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Pot Trusts Explained for Families
A pot trust can be a valuable estate planning tool for families with children, grandchildren, or beneficiaries whose needs may change. Instead of dividing assets into fixed shares immediately, a pot trust keeps assets together in a single fund, allowing the trustee to make distributions based on each beneficiary’s situation. This flexibility can help address…
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Avoiding Probate: What Works and What Doesn’t
Many people want to avoid probate, but there is a lot of confusion about what actually works. Certain tools can help avoid probate, such as beneficiary designations, transfer-on-death accounts, payable-on-death designations, and properly funded trusts. When used correctly, these tools allow assets to pass to the intended beneficiaries without probate. However, some common shortcuts do…
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Establishing Ownership Structure
Understanding your options for joint ownership is important. Once selected, the ownership structure needs to be reflected on the property deed. Under joint tenancy, each co-owner has an equal and undivided interest in the property. Upon the death of one owner, their share automatically passes to the surviving owner. Under tenants in common, each co-owner…
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Review Beneficiary Designations Regularly
A beneficiary designation supersedes a will or trust about how to distribute an asset. Many people make the mistake of assuming the opposite: that their will or trust overrides beneficiary designation forms. A beneficiary form that is not up to date can result in assets not passing to the correct beneficiaries. An estate plan should…
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How a Beneficiary Designation Works
Beneficiary designations take precedence for distribution over other documents in an estate plan. The individual or entity you name as an account beneficiary will receive the money or account, usually without it passing through the probate process. A beneficiary can be any of the following: a person, such as a spouse, child, partner, family member,…
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Adding an Adult Child to the Home Title
An adult child can be added to the house’s deed as a partial owner. If a house is jointly owned by a parent and an adult child, then when the parent dies, the house passes automatically to the adult child outside of probate. With a tenants-in-common ownership structure, the parent’s share of the house becomes…
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Beneficiary Agreements to Change a Distribution
While the personal representative or trustee and beneficiaries cannot rewrite a decedent’s will or trust, the beneficiaries may be able to mutually agree to modify what they receive from the estate or trust. A nonjudicial settlement agreement is a contract that may be used whenever the beneficiaries agree that asset distribution should be different than…
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When a Personal Representative Has Discretion
The personal representative must carry out the directions stated in the testator’s will but there are cases where the personal representative can use discretion. Wills often allow the personal representative to decide when to sell property and to decide whether to convert assets to cash prior to distribution. If the will is unclear, the personal…
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Avoid Probate Issues When Drafting a Will
When creating an estate plan, you should consider implementing tools in your estate plan to minimize issues that may arise if your estate requires probate. Your will may have been written years ago and might not reflect current circumstances. You could have acquired new accounts or property, experienced a birth or death in the family,…
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Understanding Probate, Wills, and Estates
Estates, wills, and probate are distinct, yet interrelated, estate planning concepts. An estate consists of everything that a person owns—including their personal possessions, real estate, financial accounts, and insurance policies. A will is the legally valid written instructions that a person creates describing how they want their assets distributed upon their death. Wills are highly…
Category: Probate
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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