (1:46) as we review the challenges your beneficiaries may encounter and how to avoid them. … [Read more...] about Your Beneficiaries Should Beware Probate… Even When Your Estate Plan is Perfect
A lot of people who create an estate plan are concerned about the probate process, and craft plans to try to focus on non-probate assets. But what are non-probate assets? For that matter, why is probate such big deal? Why should your estate plan try to use non-probate assets to help you achieve your goals? Even though we covered the basic probate process in a previous post in this series on understanding estate planning in Oklahoma and Kansas, we thought we would take a little time to further … [Read more...] about Understanding Estate Planning – What Are Non-Probate Assets?
In this week's blog post on understanding basic estate planning issues, we turn our attention to ancillary probate. Last week we looked at what the probate process involves. This week we are going to continue that discussion by looking at ancillary probate. Unlike probate, most estates don't have to deal with the question of ancillary probate. Nevertheless, it is a significant potential issue with which you should be aware before you go into the estate planning process. … [Read more...] about Understanding Estate Planning – What is Ancillary probate?
You know how you want your assets distributed after you're gone... you've planned it all down to the last detail. But do you know how those wishes become a reality? In this short SlideShare presentation, we'll walk you through the basics of probate and show you how to ensure your family and your assets are always protected. … [Read more...] about What Is Probate?
People sometimes go forward with some misconceptions about estate planning techniques. Everyone has heard of the last will or last will and testament. Most people are also aware of the existence of trusts. You may assume that a last will is the simplest and least expensive way to facilitate the transfer of your assets after you pass away. This is not necessarily the case because of the existence of the legal process of probate. … [Read more...] about What Is the Cost of Probate?