The process of contesting a will involves challenging the validity of a last will and testament that has been created by a deceased person. The process occurs during probate and it can be a complicated one, but it could result in a will being declared invalid and not being probated. In the right circumstances, contesting [ ] The post Pros and Cons of Contesting a Will appeared first on Nirenstein, Horowitz & Associates P.C..
The process of inheritance planning involves the execution of various different legally binding documents. There are basic estate plans, and more complex estate plans. First we will look at the anatomy of the basic estate plan, and then we will take a glance at some of the more complex inheritance planning techniques. The Last Will or Last Will & Testament A very common inheritance planning device is the last will or last will and testament. Just about everyone has heard of this document. It is used to record your final wishes regarding how you want your financial assets distributed among your heirs after you die. There are a couple of other things to consider if you are using a last will to arrange for the transfer of your assets. Someone has to actually conduct the business of the estate after you pass away. This individual is called the executor or personal representative. It should be noted that a female estate administrator is sometimes called an executrix. When you are planning
Estate planning involves making preparations for the things that will happen after you pass away, but you should also consider the period of time that will precede your passing. These years are sometimes called the twilight years. First off, you should consider the possibility of long-term care expenses. According to a government agency, seven out of every 10 seniors will someday need help with their activities of daily living. Long-term care is something that most people will need; it is a likelihood, not a remote possibility. Medicare will help with your medical expenses when you re a senior citizen if you have paid into the program sufficiently throughout your life, but Medicare does not pay for long-term care. Paying out-of-pocket is not easy for most people, because nursing homes and assisted living communities are very expensive. We practice law in the state of Connecticut. In our state, the average charge for a year in a nursing home is over $100,000, and seniors often require