Clients are often unpleasantly surprised to learn that having a Last Will and Testament does not negate the need for probate. And they are sometimes annoyed when they learn that even though they are named as the Executor in a Will, that alone does not give them authority to access the decedent’s assets. Yet both of these statements are true.
Many families mistakenly believe that receiving an inherited property is as simple as listening to a reading of the Will and then that property magically belongs to you and you can do whatever you want with it. Sorry to burst that bubble, but a reading of the will is not a real thing – that’s…
What Is a Living Trust? A living trust is an agreement in which a settlor (the person who creates the trust) appoints a trustee, to manage the assets within the trust, on behalf of the beneficiary or beneficiaries named in it. The beneficiary can be you or anyone else you name. It’s called a “living…
Buying real estate is one of the largest financial decisions most people will ever make. Whether you’re purchasing a home with your spouse, a family member, or a business partner, one important decision is often overlooked: How should you hold title to the property? The way ownership is listed on the deed determines what happens…
When people begin exploring estate planning, one of the first questions they ask is, “Should I create a revocable trust or an irrevocable trust?” While both types of trusts can help protect your assets and simplify the transfer of property, they serve very different purposes. Understanding those differences is an important step toward choosing the…
In our estate planning, probate, and elder law practice here at Reed Wilson Case we often see family squabbles that erupt because of unmet expectations. Many of these expectations involve emotionally valuable personal property. And many of them erupt after the passing of a loved one. Related Post: What To Include In A Will…
