What is the difference between Probate and Non-probate Assets?
As an estate planning attorney, one of the most common misconceptions I hear is, “I have a Will, so my family will avoid a probate proceeding.” This is simply not the case. Having a Will alone will not keep your estate from going before a probate court. A Will simply allows you to direct how your assets are dispersed and who gets them. Whether or not an estate will be probated depends on what assets the decedent (the person who has died) owns at the time of death and how they owned them. Assets that are left only in the... Read More
Don’t Forget Your Will and Fall Cleaning To-Do List
Fall is traditionally a time for taking stock, reorganizing, and preparing. Don’t forget to add creating or updating your Will to your fall to-do list. Your Will is an essential document directing the transfer of your property when you die. A Will is necessary if you wish to make specific gifts to friends, loved ones, or charities. A Will allows you the opportunity to dispose of your assets after you die to people or organizations that normally would not inherit any portion of your estate. You can also identify specific assets that are unique to your estate such as family... Read More
Court of Appeals protects specific gifts of real property from an estate.
On December 12, 2022, in In re Estate of Zych, the court of appeals held that the “personal representative of an estate may not sell real property that the testator has specifically devised by will.” Stanley Zych left his farmland to four sons, certificates of deposit to three daughters, and the remainder of his property was left to all seven children. Prior to his death, several of his assets were mismanaged for over a decade by three of his children. As a result of the mismanagement, the district court found that the three children owed significant sums to the estate,... Read More