Latest news with #probate
Forbes
09-06-2025
- Health
- Forbes
10 Estate Planning Tasks Everyone Must Do Before Dying
It's never fun to think about death, especially your own, but estate planning is extremely important. It's unpleasant but by planning ahead and getting your affairs in order, it makes it much easier for your loved ones to move on. The worst thing you can do is avoid it completely. Having no plan means you default to how your state handles probate, which means the judicial process makes decisions for you. Here are the ten estate planning tasks you need to perform before you die: This is the cornerstone of every estate plan. By creating a will, you ensure your assets go where you want them to. It also names guardians for any minor children you have and takes away any legal confusion because it codifies your wishes. Without a will, state laws will take over and the state will decide what happens. You do not need to hire an expensive attorney to draft a will, you can do it yourself with inexpensive online will services or download software. The most important thing is to get one done as soon as you have assets. A living trust gives you the opportunity to transfer assets to others without going through court. You can keep control of the trust while you're still alive and upon your death, the assets go to the beneficiaries. This is very useful for complex estates because it speeds up the process. Unlike a will, which you can do with software, you will want to work with an attorney to set up a trust. There may come a time when you will not be able to make decisions for yourself and that's when a power of attorney becomes important. You could be incapacitated or unable to act on your own but still need someone to make important decisions for you. This person will be able to do things on your behalf so you want to choose someone who is both trustworthy and responsible and, of course, willing to do so. Also, you can have multiple powers of attorney, which can be useful for breaking up responsibilities. This is separate from a regular power of attorney, a healthcare power of attorney is a specific role that gives them the right to make medical decisions on your behalf. You want this person to know your wishes with respect to treatment, life support, and quality of life. An ICE binder is an 'In Case of Emergency' binder that captures all of your important information in case something happens to you. This includes all the estate planning documents but could also be letter and notes to individuals that may not fit with other legal documents. The idea is that you want some documents that will explain your wishes even if they are not legally binding. It can help your loved ones navigate your life in ways that exceed that of a will. This is a more modern concern but what do you want to happen to your digital assets such as social media accounts, email, and others. These are often paid services so you'll want a plan in place or risk the default result - deletion due to nonpayment of the subscription. You'll want a list of all your accounts, perhaps as part of your ICE binder, as well as a way to access them and what you wish to happen to them. Also ask your best friend to clear your browser history! As we live longer, long term care becomes a greater concern and you'll want to plan for it. If you don't, you may be saddling your family with a very difficult decision when it comes to paying for it. Loong into long term care insurance, Medicaid planning, or putting aside a big chunk to pay for it. You can add these instructions to your estate plans or lean into insurance policies that offer it. Burial or cremation? That's a challenging question that most people don't discuss or include in their estate plan. Even if you don't have a preference, set one because it will make the lives of your loved ones so much easier. I've been to too many funerals where people said they did not know what the decedent wishes so they were forced to choose. Make sure you talk to your family about your wishes in addition to codifying them in your estate plan. The plan will establish what will happen but it's important to talk to your family about it so they understand your reasoning and thinking on various decisions you've made. You don't have to cover every nitty gritty detail but communication is very important. Finally, make sure you review and update your plans on a regular basis. Be sure to do so after any major changes but also annually just to double check everything is in order. The plan is only as good as as it is up to date.
Daily Mail
06-06-2025
- Business
- Daily Mail
Mystery will surfaces in battle over tech mogul's $500million fortune
A mysterious will said to be the final wishes of Zappos founder Tony Hsieh has emerged five years after his death. The tech giant, worth over $500 million, died after a fire engulfed his friend's Connecticut home in 2020, having only retired three-months earlier from the billion-dollar firm. His family had until recently believed he left no final will, with a new report from the Wall Street Journal saying the document mysteriously appeared this spring. According to the outlet the document has Hsieh's signature on it and is dated 2015, five years before the 46-year-old died. In the months leading up to his death he had been battling severe drug and alcohol abuse. The will was delivered to the office of Nevada based estate attorney Robert Armstrong, who had never met Hsieh before or worked with him. He was named as an executor. The discovery has thrown his probate case into turmoil. Armstrong said in court filing seen by the outlet, that he was shocked to have received the document. The will is said to transfer over $50 million and several Las Vegas properties to a series of trusts with as yet unknown beneficiaries. It is also said to include several charitable donations including $3 million to his alma mater Harvard University. The rest would go to his family. Hsieh was inside a shed near the property in New London when he was caught in the fire At a hearing on Thursday there was no further clues as to how legitimate the document is, or where it came from. The court heard that after Armstrong received the will he got a phone call from a man named Kashif Singh. Singh told the lawyer that the will had been passed to him by his late grandfather, Pir Muhammad, who was named as a co-executor. The revelation has stumped those involved in Hsieh's estate and the court, with both sides unsure how to proceed. Armstrong, alongside attorney and co-executor Mark Ferrario, have claimed that Hsieh's family's legal team have been aggressive in their approach. In a filing, they said the family's lawyers had adopted a 'scorched earth approach' and made over 70 requests for documents to 'invalidate the will'. Dara Goldsmith, a lawyer representing the family, told the Journal: 'There is nothing 'scorched earth' about thoroughly examining a document that comes out of nowhere, more than four years after Tony Hsieh's death.' She added that Richard Hsieh, his father, 'has faithfully administered his son Tony's estate and guarded Tony's legacy.' Goldsmith told the court on Thursday that the family hadn't decided on whether to challenge the will. Prior to his death, Hsieh had gone on a massive buying spree, buying up at least seven multi-millionaire dollars homes, a private club and a vacant lot. He spent at least $50 million as part of his plan to relocate to the millionaires' playground of Park City, Utah. Hsieh, who was born in Illinois and was the son of Taiwanese immigrants, studied at Harvard University before he joined Zappos - then called - in 1999. As CEO, he helped transform the fledgling internet start-up into a billion-dollar business. Zappos was sold to Amazon for $1.2 billion in 2009, but Hsieh remained with the company until his retirement in 2020. For years, Hsieh also worked to revitalize downtown Las Vegas, pledging $350 million in 2013 for redevelopment. The same year he moved Zappos' headquarters into the former Las Vegas City Hall building.
Telegraph
03-06-2025
- Business
- Telegraph
What is probate of will and how it works
Understanding what probate of will entails is crucial when dealing and distributing someone's assets when they die, but it can be a complex and complicated process. In this guide, we will aim to demystify the topic of probate, and provide you with what you need to know to navigate its intricacies with confidence. We will cover the following: What is probate? When is it needed? The probate process: A step-by-step guide Common probate challenges and how to overcome them FAQs What is probate of will? Probate, specifically probate of will, is the legal process of managing a deceased person's estate, typically by named executors. This includes: Handling assets Paying any outstanding debts Ensuring that beneficiaries receive their inheritance Before any inheritance may be passed on, probate ensures that all financial and legal obligations are met. In order to meet these requirements, executors are granted access to the deceased's bank accounts, investments and even property. Who are the key players in probate? There are several different stakeholders involved in the probate process and it can be confusing without an understanding of them. The most important roles are: Executor: the person or persons named in the will to manage the estate. Executors are responsible for collecting and distributing the deceased's assets, completing any legal documentation and paying off outstanding debts. Administrator: in the event of no will (known as 'intestacy') or the executors being unwilling to act, the court appoints an administrator to manage the deceased's estate. Beneficiaries: those people or organisations in line to inherit from the estate. Probate registry: the UK government office that processes probate applications. HMRC: responsible for collecting any inheritance tax. When is probate of will needed? Probate of will is required when dealing with a deceased person's major financial assets. In many cases, you won't be able to take charge of and distribute assets of significant value until you have a 'grant of probate' – so it is a very important task for executors, and can be a lengthy process. Financial companies and institutions will typically freeze accounts once a person dies, and you will need probate to access assets such as savings and investments or to be able to sell their home. Banks, investment firms and the Land Registry usually require legal proof before releasing funds or transferring ownership. Some banks may pay out small sums without the need for probate, ranging from £5,000 to £50,000, depending on the provider, but you will need other documentation, such as a death certificate, to access this money. If the deceased had no property and an estate worth less than £10,000, you may be able to avoid the stress of getting a grant, but the vast majority of executors do require one. If the deceased owned property solely in their name, probate is usually required. However, if most assets were jointly owned, probate may not be necessary due to ownership transferring directly to the surviving joint owner. What is a grant of probate? A grant of probate is the legal document that you will receive once you have been given authority to access and distribute a deceased person's assets. It is not a quick process. There have been reports of widespread delays with the probate system due to staff shortages and a shift to remote working. This has left some families having to wait months longer to gain control of their late loved one's finances, which can make it harder to pay inheritance tax bills, funeral costs and to sell a property. The probate process: A step-by-step guide Applying for probate of will can be overwhelming; however, following the steps below should make the process less stressful and time-consuming. There are seven steps you'll need to go through: Register the death Find the will Arrange the funeral Contact official organisations and financial providers Value the estate Apply for probate Pay inheritance tax 1. Register the death A death needs to be registered within five working days in most of Britain (eight in Scotland). Once this is done you will receive a copy of the death certificate. Make sure you order multiple copies as financial institutions will require one when you register the death with them and there could be lots of accounts to access. Each copy will cost you £12.50 in England and Wales. Confusingly, banks will sometimes ask for an 'original certificate', but this just means a certified copy. You can order more at a later date if needed. 2. Find the will The will should name an executor – the person responsible for dealing with the finances. If there is no will, then you will need to apply for Letters of Administration. This process is virtually identical to applying for probate in all but name, but can take longer. Once you have the will you should notify all the beneficiaries and place a notice in the Gazette, the official public record, asking potential creditors to come forward. This may sound excessive, but it is necessary to show you have carried out your legal duties as executor. Joe Cobb, of the law firm JMW Solicitors, said: 'Should the executor fail to take the correct measures in identifying the potential creditors and then one comes forward after the assets have been distributed, the creditor may pursue the beneficiaries for the outstanding amount.' 3. Arrange the funeral The deceased may have left instructions for their funeral in their will. Funeral costs are notoriously varied, but on average you should expect to spend £4,285 on a 'simple' attended service, according to the insurer SunLife. Luckily, some banks will pay out funeral expenses before probate is granted. If not, you can later recover the fees from the estate. Simon Hancox, of estate planning service Kings Court Trust, said: 'Executors or administrators can be reimbursed for reasonable expenses from the estate, which could include probate registry fees, funeral expenses, property maintenance, postage costs, the cost of death certificates, property insurance costs, clearance costs, valuation fees and so on.' 4. Contact official organisations and financial providers Government departments such as HM Revenue & Customs and the Department for Work and Pensions will need to know about someone's death to resolve tax or benefit issues. But you don't need to wait for hours on hold. You can use the Tell Us Once service to register the death with the various government departments in one go. You should also contact the banks, pension providers, investment firms and other companies the deceased held funds with. If the deceased held accounts with any of the following firms, then you can use the Death Notification Service to make things easier for yourself by notifying multiple organisations at once:
Irish Times
03-06-2025
- Business
- Irish Times
Must I go to probate over dead relative's small holding of shares?
A relative of mine, who died some years ago, named me in their will as sole executor and, in that capacity, I have dealt fully and properly with her estate, with the exception of one small matter: the deceased had a small holding of shares (valued today at about €3,000), of which I only became aware recently. These shares are in the sole name of the deceased. Must grant of probate be applied for before they can be dealt with? Mr N. B. Being an executor is a more challenging role than many people expect and that is why you would like to think people ask whether others are happy to act in that capacity before putting their names down in their wills. READ MORE Of course, it is possible to renounce executorship, but most of us are reluctant to do so, not least as the deceased has placed their trust in us and it seems wrong to simply walk away – although that is very much what someone should do if they feel the role is beyond them. It is also why many people will nominate their solicitor to act alongside a friend or family member in the role. One of the big challenges for an executor is pulling together all the threads of a person's financial life – assets and debts – before (generally) seeking probate and then distributing any remaining assets to those named in their will. As you have discovered, it can be very difficult to track down all the strands of a person's life. We all know we should keep file or, even notes alongside our wills on assets and where they are, but we never do. You are far from the first person to be surprised by a long-forgotten asset. Probate is generally required and most often this is done by a solicitor on behalf of the executor, though it is possible in the case of very straightforward estates for an executor to make a personal application. There are some limited exceptions when you can bypass probate. This includes where the assets are jointly owned by spouses – such as the family home or bank accounts – and are transferring to the surviving spouse under what is called survivorship. In practical terms, this means these do not even form part of the estate and therefore probate is irrelevant. If the only asset in an estate is money amounting to less than €20,000 in an account that is just in the dead person's name then most banks will have procedures in place allowing it to be transferred without going through probate. There is also a process called the Small Estates Procedure for the management of estates that are, in total, worth less than €25,000. However, my understanding is that where the estate includes shares in a listed company, probate will be required. If you secured probate for the rest of the estate, you will need to inform them of this late-discovered asset and you will inevitably be required to file an updated listed of assets and debts. If you did not have to go the probate route the first time, these shares will now require it, as I understand. And that means the whole estate has to go to probate. It might well be something you require legal assistance with. Ironically, that could easily wipe out the value of these shares. The relevant value for probate, obviously, is not their current value, but the value at the time the person died. For anyone else going through an estate, it is always an idea to examine bank statements closely as this is where you might get a clue to the existence of shares through dividend payments – assuming the shares pay a dividend. Please send your queries to Dominic Coyle, Q&A, The Irish Times, 24-28 Tara Street Dublin 2, or by email to with a contact phone number. This column is a reader service and is not intended to replace professional advice
BreakingNews.ie
27-05-2025
- Business
- BreakingNews.ie
Will with handwritten changes did not amount to revocation, High Court rules
Handwritten changes to a former publican's homemade will dealing with the bequest of a valuable Dublin property did not amount to a partial revocation or destruction of the will, the High Court has ruled. Ms Justice Siobhan Stack said the will of Michael (Mick) Joseph McNally, who died in June 2019, could be admitted to probate after she found the handwritten changes were invalid. Advertisement The judge said the circumstances of this case "demonstrate once again the importance of taking legal advice on all aspects of the drawing up and alteration of a will". Her decision means the bequeathed house on South Circular Road, Dublin, has been left to the estate of his brother Eamonn, who died in 2020. If the changes had been found valid, it would mean the property would be divided up between his three remaining siblings and Eamonn's widow Monica. The court heard Monica had not objected to admitting the will to probate on the basis that the bequest of the property to Eamonn had been validly removed and should therefore be regarded as blank. She expressed some disappointment however that Michael always promised to leave it to Eamonn, the judge said. Mr McNally, who was unmarried and had no children, ran the Headline Bar in Clanbrassil Street, Dublin, before returning to live until his death in his native Virginia, Co Cavan, with another brother Malachy. He was one of ten children, six of whom predeceased him. Advertisement The will, dated April 29th, 1981, was made out on a preprinted form and completed by Michael in manuscript. The only asset was the Dublin house, other properties and assets having been apparently disposed of during his lifetime, the judge said. The original bequest of this property to Eamonn was the subject of an attempted obliteration. There was also an alteration in which the bequest of the property was replaced with a bequest to Eamonn in the sum of IR£1. The executor of the will has since died and in 2023, Malachy sought to have the will admitted to probate which means the proceeds of the will could be distributed. The judge said that although Malachy's application did not explicitly refer to it, it was, in reality, an application to admit the will to probate on the basis that the destruction of the bequest meant it should be admitted to probate and that the property now falls to be dealt with by way of a partial intestacy. Advertisement She said it was in August 2009 that another since deceased brother, Tom, gave Malachy the will along with other personal effects of Michael. Malachy remembered this because Tom died two days later. The judge said the original will was witnessed by two bank officials who it had not been possible to trace. She accepted Malachy's evidence that he (Malachy) did not open the will and it was not altered between 2009 and 2019 when Michael died. However, that still left a period of 28 years from the execution of the will, during which the attempted obliteration and alteration could have been made, she said. The judge said it seemed to her that as the purported obliteration did not render the words underneath indecipherable, it could not be regarded as an act of 'destruction' and it therefore cannot amount to a partial revocation. Advertisement As a result, she said the attempt to change the will so as to replace the bequest of the property to Eamonn with a bequest of IR£1, was invalid as a matter of law, she said. In coming to this conclusion, the judge stressed there are very sound policy reasons behind the relevant law (Section 86 of 1965 Succession Act). Ireland Trading results at Sean Quinn's former Cavan hotel... Read More These aim to prevent any dispute as to their execution by the testator and, in particular, operate to ensure that alterations are not made by another person, whether before or after death, she said. She also stressed she was not suggesting that any person who had custody or of access to the will would have attempted to alter its terms and in fact it seems likely it was Michael who made the alterations himself. However, she said she could not be sure of this but it was clear the changes were not executed and witnessed. The judge will deal later with who is to be appointed to take out the grant of probate.
