During probate, the courts will verify the validity of a person's will. Often, this process is a formality with little excitement. However, that can change if a party wishes to contest a will.
If you are considering whether to contest a will, then you should be prepared for what this means. These situations can trigger or reignite bitter disputes and family conflict. As such, it is crucial to proceed cautiously.
When parents live in different states than their adult children, estate planning can become slightly more complicated. As a growing retirement destination, this is a reality for Tennessee residents. With family members across state lines, an individual may choose an out-of-state executor in their will.
An executor is responsible for administering the estate. While the executor does not have to be a loved one, many choose their spouse, child or another close relative. The executor's responsibilities can be time-consuming and expensive. For out-of-state executors, the process can be even more cumbersome.
Your songwriting copyright will transfer after your death, but who they transfer to is a decision you should make while you are still alive. It comes down to your will and how you plan for your inevitable demise.
Songwriters with no plan will see their rights and royalties go to their closest inheritors while those who have planned will see them go to the survivors who they believe should enjoy the fruits of their labors.
If you own a business, two of your top priorities will likely be saving money and protecting your company from unnecessary conflict. Unfortunately, these priorities can come under fire if you become involved in a dispute.
When legal challenges arise between a business owner and partners, shareholders, employees or customers, they can wind up costing the company considerable time, resources and money. However, there are ways to minimize these costs. One option is to avoid litigation.
Estate planning is a beneficial way of planning where your property and assets will go after you pass away. Many people are unaware that you can also set a trust for your pets.
A pet trust is a legal arrangement that ensures how your pet will be taken care of after you pass away. Similar to other types of trusts, you will set up the trust and name a trustee. The trustee will hold the assets on behalf of your pet and use them to pay for your pet’s expenses. Not only will a pet trust help to ensure what happens to your pet after you die, but it can be a helpful way of preventing your pet from going to someone you might not want them to.
When creating an estate plan, there are lots of situations to go over. It can feel like an overwhelming exercise.
Many in Tennessee know their estate plan needs to be thorough, but still leave items off. It can be easy to overlook things that traditionally may not have been included in a plan. Things like:
If you are a collector, you know that it can be much more than a hobby. You know that it takes time, effort and often financial investments to research, safeguard and add to the collection. It makes sense, then, that you would want to protect your valued collection and ensure it is in good hands if you pass away or become incapacitated.
As a recent Forbes article notes, there are a few options for how you can treat these types of assets in an estate plan.
Creating a will or an estate plan is something many people think of doing from time to time, but then put it off. They might not want to think about end-of-life care or they can get feel overwhelmed by the steps they feel it takes to protect their wishes and assets.
However, waiting to create an estate plan can ultimately work against you because it could leave you and your loved ones exposed to some difficult and unfortunate decisions you might not have wanted. Rather than continuing to put off estate planning, think about the following three reasons why now could be the perfect time to start planning.
One of the most helpful tools you can provide to your loved ones in an estate plan is a detailed, updated inventory of your assets. This information can make the probate process easier to navigate, as it can prevent a personal representative from having to spend a lot of time identifying your assets and tracking them down.
As such, an inventory should be in your estate plan, even if you have few assets. Below are some suggestions for how you can create a comprehensive inventory and how to incorporate it into your estate plan.
Estate planning isn’t fun, at least for most people. It often requires deep thought and planning to decide how your estate and assets will be divided once you pass on. So it makes complete sense why estate planning isn’t fun.
However, it is a necessary step that every adult should take. One aspect that every person should consider is setting up a trust to protect or assign their financials to relatives or organizations. These are three different trusts to consider in your plan.
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