Why is Probate Needed?
In order to pass ownership of the decedent’s probate assets to the decedent’s beneficiaries, probate is necessary. When the decedent leaves a valid will, it will be ineffective to pass ownership of probate assets to the decedent’s beneficiaries until the will is admitted for probate in the court. Probate is still necessary to pass the […]Read Article >>
What is Probate?
The term probate is used in several different ways. It can refer to the filing of a will with a court office, but is more generally known as the process supervised by the court to identify and distribute the decedent’s assets to the beneficiaries, while also paying his or her lawful debts. The probate process […]Read Article >>
What is a Living Will, Health Care Proxy, and Power of Attorney?
The purpose of this article is to discuss some of the most common documents that are part of a proper estate plan. These documents include a living will, health care proxy and power of attorney. The Living Will is a written document where an individual states that he or she does not want any life […]Read Article >>
Guidelines for Estate Planning Meeting
There are five components to a basic estate plan: Will: A legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the transfer of his or her property at death. Living Will: A written document that states a person’s wishes regarding life-support or […]Read Article >>
What is Probate and Why do I Need to do Estate Planning?
What is Probate? Probate is the process for transferring the assets of a deceased person to those persons or entities that are legally entitled to such assets. It is a court supervised process where a judge determines the beneficiaries of the decedent, requires the payment of all lawful debts, and ensures that the proper parties […]Read Article >>
What is a Mortgage Foreclosure?
When a person buys real property, often a loan is involved. The buyer typically signs a promissory note where he or she agrees to pay back the debt and then secures such obligation with a mortgage pledging the real property as collateral. In the event the borrower, known as the “mortgagor”, defaults under the terms […]Read Article >>
What is a “Short Sale”?
Homeowners who are unable to make the payments on the mortgage on their home have several options to consider. One such option is trying to sell their home and satisfy the outstanding mortgage. Unfortunately, because home values have substantially declined, often the value of the home is less than the amount of the mortgage owed. […]Read Article >>
What Are My Options Regarding My Mortgage?
Homeowners who are unable to make the payments on the mortgage on their home have several options to consider. The purpose of this article is to summarily discuss each of the options. The first option is to seek a modification of the subject loan. You need to contact the lender to see if the lender […]Read Article >>
Corporation or LLC?
We are often asked by those wanting to start a business whether they should use a corporation or limited liability company format. Typically, the answer is “it depends”. There are many matters that must be considered. The purpose of this article is to consider the major differences between the two types of business entities. Corporations […]Read Article >>
What is a Revocable Living Trust?
A revocable living trust (RLT) is a trust that is set up while you are still alive. The benefit to a revocable living trust is that there is no need for the assets within the trust to pass through probate. This eliminates attorney and court fees that would otherwise have to be paid during the […]Read Article >>