Probate
THE HIDDEN CRISIS: Why 67% of Americans Leave Their Families in Legal Limbo
A staggering 67% of Americans die without a will or estate plan, leaving their assets tied up in court, subject to state intestacy laws, and often creating unintended financial and emotional burdens for their loved ones. Adding to this challenge, probate—the legal process of administering an estate—can take six months to two years and cost 3% to 7% of the estate’s value in legal and administrative fees. The result? Delays, expenses, public records, and potential family disputes that could have been avoided with proper planning.
Inherited IRAs: Insights from a Probate Attorney
By Carolyn S. Smith, Esq.
As a probate attorney, it is very common to deal with beneficiary inherited Individual Retirement Accounts (IRAs). Most people have either never heard of a beneficiary IRA or do not understand how they work. In this blog, I would like to offer insights into the legal landscape surrounding inherited IRAs, shedding light on key considerations that beneficiaries should be aware of.
Unlocking the Digital Vault: Navigating Digital Assets in Probate
By Carolyn S. Smith, Esq.
In the modern era, our lives are increasingly intertwined with technology. From social media profiles to cryptocurrency wallets, much of our personal and financial information exists in the digital realm. However, what happens to these digital assets when we pass away? This question lies at the junction of technology and probate law, presenting both challenges and opportunities for estate planners and beneficiaries alike.
Understanding Probate: Why Your Home May Go Through the Process
By Carolyn S. Smith, Esq.
If you own a home and pass away, your home may go through the probate process if it is part of your probate estate. The probate process is a legal procedure that occurs after someone's death to administer and distribute their assets, including their real estate, according to their will or the laws of intestacy (when there is no valid will).
What is Probate?
By Carrie Smith, JD
At its most basic, probate is a court process that determines where the assets that were owned by the decedent, the legal term for the person who died, belong. A probate judge oversees the process making determinations based on direction given in a Will or in statute if no Will exists...