Costs involved in Probate
The costs involved in a probate process can vary widely based on several factors, including the complexity of the estate, the jurisdiction’s laws, and whether legal assistance is sought. Probate is the legal process through which a deceased person’s assets are distributed and their debts are paid off. Here are some common costs associated with probate.
Times to Consider Updating Your Estate Plan
Updating your estate plan is essential to ensure that it reflects your current wishes, accommodates changes in your life circumstances, and remains compliant with the applicable laws and regulations. There is no fixed timetable for updating an estate plan, as it largely depends on individual circumstances and changes that occur in your life. However, certain life events or milestones can serve as reminders to review and update your estate plan. Here are some times to consider updating your estate plan:
Buy-Sell Agreements - why should I consider one?
A buy-sell agreement, also known as a buyout agreement, is a legally binding contract between co-owners of a business that outlines the terms and conditions under which a co-owner’s interest in the business can be bought or sold. This agreement provides a framework for what should happen in various scenarios, such as if one owner wants to sell their share, retires, becomes disabled, passes away, or faces other life-changing events. Buy-sell agreements are commonly used in partnerships, limited liability companies (LLCs), and closely held corporations.
Able Accounts
I recently learned of a great new program for clients who have loved ones with disabilities. They are called ABLE accounts, and often have the state name listed with ABLE if you were to search for them.