The Personal Representative’s Role in Gathering Assets

Tag Archives: BaumannKangas Estate Law

The Personal Representative’s Role in Gathering Assets

The personal representative of your estate will have a variety of responsibilities after your death. Among these responsibilities is the collection, organization and distribution of assets to your beneficiaries. The process of gathering assets can be complicated. Here is an overview of what you should know to help your personal representative with this task: Identification: […]

Strategies to Avoid Costs Associated With Probates

Sometimes, it’s in the best interest of people planning their estate to do what they can to avoid probate. Here are a few examples of some of the strategies you can use to avoid probate. Use a trust: Revocable living trusts can be used to bypass the probate process. Trust property is not probated, meaning […]

Understanding the Term “Next of Kin”

The term “next of kin” means a person’s closest living blood relative. The term “next of kin” is synonymous with “heirs at law.” This definition is important in determining inheritance rights if a person dies intestate, which means without a will. In most cases, the next-of-kin will be a spouse or child. But if no […]

The Role Your Personal Representative Plays

When you create a will, you need to nominate a personal representative of your estate, who will be tasked with carrying out your wishes. Some of the tasks that personal representative will take on include: Locating assets: Your personal representative will need to locate all of your assets. This includes accessing various digital accounts and […]

What to Ask Your Potential Estate Planning Lawyer

As you begin the estate planning process, you’ll need to find an experienced attorney to manage your case and help you develop all of the necessary documents. Here’s an overview of some of the questions you should ask potential lawyers to determine if they’re going to be a good fit for what you need. How […]

Tips for Managing Your Money When You’re Retired

Part of estate planning is setting yourself up for long-term stability with your finances so you can distribute your assets to your loved ones as you wish. Here is a quick overview of some helpful tips for managing your money in retirement. Continue to create income in retirement: This doesn’t necessarily mean you need to […]

How to Store Your Estate Planning Documents

Once you’ve created your estate plan, it’s important to keep the original documents somewhere safe. Having digital backups is always a good idea, but the originals are important to have and should be located somewhere safe and accessible. Here are a few ideas for some potential storage locations. Safe deposit box: While a safe deposit […]

Why it’s Important to Make a Will if You Have Children

While it is always important to have a will in place, it is especially important if you have minor children. Here are just a few reasons why: Guardianship: With a will, you can name who would assume guardianship of your children if you die while they are still minors. Otherwise, if you die with minor […]

The Benefits of Virtual Meetings With Attorneys During COVID-19

During the time of COVID-19, it has become commonplace for attorneys to meet with their clients virtually whenever possible. There have been so many benefits to virtual meetings that it is expected they will continue to be a service offered by many law firms even after the pandemic has subsided. Here are a few examples […]

Digital Assets You Should Handle in Your Will

Today’s wills must account for digital assets as well as physical and financial ones. You can leave behind instructions for any or all of your digital assets in your estate plan, but only some can actually pass through your will. These are assets that you own and have real, value to them. Examples of these […]