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May 2013 Archives

Life insurance can avoid probate, don't make beneficiary mistake II

Last week, life insurance was the topic of our Pennsylvania Probate and Estate Administration Blog. Specifically, we wrote about some mistakes involving beneficiary designations that can cause problems for the intended beneficiary when the time comes to pay out the proceeds.  

Life insurance can avoid probate, don't make beneficiary mistake

Life insurance proceeds are not traditionally considered an inheritance, but in fact it is money that is distributed to a beneficiary for their use after the death of the insured. Life insurance policies are one way to transfer money without the delay often associated with assets transferred through probate.

Why not make my kid a joint-account holder?

A joint bank account allows a surviving spouse to somewhat seemlessly continue to have access to liquid assets after the death of the other. After all, the surviving spouse owns the assets. Why not use a similar plan involving a child or a friend? Doing so would help avoid the money getting tied up in the probate process in Philadelphia. 

Who and what is in play in a trust? II

Trusts were the topic of the first post of this two-part series. While many of our posts in our Pennsylvania Probate and Estate Administration Blog talk about unique circumstances, individual situations and specific kinds of trusts. This series instead looks at trusts at a broad level. The first part focused on the parties in play in a trust arrangement. This post looks at some of the most basic structures for a trust.

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