Yes, in that the state furnishes everyone with a plan to settle their affairs and distribute their assets when they die. That plan is called the laws of intestacy. However, that is a far cry from having your own plan to provide for who is to be in charge (the Executor) and who is to […]
When a person dies leaving assets owned individually in the decedent’s name only, those assets will need to pass through a court-supervised process known as “probate.” The primary probate for a decedent is conducted under the jurisdiction of the appropriate probate court in the state where the decedent lived. An “ancillary probate” is an additional […]
Last month, in its unanimous decision in Clark v. Rameker, the United States Supreme Court decided that an inherited IRA does not have the same bankruptcy protection as a non-inherited IRA.
The Consequences of Life Estates A life estate is a form of ownership in which property owners transfer ownership in their property, most commonly their home, while retaining the right to use and occupy it for the remainder of their lives. This type of ownership is used to avoid probate of the property and also […]
Planning for Pets: Why a Will Won’t Ensure Your Furry and Feathered Loved Ones Are Taken Care Of According to a recent survey by the American Pet Products Association, 68% of U.S. households include at least one pet. Those of us with pets often think of them as members of the family. However, pets usually […]
Ancillary Probate: What It Is and How to Avoid It Probate is the process by which a court grants a person authority to deal with property owned by a deceased individual (“decedent”). If this person was named in the decedent’s will, he or she is called the executor or the personal representative of the decedent’s […]
What to Consider When Firearms Are Part of Your Probate Estate If you are a gun owner in Connecticut, you have probably been thinking about how the state’s new gun laws will impact you. As you take steps to ensure you are complying with the new laws, take some time to consider how you are […]
It’s always difficult to lose a loved one, particularly a parent, spouse, or child. But the difficulty of the loss can be magnified if one believes that the lost family member left behind a will that should not be honored for some reason. The decision to challenge, or contest, a loved one’s will, should not […]
Most people have very little involvement with probate procedures, wills or the distribution of estate assets. Although they may have received an inheritance, few actually get involved on a detailed level. So when it comes time to consider their own estate and will needs or are named as an executor of an estate, a lot […]
In probate proceedings, the Final Account, which is also called the Administration Account in Connecticut, is the statement filed with probate court that shows the final disposition of an estate’s assets after all debts, taxes and expenses relating to the estate have been paid but before assets are distributed to beneficiaries. The final account is filed […]