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Showing 7 posts tagged wills.

Preserving Assets in a Will Contest

There may come a time when one finds it necessary to contest a will, and there can be legitimate reasons for doing so. This course of action is likely to cause emotions to run high, and it could be likely that a beneficiary under the will at issue may, upon receipt of estate assets, choose to sell, gift, convert or otherwise dispose of those assets, even during the pendency of the will contest. It becomes paramount for the contesting party, then, to preserve those assets for the duration of the litigation, if only to ensure that the estate remains intact by the end of the action. The mechanism for preserving the estate is not unique to estate administration and probate, but rather a simple and effective equitable remedy, injunctive relief. Injunctive relief effectively freezes the status quo and prevents depletion of the estate assets until all claims are settled. More >

Give Thanks - And Think Of The Future

The holidays mean fun, feasts, festivities, and getting together with family and friends. They also pose the perfect opportunity to discuss important estate planning issues while everyone is together. There is no better time to talk about your wishes for the future than with loved ones around the table. This is especially true if family members live considerable distances from each other and only see each other a few times a year. More >

Are iWills The Way of the Future?

Smartphones sure make lives a lot easier (and, arguably, busier). With a few taps of a screen, individuals can do everything from checking the weather to buying stock to engaging in FaceTime across the world. One individual in Australia recently came up with another innovative use for his smartphone. He used it to prepare his Last Will and Testament shortly before taking his own life. More >

A New State & Your Estate

People are not stationary - moving to a new state for work, family, or other reasons is a part of life for a great deal of individuals. What happens to an estate plan, though, when a person no longer lives in the state where their plan was created? Is the plan still valid in their new state? Although estate planning documents that were validly executed in one state should generally be valid in another, these instruments may need some modification. It is highly recommended that all executed documents be, at the very least, reviewed by an attorney when relocation occurs. More >

The Role of Appraisals in the Inventory Process

Settling a loved one's estate after their passing can be an overwhelming process. In Kentucky, the first step involves filing a petition to do one of three things: (1) probate the will; (2) appoint an administrator/administratrix (if no Will exists); or, (3) appoint an executor/executrix (if a Will does exist). Within the same form, the petitioner must also include fair market value estimates of the decedent's real and personal property. More >

The Gift of Education

Many grandparents want to enrich the lives of their grandkids, but are not sure the best way to accomplish this with their estate plan. I encourage clients to consider helping their grandchildren with the future costs of education. The proper planning can help grandkids avoid hefty loans and be tax-efficient for the donor. More >

I'm an Executor or Administrator of an Estate...Now What?

As an estate planning attorney, I often receive calls from individuals who have just been designated as a personal representative and are wondering what they are legally required to do. Personal representatives may either be named an Executor (Executrix if the individual is female) or an Administrator (Administratrix if female). An Executor is the person whom a decedent named in his or her Will to be in charge of the administration of his or her estate. An Administrator is the person appointed by the court to be in charge of the estate when someone dies without a Last Will and Testament. More >

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