Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.
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Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
The probate process refers to court proceedings that you have to go through when a loved one passes on, and they have left an asset in their name.
A will itself is a legal document that describes the process of splitting up one’s personal property and possessions among family and loved ones.
Planning for unfortunate events is particularly critical in the era of Covid-19.
The passing of a spouse is a devastating time in a person’s life and one that throws their world into turmoil. While in the midst of grieving, they’re confronted with a multitude of responsibilities requiring their attention — not only the immediate tasks of preparing for memorial services and notifying family and friends, but also beginning to tackle the requisite legal notifications and financial changes.
To ensure your estate is settled in the way you want, it's wise to do a bit of extra planning to keep your documents up to date.
As part of your estate planning, don’t forget to consider a power of attorney.
Although there is often a progression of complexity in estate planning, this progression generally follows stages in life rather than specific ages.
You would like to pass a house tax-free to your heirs. After all, you want to give them a gift, not the burden of taxes. How do you do that?
I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
