A good estate plan should zoom out to account for these other means of asset transfer, including beneficiary or payee on death designations, rights of survivorship, etc.
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After Aretha Franklin passed away last August, she was believed to have died intestate--that is, without a will. But recent reports suggest that not only did she have one will, but she may have had three.
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You've finally done it. You've created an estate plan, including a will. Do you have to take it anywhere now or can you just store it at home?
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A good estate plan should zoom out to account for these other means of asset transfer, including beneficiary or payee on death designations, rights of survivorship, etc.
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As of today, it appears that musical legend Prince died without a will*. When a person dies without a will, or “intestate,” his property passes according to a formula prescribed by state law, not the decedent’s wishes.
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A question I've been asked several times goes something like this. Client executed a will and powers of attorney previously, maybe in a different state, and now wants me to review and let him know if the current documents still meet his needs. Sounds easy enough, right? Well...not really.
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When I started my solo practice, I was told by several people that work would come in cycles and that has proven true. For several months it was all about will-based estate plans, then a rash of people needing preparation or administration of revocable living trusts, and now, it appears, a run of wills to probate. It's interesting when work comes along in patterns like this.
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