Common Probate Terms
Common Probate Terms There are common probate terms that you will come across during the course of your proceedings. Below, we will define these common probate terms to help you better prepare for carrying out your duties. Probate Before going into specific probate terms, it is important to briefly define what probate is. Probate is the court guided process through which a deceased person’s property is distributed and their debts are paid. If someone [...]
Celebrity Estate Planning Mistakes-Part 3
Celebrity Estate Planning Mistakes This is the third installment in our celebrity estate planning mistakes series. In this article, we will go over the mistakes Princess Diana, Florence Griffith Joyner, Jimi Hendrix, Jenni Rivera, and Michael Jackson made. We can all learn from their mistakes and protect our families. Princess Diana Died: August 31, 1997 Estimated Worth: $31.5 Million When Princess Diana passed, she had a Will that named her mother and sister as [...]
Duties of Being a Successor Trustee
Duties of Being a Successor Trustee The duties of being a successor trustee will vary from trust to trust. But your role does not come into effect until the initial trustee becomes incapacitated or is deceased. In this article, we will go over some of the duties of being a successor trustee to give you a better idea of what may be required of you. Information You Need Now While the initial trustee is [...]
Duties of Being a Personal Representative
Duties of Being a Personal Representative In Arizona, when your initial probate documents have been approved you are appointed as the personal representative. Having this designation means that the court has given you the authority to act on behalf of the estate. What exactly does this involve? In this article, we will go over some of the duties of being a personal representative. Secure All Estate Assets Your first duty as being a [...]
Creditor Protection Trust
Creditor Protection Trust When looking into estate planning there are some who are hoping to get a creditor protection trust. Unfortunately, some do not realize all that is entailed in setting up one successfully. In this article, we will go over how to set up a creditor protection trust properly so you can protect your assets. How a Creditor Protection Trust Works A successful creditor protection trust should be an irrevocable trust. An irrevocable [...]
Veterans Asset Protection Trust
Veterans Asset Protection Trust A Veterans Asset Protection Trust is a special type of trust that allows a veteran to protect their assets and qualify for veteran benefits. In this article, we will go over the basics of setting up a Veterans Asset Protection Trust and how they work. How It Works A Veterans Asset Protection Trust is a type of irrevocable trust. You, as the veteran, create the trust. You will also need [...]