Tag: cleveland estate administration attorneys

Being an Executor or Administrator can be Overwhelming, You Don’t Need to Go it Alone

For the executor or administrator of an estate, the probate process can be very confusing.  There are a plethora of court forms, duties and responsibilities.  To attempt to educate yourself can not only be a headache for the executor or administrator but can also cost the estate both time and money. 

Beyond the required forms and deadlines, there are simple facts about estate administration that many executor and administrators are not aware of.  For example, there are limits on creditor claims. See http://www.perlalaw.com/blog/having-a-knowledgeable-probate-attorney-handle-your-loved-ones-estate-could-save-you-a-lot-of-money/Read the rest

What is an Advancement and How Does it Work?

An advancement is a gift given during life to a future heir with the intent that the gift be treated as part of the heir’s inheritance.  For example, a Mother has a Last Will and Testament stating that $50,000 will go to her daughter and $50,000 will go to her son.  While living, Mother gives a $20,000 advancement to her son.  Upon Mother’s death, the son will receive $30,000 and the daughter will receive $50,000.  As the son received $20,000 of his inheritance during life, he will receive $20,000 less upon his Mother’s death.

An advancement is only effective if it is declared in a contemporaneous writing… Read the rest