Articles Posted in Probate

11.22.19If a temporary administrator has failed to perform their duties properly, the court has the power to remove this person.

Beneficiaries need to know that they have rights too. If a temporary administrator is not following the terms of the will, taking money that belongs to the estate or failing to perform their fiduciary duties, it’s time to go to court.

nj.com’s recent article, “What to do if an estate administrator isn’t doing his job,” explains that a temporary administrator is usually appointed by a probate judge, because the named executor has died, renounced his or her rights to serve, or is unable to serve.

10.30.19Contesting a will is not for the faint of heart, but this is the process that lets a person legally challenge a will.

When there’s a will, there’s a way to challenge it, known as a “will contest.” If someone dies and they had a will, their estate goes through the probate process. The probate court is the jurisdiction for challenging a will.

Understanding how this works is important, if you’ve been named as a beneficiary of an estate or you’re concerned that your own will may one day be contested.

10.28.19While it’s possible for people to manage some parts of their loved one’s estate, very often the tasks feel overwhelming. When getting assets out of probate becomes too much of a challenge, it’s time for help.

There are instances when an executor knows they need to hire an attorney who focuses their practice on settling an estate immediately. That’s usually when there’s a lot of money at stake, or if the family has a history of fighting. Other times, the job of settling an estate starts out okay, then hits a roadblock, or becomes too emotionally draining.

KAKE.com’s recent article, “Do I Need to Hire a Probate Lawyer?: The Top Signs You Should Lawyer Up” says that trying to do this on your own can often be time-consuming and expensive. That’s why it’s smart to have a probate lawyer working with you.

5.20.19It’s been three years since music icon Prince died at his famous Paisley Park mansion, joining the ranks of many celebrities who died without an estate plan.

Prince’s estate, which includes master tapes of his recordings and a 10,000-square-foot Caribbean villa, has been estimated at $200 million. However, what it will be worth after years of battles between heirs, people claiming to be heirs, consultants and a court-appointed administrator, is anyone’s guess.

Page Six reported in its article, Fight over Prince’s $200M estate could go on for years, that Prince’s heirs are entrenched in a fight to rein in the estate’s administrator. They’ve spent more than $45 million in administrative expenses, according to a probate-court petition filed by Prince’s designated heirs.

4.8.19The foundation of your estate plan is a will, also known as a last will and testament. Depending upon your situation, your Houston area estate planning attorney may recommend additional documents, including trusts.

The first part of your estate plan is the creation of a will to provide clear instructions of how your property should be distributed after you pass. The will is also used to name a guardian for minor children, if your family is still young. The concept that many people don’t understand, is that without a will, these and other decisions will be made for you according to the laws in Texas. It’s far better to make these decisions for your family yourself.

Some estates are straightforward and simple. If you have a large amount of assets, children from different marriages, or own a business, your estate will draw on different strategies used by the estate planning attorney. Among them may be a revocable trust.

3.18.19You’ve heard the expression “trust fund babies.” However, trusts are not just for the wealthy. They have a number of uses in estate planning and can be helpful at any asset level.

The reality of our own mortality keeps some of us up at night. For others, it’s a disturbing thought that is easily brushed aside. Whichever group you belong to, you need to have an estate plan in place. This is the only way that you can have any say in how your assets are distributed after you pass. Without an estate plan, your family will be subjected to much more stress and financial strain. One part of an estate plan is a trust.

Barron’s recent article, “Why a Trust Is a Great Estate-Planning Tool — Even if You’re Not Rich,” explains that there are many types of trusts, but the most frequently used for these purposes is a revocable living trust. This trust allows you—the grantor—to specify exactly how your estate will be distributed to your beneficiaries when you die, and at the same time avoiding probate and stress for your loved ones.

10.18.18“The man who took care of Robert Indiana in the last years of his life, told a probate court hearing Wednesday that he was paid roughly $250,000 a year to tend to the aging artist, whose estate and legacy are now the subject of acrimony and lawsuits.”

Under questioning by a lawyer representing the estate, caretaker, Jamie L. Thomas said he’d been earning $1,000 a week in 2013, when he started taking care of artist Robert Indiana, who lived alone on a Maine island, until his death in May at 89.

The New York Times’ recent article entitled “Robert Indiana’s Estate: Generosity, Acrimony and Questions” reported that by 2016, Thomas said the artist had raised his salary to $5,000 a week for round-the-clock work that included bringing him meals, taking care of his dog and helping him to bed. He was also granted Indiana’s power of attorney.

7.19.18Neglecting to plan for family dynamics can destroy the best estate plans. Make sure to address both difficult personalities and tax liabilities. They can be equally problematic.

Saving loved ones from a large tax bill and maximizing the transfer of wealth across generations is great, but your estate plan needs to do more than that. The plan must consider the dynamics of your family, how they may treat each other after you pass and what can be done to protect them from each other.

CNBC’s recent article, “This threat could devour thousands of dollars from your estate,” notes that even families that look like they're perfect, are not. Perfection doesn't exist. When families fail to address these types of issues in their estate plans, it can create conflict between beneficiaries.

5.24.17At last, a happy ending for the estate of the late Veronica Shoemaker, a community activist who made service the heart of her life and business.

With the conclusion of the estate battle, Mattie Young, the daughter of the late Veronica Shoemaker, will now be able to keep her mother’s flower shop open and maintain her mother’s legacy of community service. Shoemaker devoted many years of her life to serving the Fort Myer’s community and Young was faced with a contested will struggle that threatened her ability to keep the shop open.

The Fort Meyers news-press.com reported on this saga in Shoemaker estate issue settled; florist shop stays open. Apparently, family members reached an agreement that assured Mattie would continue to run the Veronica S. Shoemaker Florist Shop in the Dunbar community its founder served for decades.

4.26.17Without the spending habits of Michael Jackson and the involvement of members of his inner circle, the Jackson estate has been transformed into an efficient multi-million dollar empire.

As it stands now, the only factors that might keep the Michael Jackson money machine from moon-walking into eternity are his heirs.

The estate recently severed ties to Jackson’s publicist and former management team, after a multi-year courtroom battle. The losers said they stood by the star at a really low point in his life. In return, they claimed, he promised them 15% of his business. Trust Advisor’s recent article, “Michael Jackson Estate Reveals Mr. Hyde Side: Dead Star Now Fighting His Friends,” explained that since the estate wanted all of the cash, whatever Michael really wanted is of little consequence without legal documentation. Since a judge has dismissed the claim, the estate can continue consolidating its hold over every aspect of the Michael Jackson brand. All the old relationships that he once had with partners and advisors are gone.

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