Blog
We strive to make the process of estate planning and estate administration as simple and straightforward as possible. At American Wills and Estates we speak to our clients in plain English, and we are sensitive to the fact that many of our clients are still grieving the loss of a loved one. Our number one goal is to put our clients at ease and to reassure them with competency and compassion in their times of need.
THE PROBATE PROCESS CAN GET COMPLICATED FAST
Do I Really Need a Will?
People are constantly asking me, "Lloyd, do I really need a Will. Isn't that something only people with a lot of money need?" And my answer is always a big, resounding NO. Not only should everyone have at least a simple Will as part of their estate plan, they should most definitely also have a well drafted Power of Attorney and Living Will as part of... Read More
The Importance of Having a Last Will and Testament
The importance of having a Last Will and Testament and.....a little Purple Rain to go with it. Estate planning doesn't have to be scary, difficult or expensive, but it's so very important to get it done. Quit procrastinating folks, despite the rumors to the contrary....none of us are going to live forever.
http://fox2now.com/2016/05/03/importance-... Read More
Power of Attorneys are Extremely Important, But Make Sure You Understand What You Are Signing
A well drafted Durable Power of Attorney is an extremely important part of most of our clients overall estate plans, but make sure you understand the significance of the power that you will be granting. This article that appeared in the N.Y. Times does a nice job of explaining the importance of these documents, but also how they can lead to fraud and... Read More
Estate Planning Mistake #4: Failing to Update Your Beneficiaries Following Life Changes
One of the most common problems we encounter as estate lawyers involve faulty, incomplete or mistaken beneficiary designations. We see over and over again cases where someone has passed away and there surviving spouse or other family members find out to late that they had either never made a beneficiary designation on a particular investment account or... Read More
Common Estate Planning Mistakes by NFL Players
1. Living in the present, instead of... Read More
Estate Planning Mistake #3: Letting Your Heirs Fight Over Your Personal Effects
It’s been my experience that parents are often the only thing keeping their adult children from tearing each other’s heads off over every disputed matter or perceived slight. And, once the parents are gone, the fighting often reaches new levels of insanity. This is often particularly the case when it comes to the division of a parent’s personal and... Read More
Supplemental Needs Trusts
Here's a nice little article by a New York attorney about Supplemental Needs Trusts. Short but informative for those of you who may have a special needs family member and are wondering how they can safely be included such in your estate plan. Take a look.
How to Leave Money to Disabled Beneficiaries Without Compromising Benefit EntitlementsWhile... Read More
Estate Planning Mistake #2: Failing to Have or to Maintain a Valid Will
Even if you own nothing more than a house and a couple bank accounts, it’s absolutely essential that you keep and maintain a valid Will or Revocable Living Trust document. Otherwise, you will have no control over how your estate will pass after your death and who will be in charge of same.
I once handled an estate where gentleman passed away who... Read More
Estate Planning Mistake #1: Naming an Executor Who Doesn’t Get Along with Your Other Heirs
When you’re dealing with families, money and the emotional impact of losing a loved one, things can turn ugly quickly. I can’t begin to tell you how many times I’ve seen unresolved siblings feuds lead to acrimonious and protracted litigation concerning the administration and distribution of the estate.
One estate that comes immediately to mind... Read More
PROBATE ESTATE AND TRUST ADMINISTRATION
The Personal Representative (sometimes called the Executor or Administrator) appointed by the court is responsible for carrying out the administration of a loved one’s estate. Since the Personal Representative will be handling money and assets for someone else (i.e. the decedent, the beneficiaries, the heirs, and potential creditors of the estate) he or... Read More
The Importance of Organizing Your Estate Plan
If, like so many, you are prone to disorder in the keeping of important documents, assuming that you keep them at all, you may be well past due for a makeover of your estate plan and your end-of-life instructions. It is not just a matter of maintaining tidiness for its own sake: a lot of... Read More