News & Analysis as of September 24, 2024

Probate

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Estate Planning is a process where individuals prepare or plan for the settlement of their personal affairs in the event of incapacitation or death. Estate plans typically include provisions relating to the disposition of assets, guardianship of minor children, and appointment of representatives to make medical and financial decisions. Effective estate planning can decrease tax liability and facilitate the probate process. less -

Common Errors that Arise during an Estate Administration

Cole Schotz on 7/25/2022

In our busy practice, we tend to see certain recurring errors. In particular, we see planning errors that arise during the estate administration process after someone dies. Below are a few of these common errors, and, in the...more

Consider All the Angles of Joint Ownership

Adler Pollock & Sheehan P.C. on 1/4/2021

Estate planners generally tout the virtues of owning property jointly — and with good reason. Joint ownership offers several advantages for surviving family members. But this shouldn’t be viewed as a panacea for every estate...more

Three Reasons Why Joint Accounts May Be a Poor Estate Plan

Chambliss, Bahner & Stophel, P.C. on 12/12/2019

Many people, especially seniors, see joint ownership as an easy way to avoid probate and plan for incapacity, but there are major drawbacks to joint accounts. When people own property as joint tenants each person has an...more

What Happens to Your Debts When You Die?

Chambliss, Bahner & Stophel, P.C. on 6/26/2019

When you die, your debts do not expire with you. Most debt still needs to be paid off, if possible. However, who is responsible for paying the debt depends on the type of debt, and some assets are protected from being used...more

Don’t be afraid of probate

Adler Pollock & Sheehan P.C. on 12/4/2018

Probate. The word itself is enough to strike fear into the hearts of elderly individuals and their loved ones. It conjures images of lengthy delays waiting for wealth to be transferred and bitter disputes among family...more

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