Intestacy laws determine who gets what after death, if no valid last will and testament was left behind. Intestacy refers to dying intestate, or without a testament of one’s final wishes regarding the contents of one’s estate. In general, intestacy laws dictate the succession in which a person’s relatives inherit their assets and personal property. …
Filing for bankruptcy is not a tabula rasa. While bankruptcy can help you deal with mounting debt and financial distress, there are certain debts and obligations it cannot erase – and long-term consequences that are inescapable. Perhaps the most severe punishment associated with bankruptcy is not what it does to your wallet, but what it …
A probate lawyer is a state-licensed legal professional whose job is to guide the executor of a will, or the beneficiaries of an estate, through the probate process. Probate lawyers can also fulfill other duties and assist in the creation of an estate plan long before the probate process comes to pass. To understand what …
Despite the rapid rate at which our technology evolves, we cannot yet be in two places at once. At least, not physically. While digital identification processes have made it easier than ever to open bank accounts and even start trading from the comfort of your living room, there are many processes for which we require …
What we own in life must be divided among the living when we die. It’s one thing to carry our favorite necklace or a wedding ring into the earth, but another to cling to the family home or the vintage convertible. The purpose of a last will and testament is to put a person’s wishes, …
We all dream of leaving behind a financial legacy to see our children through successful lives – to ensure their dreams and the dreams of their children can be made possible, through the hard work we endure in our day-to-day. But the reality can be starkly disappointing. The majority of “generational wealth” disappears by the …
An estate consists of everything you owned in death. A trust is a legal entity funded by your property and managed by a third-party trustee for the sake of your chosen beneficiaries. In both instances, these are accumulations of property and assets meant to be passed onto others at some point after your death (usually). …
There comes a time when it is prudent to think about life after death. Not necessarily in a philosophical or theological sense, but in a logistical one. We each have tangible and intangible things attached to our name, whether it is a bank account, a boat, a home, an investment property, or a business. These …
Estate planning tools can be powerful when used appropriately. A power of attorney can be used to grant designated individuals, or “agents”, the right to act on your behalf, whether in a limited capacity or to fulfill a single purpose. Different power of attorney documents is used for different purposes. Most of the time, a …
Wills and trusts are two common elements of a comprehensive estate plan, and if you were to believe various online services and websites, they do not seem very hard to draft and create by yourself. But do not be fooled into thinking that a cheap or free estate planning software can substitute the legal advice …