It was reported this week that famed soul singer Aretha Franklin died without a Will or Trust. This problem not only throws all of her assets and liabilities into the public eye of probate and to the intestacy statutes, but also guarantees tens of thousands in unnecessary costs and tens of millions of easily avoidable estate tax.
There are a number of problems that can arise with respect to the probate process, but disputes are not uncommon. Sometimes, these disputes can be particularly challenging, such as those which involve siblings. Unfortunately, a probate dispute which involves family members can create bitter feelings and resentment that may last for years to come and have an impact on the family as a whole. As a result, you should handle a probate dispute with care if you and your sibling are involved in a disagreement, whether you are an executor accused of breaching your fiduciary duties or a beneficiary.
We have addressed many facets of estate planning and probate administration in this blog, but there are far more issues that people working through such issues may have to face. Whether you are a beneficiary or have been given the responsibility of serving as an executor of an estate, disagreements may arise and cause serious tension in the family. Our lawyers also know how these strains can become even more difficult to work through during the holiday season, when many families come together to celebrate.
If you have been named the executor of an estate, you may be facing different challenges and you could have a number of questions about your responsibilities. At Buechner Haffer Meyers & Koenig Co., our Ohio firm is very familiar with the hurdles that can arise during the probate process for those who have been given this responsibility in Cincinnati, and the rest of the state. During probate, it is vital to know your rights and go over the details of your circumstances if disagreements and other problems arise.
"Litigation rarely heals differences or promotes understanding," points out Jay Folberg, University of San Francisco School of Law professor and author of numerous books on alternative dispute resolution.
When internationally famous artist Prince was set to release a new EP on the anniversary of his own death, it took everyone by surprise. Fans were elated, but that elation would turn to disappointment within a day of the announcement. The EP, containing a new song called "Deliverance," wasn't to be released after all.
What happens when someone dies still owing a substantial amount of money? It's a really important question -- and a lot of us wrongly assume we know the answer.
After the death of a loved one, one of the last things you probably want to do is navigate the legal system. Unfortunately, you will have to do this if your loved one's will goes through probate, which most do.