When deciding whether or not to do a Will package or a Revocable Trust package, many of my Boca Raton, Florida clients will ask why choose one over the other. Among the many benefits that a Revocable Trust has over a Will is the ability to minimize or even avoid probate. This leads to the obvious question of: Why […]
Clients frequently ask me for advice on who they should name as Executor, Trustee or Guardian when creating their Last Will and Testament. First, let me explain the difference between the three roles. The Executor The Executor is the person who probates your Will, goes into your house and looks through all your things, safeguards […]
If you are a writer, artist, musician, photographer or other professional who has created a copyrightable work, you should realize that you are creating an asset that should be carefully managed after you pass away. The first thing that you should know is that if you have created a work after January 1, 1978, the copyright will generally last […]
One of the questions I frequently get is: What is involved with probate in New Jersey? In some jurisdictions, I know attorneys go out of their way to help their clients avoid the probate process by creating trusts and titling assets so that they can be transferred automatically on death. In New Jersey, probate usually […]
WHAT ARE SPECIFIC GIFTS AND GENERAL GIFTS? A specific bequest is a gift of a specific piece of property to a specific person. Three examples of this are: I give my real estate, located at 1 Main Street, Anytown, State, to my son, Jake Smith. I give my 500 shares of stock of XYZ Corporation […]
Everybody knows that good credit is important for receiving favorable financing terms when buying a car or a house. Let me give you another reason to keep your credit up: the ability to act as administrator of the estate of parent or loved one. When a person passes away without a Will, the closest next […]
Did you know that if you are an executor or personal representative of an estate that you do not have to hire the attorney that drafted the Will to handle the probate of the estate? Many times, attorneys will do a simple will as a favor to a neighbor or relative. This is all fine […]
Sometimes there is no preventing an estate litigation. When a family member steals items from the estate, or when the Will is poorly drafting making it confusing, litigation is sure to follow. However, most good estate attorneys will tell you, one of the biggest reasons that unnecessary litigation results is due to family members not […]
Having an estate plan in place gives you control over your assets, but only if it is up to date. It is important to review your estate planning documents every few years due to changes in personal circumstances and also due to the frequent changes in the tax and probate laws. As you may be […]