Probate & Guardianship

EPGD Law Estate Planning
Estate Planning
Kathrine Karimi

HBO®’s “Succession” The Importance of Succession Planning as Part of Your Estate Plan

While the show is fictional, the reality is that succession planning is an important aspect of estate planning that should be fully integrated into your plan, especially for business owners.  A solid estate plan not only provides for the disposition of your assets upon your passing but also plans for someone to take your place (a successor) when you are no longer able to perform your responsibilities due to incapacity or death. 

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Estate Planning
Kathrine Karimi

Signing Your Will Under Seal

Generally speaking, signing under seal makes the contract more formal. “The formality of a promise under seal is an efficient, trustworthy method of channeling a person’s deliberate intent to be legally obligated”

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Estate Planning
Kathrine Karimi

What is Ancillary Probate?

The primary probate proceeding is usually held in the decedent’s state of residence or home state. However, a state probate court only has authority over property in its own jurisdiction; it does not have the power to issue orders for property that is located in another state. Therefore, an additional probate proceeding becomes necessary.

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Estate Planning
Kathrine Karimi

What is a GRAT?

GRAT, short for Grantor Retained Annuity Trust, is a type of irrevocable trust that alleviates the tax cost of passing assets to your beneficiaries.

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Estate Planning
Kathrine Karimi

What Happens to a Car Lease After the Car Lessee’s Death?

Often times, payments still need to be made and the payments become the responsibility of the deceased car lessee’s estate. Sometimes car dealerships will negotiate with the personal representative of the deceased’s estate and may be able to transfer the remaining lease to another person.

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Estate Planning
Kathrine Karimi

Is an Executor the same as a Personal Representative?

The personal representative you appoint will be the person in charge of handling your estate once you pass. This individual has vast responsibilities and powers; therefore, your personal representative should be someone that you trust.

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Estate Planning
Kathrine Karimi

What are the Consequences of not Having a Will?

What happens if you do not have a will or your will is not valid? In these cases, the state declares the individual to have died “intestate,” and your property follows a chain of succession to determine the owner.

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Estate Planning
Kathrine Karimi

Probate Assets vs. Non-Probate Assets

Probate is the process after a person passes or becomes disabled; their assets are put on hold until the will is validated, any remaining debt is paid off, and the beneficiaries of the will are identified.  Probate can be a long and stressful process, especially after such a difficult time.  Non-probate assets avoid this long, costly process and pass directly to a decedent’s heirs.

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