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Blog

How Inherited IRAs can be paid to beneficiaries

August 14, 2019 //  by william

Today we’re going to talk about individual retirement accounts, also called IRAs and how they fit into estate planning for you. Before we get into everything, we need to explain a couple of definitions because this can get a little bit complicated and a little bit murky because some of the things sound the same. …

How Inherited IRAs can be paid to beneficiariesRead More

Life Estates vs Enhanced Life Estates

August 13, 2019 //  by william

This post discusses the difference between a life estate and an enhanced life estate. These are essential estate planning and Medicaid planning tools, but enhanced life estates are available everywhere. What is a Life Estate? A life estate is created when you give your property to another person, but during your lifetime you retain the …

Life Estates vs Enhanced Life EstatesRead More

When a Revocable Trust becomes Irrevocable

August 6, 2019 //  by william

This blog post is going to review two common situations in which a revocable trust becomes irrevocable. There are more situations and ways that cause a revocable trust to become irrevocable, but this will just talk about the two common situations.  The common situations are death of the Grantor and incapacitation of the Grantor. A …

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You Need a Will if you have Young Children

June 18, 2019 //  by william

You need a will when you have young children and there are two main reasons why; to name a guardian for your children and for their financial protection. First is if both parents pass away, you need somebody to be the guardian of the kids, and the choices are; do you want to make the …

You Need a Will if you have Young ChildrenRead More

Difference between an irrevocable trust and a revocable trust

June 17, 2019 //  by william

I question I often get is what the difference between an irrevocable trust and a revocable trust, also called a living trust or inter vivos trust. Before we start talking about these trusts, there’s three basic definitions I want to get out there. There’s the person that creates the trust; the person that manages the …

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Contesting a Will

June 17, 2019 //  by william

In the movies and in general people think you can contest or “fight” a will because you aren’t getting what you deserve or what you want.  But there are specific grounds on which you can contest a will. First, to contest a will, you need to have standing, but what does that mean? Standing means …

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An Overview of the Probate Process

June 17, 2019 //  by william

Today, I’m going to give you an overview of the probate process. This is a process that can be somewhat confusing and scary for people, so I’m here to just kind of give you a general overview of it. After somebody dies, the first thing you do is you file the will at probate. You …

An Overview of the Probate ProcessRead More

What is a Power of Attorney

January 30, 2019 //  by william

A question I sometimes get is, “What is a power of attorney?” A power of attorney is a document that allows somebody to act as your agent, in your place. Think of it as somebody basically taking a wooden stick with a picture of your face on it and putting it in front of somebody …

What is a Power of AttorneyRead More

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RECENT POSTS

What are the duties of an Executor

What are the duties of an Executor

This article or post will describe the duties of an executor. The executor is the person that you appoint to execute all your wishes in your last will and testament. The first thing the executor does is, he or she takes your will and presents it to the probate court in the form of a …

Estate Plans need to be Reviewed Periodically

Today I’m going to talk about when you should be reviewing your estate planning documents, and your estate plan in general. Estate planning is not a set it and forget it thing, you need to review it periodically. Best case scenario, you review it each year, but hopefully you review it at least each three …

Do I have to take what I’m given in a will?

Today I’m going to talk about what to do when a will gives you something you really don’t want, for one reason or another. If a will gives you something you don’t want, you can simply disclaim it and say you don’t want it. Then you don’t get it. The will can’t force you to …

Estate Planning around Addictions

Today we’re going to talk about estate planning when you have a family member or a beneficiary with an addiction issue. These addictions can be from what we commonly think of drugs, alcohol, gambling, or even just spending. There are two main ways that you can deal with these addiction problems. First, you can just …

Divorce can mess up your Estate Plan

Today I’m going to talk about how divorce can cause big problems for your estate plan. You might be thinking, “I finally got the final order from the court. I’m free of this person. I can move on. The divorce is final.” You can move on, but before you do that, you need to think …

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William C. Deveneau, Esq. PLC

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