Recent events have reminded me that we all need to review an existing Will or trust every few years as life changes around us. The friend you appointed as Executor may prove to be less trustworthy than you thought, or your grown child may seem to be developing a drinking problem, or your adored daughter-in-law has filed for divorce from your son. People grow and change, and we sometimes find that our assumptions or predictions about the future are no longer valid. [Read more…]
In some states, probate is expensive and burdensome. In my experience, that is not true in middle Tennessee. In those state with lengthy and expensive probate processes, attorneys often advocate using revocable trusts to avoid probate. This requires having a revocable trust document prepared and then transferring all of your assets into the trust during life. This is usually more expensive and time consuming that having a Will prepared. [Read more…]
Q: What do I have to do if I am Executor of the estate for my parent, spouse, or sibling?
A: Being an executor can be a big job, depending on the assets in the estate and the family dynamics. This is a general list of the tasks required. [Read more…]