The Law Firm Of Myrna Serrano Setty, P.A
The Law Firm Of Myrna Serrano Setty, P.A

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Wills

How Do You Know If You Need A Will Or Trust?

Do You Need A Will (Last Will And Testament) Or Revocable Living Trust? How Do You Choose? Are you interested in a will or revocable living trust? Wills and trusts are useful estate planning tools. They serve different purposes and can even work really well together. First, let’s go over key differences between wills and trusts. Will Characteristics: A will goes into effect only after you die. It only covers property that is in your name at your death. A will passes through a court process called Probate. The Probate court oversees the will’s administration and ensures the will is valid and that the property gets distributed the way the deceased wanted. Because a will passes through Probate, it’s a public record. A will lets you name a guardian for your minor children.…Read More

What Should You Know About Naming Beneficiaries?

Do You Have A Beneficiaries In Your Last Will And Testament, Life Insurance And Retirement Accounts? Here Are Some Important Things You Need To Know Beneficiaries Of A Last Will And Testament Have To Wait First, you use a Will (Last Will and Testament) to give assets to your beneficiaries, your beneficiaries don’t inherit automatically. Those beneficiaries will need to wait until the probate court process is over before they can inherit. In some cases, this can take many months or even years. If the estate is complex, the legal fees can deplete that inheritance. If avoiding probate is a top priority, consider a Revocable Living Trust as part of your estate plan. Go here to learn more about wills and trusts. Go here to learn more about avoiding probate. Your Last Will…Read More

When a Will Isn’t Enough to Avoid Conflict: Remember Your Personal Property

"When the parents are gone, there’s all kinds of unforeseen stuff they leave us with, stuff they never intended.” – Ira Glass, in This American Life, Episode 763: “Left Behind” If you grew up with siblings, you probably remember some sibling rivalry. That rivalry can continue well into adulthood, especially after the parents are gone. In many families, parents are like the glue that keeps the family together. Once their gone, old issues can resurface, especially when it comes to dividing the parents’ personal property. That’s why it’s important to have a plan for how you want your personal, sentimental property distributed to the people that you love. If you don’t, that can make an already tough situation so much worse. This American Life, a popular podcast, recently featured a family with such…Read More

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