estate Tag

3 Common Mistakes Executors Make and How to Avoid Them

Many people are suddenly thrust into the position of being the executor of a loved one’s estate, and have no idea what to do or how to best proceed. It can be overwhelming. I want to share with you some common mistakes that I’ve encountered with executors in the hopes that you can learn what not to do. Please note, the concerns below are for people that have not done proper trust based planning. Properly drafted and maintained trust based planning (which we recommend for all of our clients) avoids many of the pitfalls below by allowing your trustees to...

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The Estate of Philip Seymour Hoffman – A Looming Legal Battle?

After starring in many blockbuster films, including Mission Impossible III and The Hunger Games: Catching Fire, Philip Seymour Hoffman amassed a net worth of roughly $35 million dollar, according to breathecast.com. The question now is - where will that money will go? Hoffman was not married, but did have a longstanding relationship with a girlfriend. Hoffman also had three children.We don’t know, as of the date of this posting, whether Hoffman had a will or any trust instrument set up for his family. If Hoffman died intestate (i.e. without a will), his estate will be distributed by the laws of intestate succession....

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Importance of Having a Durable Power of Attorney

This article deals with the scenario of a loved one who becomes incapacitated and therefore needs someone to execute appropriate planning of their estate. The fact is, in the absence of an estate plan, only a properly drafted General Durable Power of Attorney will afford a level of flexibility necessary to make critical decisions about an incapacitated person’s estate. In this article, I’ll talk about how the Power of Attorney plays an important role in the planning and protection process. What does a Durable Power of Attorney do? Well, this is a legal document that an individual prepares while they...

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Dying Without a Will in Maryland, Virginia or D.C. – Understanding the Differences in the DMV

There is an area known as the “DMV”, which is a nifty acronym for the District of Columbia, Maryland, and Virginia. People who reside in the DMV routinely travel between these states on a regular basis (D.C. isn’t technically a state, but for the purposes of this blog, we’ll just call it a state). Just because these states are neighbors, does not mean that they share the same laws when it comes to passing assets on to your loved ones if you die without a will. If you suddenly pass away and do not have a valid will, you have...

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