Thomas H. Sullivan
Attorney at Law
Seven Ways to Avoid Family Fights over Your Property
Posted on: August 6th, 2020
Ask a group of friends if they have experienced a family fight over property after a loved one has died, and you will be in for a lively and eye-opening conversation. Far too many families end up fighting, or at least experiencing tension, over a family inheritance. But it does not have to be that way. Many families have worked through the details of divvying up a deceased loved one’s property remarkably well and ended up even closer. Having counseled families for years, we offer the following pearls of wisdom to help your family avoid fighting over your property when you are gone:...
5 Reasons Probate Takes So Long
Posted on: July 6th, 2020
After a loved one dies, their money and property must be distributed to the right people, either according to their will or the state’s default distribution scheme (found in its “intestacy” statute). While most people want the settlement process to be done ASAP, probate can take between 18 and 24 months. Yes, you heard that right. The time delays create unnecessary stress, especially for families who need access to those accounts or property....
Legal Requirements to Consider When Selecting an Executor
Posted on: June 30th, 2020
The person you choose to be your executor (sometimes called a personal representative) will play an extremely important role, as that person will be responsible for gathering, securing, managing, and ultimately distributing your money and property when you pass away. As a result, you should make your selection only after careful consideration regarding who is the best person to fulfill this role. Don’t just choose your oldest child because that’s what you think is expected: If a friend or advisor is more trustworthy or better qualified, that person may be a better choice....
How to Help Your Loved Ones Avoid Probate
Posted on: June 22nd, 2020
Today, many people are using a revocable living trust instead of a will or joint ownership as the foundation of their estate plan. When properly prepared, a living trust avoids the public, costly and time-consuming court processes of conservatorship or guardianship (due to incapacity) or probate (after death). Still, many people make a big mistake that sends their accounts and property and loved ones right into the court system: They fail to fund their trust....
3 Simple Ways to Avoid Probate Costs
Posted on: June 17th, 2020
The bad news: When a deceased person’s estate (all of their money and property) has to go through probate (the court-supervised process of distributing a deceased person’s money and property), it can be subject to a variety of costs stemming from attorneys, executors, appraisers, accountants, courts, and state law. Depending on the probate's complexity, fees can run into tens of thousands of dollars. The good news: Many of these probate costs can be reduced by avoiding probate. It’s really that simple....
How to Handle Savings Bonds in Estate Planning
Posted on: June 3rd, 2020
A savings bond is defined as “a debt security issued by the U.S. Department of the Treasury to help pay for the U.S. government’s borrowing needs.” In effect, when you buy a savings bond, you are loaning the U.S. government money which is repaid with interest after a fixed period of time....