People sometimes deed their property to their children while still alive in order to make sure the home goes to the kids after the parent has passed. However, this shortcut often comes with significant unanticipated risks/costs. When a homeowner dies, the home...
Part of my practice is spent helping clients solve problems after a parent or spouse has passed away. Many times, these problems arise because the estate plan included a “shortcut” intended to avoid probate. Probate is a process to transfer the assets after someone...
For those who consider probate (or avoiding probate) to be a significant issue, it is important to remember that probate is only a process to transfer assets. Regardless of whether probate is necessary or appropriate, the process should never become more important...
Perhaps because they do not understand the consequences, I have seen many people take “shortcuts” to avoid probate. Last post, I gave the example of parents who transfer their home to a child so that the home could be sold after the parents pass, without going...
As I have discussed in the last few posts, many people have been told they should avoid probate. Usually, they are told they need to avoid probate because of its cost. (Interestingly, most people have no idea what probate actually costs or what it should cost.) ...
I often ask attendees of my presentations if they have been told “probate” is something to avoid. Invariably, I see several heads nodding “yes.” Many are not sure why they are supposed to avoid probate. However, the most common reason I am told is that probate is...
