My Estate Planning Documents are Signed, No Probate for My Family, Right?
Mon 19 Feb, by FritzLaw on Estate Planning, Probate
Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s important to be aware, however, that simply meeting with an attorney and signing a trust does not mean your estate planning …
How to Fix 5 Common Estate Planning Problems – And Avoid Probate
Sun 28 Jan, by FritzLaw on Estate Planning, Probate
How to Fix 5 Common Estate Planning Problems Not surprisingly, most people loathe reviewing their estate plan because it can be both confusing and daunting. Others do not want to think about death and avoid the topic altogether. If you already have put an estate plan together, you are ahead of the curve as many people do not have one. If you do not yet have an estate plan, there is no better time than …
When is Living Probate Necessary?
Sun 28 Jan, by FritzLaw on Estate Planning, Probate
When is “living probate” necessary? If you become incapacitated, who is going to take care of you? You will not be able to make medical decisions for yourself and you will not be able to manage your day-today affairs. If you do not have the appropriate estate plan in place, your family may be headed to the probate court long before you are deceased. Conservatorship or Guardianship Proceedings In some states a living probate is …
What is Supervised Administration?
Fri 19 May, by FritzLaw on Estate Planning, Probate
Independent administration is generally preferred when administering a probate estate (over $40,000) within one year of the decedent’s death. However, if the heirs won’t consent to independent administration and the Will doesn’t specifically designate it, then the only alternative is to proceed under a supervised administration. Supervised administration means just that; the probate process is supervised by the probate court. The court must approve the actions of the personal representative at each step and he/she …
What is Independent Administration?
Fri 19 May, by FritzLaw on Estate Planning, Probate
If a probate estate in Missouri is over $40,000 and it is within one year of the decedent’s death, there are two ways the estate can be administered: independent administration or supervised administration. The easiest and preferred method is independent (or unsupervised) administration because of reduced court involvement and overall costs. In Missouri, an independent administration allows the personal representative to take action without permission from the court. The personal representative has broad authority to …