- Divorce
- GuardianshipThis probate court procedure has often been referred to as a Living Probate. It is technically called a Conservatorship or Guardianship proceeding. In most states during your disability, the court appoints someone to manage all your affairs. These Conservators or Guardians must file strict annual accountings with the court. The entire procedure is time consuming, expensive and, many think, a humiliating legal proceeding.
- Business Formation
- Estate PlanningGenerally, a will is a set of written instructions drawn under legal formalities directing how a person’s property will be disposed of on death. Wills are not effective until the maker is dead. At that time, the will becomes a public document. It is filed with the probate court and made a part of the public record. Your will is much like a letter to the probate judge laying out how you want your assets distributed. Your will does not control all of your property. Joint tenancy property and life insurance proceeds both pass to others on your death completely outside of the provisions of your will. That means if you have a will, but all your property is owned in joint tenancy, your will controls nothing on your death. Because wills guarantee probate on your death or disability, they are very poor estate planning documents.
- WillsEstates that have federal estate tax liability have to stay open until the taxes are paid which is normally nine months. If there is any dispute as to the amount of tax, the estate has to be kept open until the IRS either audits or determines the proper amount. Anyone who disagrees with the will can bring a lawsuit in the probate court. This is called a will contest. Will contests come in infinite varieties. In many cases, lawsuits seem to be started to intimidate the heirs into staving off unwanted litigation by setting out of court. This is an effective way for the unscrupulous to collect under a will without having much of a case.
- TrustsAssurance of a smooth transition for loved ones and flexibility makes a Revocable Living Trust a sound way to create a stable platform for future wealth distribution as well as to act as a buffer for the current world we all share and live in now.
- Probate