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Nashville Estate Administration Law Blog

Last-minute changes to a will: You can fight them

Probate litigation refers to challenging all or part of a person's last will and testament, the appointment of an estate's personal representative or other parts of a person's estate plan.

Probate litigation is unfortunately necessary in some cases, particularly when greed or jealousy is involved. People who feel shunned by the will left behind may begin a case to fight for assets they may or may not be entitled to. Sometimes, litigation is necessary for positive reasons, too. For example, if your loved one changed their will shortly before their death, you may wish to litigate to fight the changes. You could have the will reverted to the previous version if changes were made due to undue influence.

When does a personal representative inventory an estate?

When you choose a personal representative for your estate, that person is taking on a lot of responsibility. One of their responsibilities is to inventory your estate.

You can make this job much easier for them by keeping an inventory of your assets with your estate plan. If you choose not to, then they will be in charge of documenting your assets.

Your inheritance: Is it taxed in Washington State?

It can be hard to deal with tax season, and one of the biggest issues is the state tax that is found on every paycheck. However, there are some states that treat you differently. One is Washington. In Washington, there is no state tax, but that can affect other taxes, such as your inheritance tax or property taxes.

To understand how you'll be taxed in Washington, here's a helpful list of statistics for 2019.

How do you know your will is valid?

When you're planning your estate, it's very important to have a valid will. Your will has many consequences, so knowing that it is going to stand up in court is a necessity.

Having a will is one of the very few ways you can make sure those you love to receive the gifts you want to leave them and are provided for in the way you intend. Your will dictates what you want to see happen to your assets and how you want to be remembered.

Avoid probate with these helpful tips

Probate is often a necessary part of estate distribution after the death of a loved one, but it's not always an easy part. Depending on how the estate was designed, it can be a long and tedious process to go through probate and eventually settle the estate.

Probate courts determine an executor of the estate, authenticate the will, identify the decedent's assets, identify beneficiaries and heirs and guarantee the payment of taxes and debts. The final job of the probate court is to make sure property is distributed in accordance with the person's will or state law.

Inheritance surprise? Here's what to do with it

You weren't expecting to receive an inheritance when your grandparents passed away, but you found yourself being told that one was going to be coming to you. You were shocked at the amount of money that had been left behind for you, just as you were surprised to find that you were left your grandparents' family home.

These are expensive, high-value assets. You want to make sure you do the right thing with the inheritance so that you can better your own life and respect the wishes of your grandparents. What should you do?

What does an executor have to do?

Probate is a long process in some cases, and it's filled with legal requirements. As an executor, you'll want to make sure that you administer the estate quickly after your loved one dies. Probate is the way you obtain the power to do so.

When your loved one passes away, it's your job to submit the will to the court. The court then looks at the will and determines if it's legal and can be upheld. If there's a problem with it, then the assets from the estate will be distributed in accordance with state law. If the will is binding, then you will be tasked with taking care of the estate.

Make a financial plan before you use any inheritance assets

As a potential heir, it's a good idea to sit down and think about the money or assets you're about to receive. You want to know how to handle it well so that it can go the distance toward helping you in the future.

Did you know that two out of three baby boomer households are prepared to get an inheritance in their lifetimes? The average payout is an amazing $300,000. If you fall into this group, you want to be prepared for the money and assets that could be coming your way.

Choose the right distribution for a child's inheritance

If you have children who have been left inheritances, it can be difficult to decide when to allow them access to those funds or assets. For the most part, children don't grasp the full value of what they've been given, so you want to wait until they're old enough to understand that they're receiving a large amount of money, a home or another valuable asset.

If the inheritance is in a trust, a trust can determine how the child receives the inheritance. Some are set up to allow for discretionary distributions. This means that the money might be used for special expenditures at the fiduciary's will as long as the beneficiary's need is valid.

Consider these three methods of asset protection

You took the time to invest and save so that you could pass on an inheritance to your children. Today, your biggest concern may no longer be growing those assets. Instead, you may be focused on making sure they're protected against taxes and other losses.

There are a few ways to protect your assets so they are properly preserved for the people you choose as your heirs. Here are three ways solid ways to protect your assets that you may not have considered.

When you need legal help, we are here for you.

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