Attorney Lori Vella

What could possibly go wrong if I do not make plans?

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This is National Estate Planning Awareness Week. As an estate planning attorney, it’s my job every day to educate my community about issues they may face in the future with respect to their assets, family, debt and more, if they do not get their plan in writing.

The very best way to learn anything is to learn examples, especially about what could go wrong. So this week, let’s go over some contingencies to highlight why you should start thinking about your own plan.

Law Office of Lori Vella

Wondering What “Estate Planning” Is?

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Did you know that this week is National Estate Planning Awareness Week? In our line of business, we often hear confusion over the term “estate planning,” and the belief that it is only for those with grand, luxurious estates. That could not be further from the truth! Don’t get me wrong, estate planning does greatly assist wealthy individuals to save taxes by employing creative ideas, but it is useful for anyone over the age of 18. That’s right, anyone!

Parents of 18 year olds should know

Parents in the Dark with 18 Year Olds

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Turning eighteen is a special time in life.  High school graduation, new job, and possibly college.  While your son or daughter may still seem like a “child” to you, turning eighteen brings about many legal changes for your newly-minted adult.  But, there are some things that parents of 18 year olds must know.  Parents of …

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minors and account beneficiaries

Not the Best Idea to List Minors as Account Beneficiaries

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Parents of young children often wonder if it is the best idea list their minors as account beneficiaries. Usually, a parent will list the spouse as the main beneficiary, but would like to name children as a contingent beneficiary, in the event something happened to both parents. This practice of naming minors as account beneficiaries, along with a few others set forth below, will cause many unintended consequences.

probate works

The Probate Process

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The probate process varies state to state and even county to county, in terms of costs, money and the time it takes from start to finish. Usually, the estate must hire an attorney to assist the Personal Representatives in all of the tasks and necessary paperwork. A simple probate takes a few months. If litigation is involved, it may take several years. The average probate may last a year.