Anthony S. Park is a professional executor for solo agers, probate real estate, and bitcoin. As a professional executor and probate lawyer, Anthony has seen what fared well (and what didn’t) at the end, upon death. He writes to share all that he’s learned from this unique perspective about estate planning, personal finance, and business. He's written several Amazon best-selling books on probate, executorship, solo agers and bitcoin. Join the email list at https://anthonyspark.com/join-podcast/ to hear more and for free book giveaways. Anthony's cases have been featured in many places, including the Wall Street Journal, New York Times, CNBC, and MarketWatch.
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There is no legal time limit to transfer real estate after death. It could happen quickly, or it could take years. We’ve seen cases where the real estate doesn’t get transferred until generations later. A fast sale is ideal, because problems can emerge in the meantime. There is a lag between the date of death and when the executor gets legal authority to handle the property. So, even “fast” isn’t very fast.
We’ve talked before about not making a loved one your executor. I recently read an article titled, “2 Big Reasons Not to Make a Loved One the Executor of Your Estate.” Here, we’ll add our own perspective for why it’s not a great idea.
When someone dies, many folks are confused about who owns the house during probate, right after the death. Technically, the heirs own it immediately upon death, subject to debts and taxes of the estate. But, sometimes is not clear who the heirs are. The probate process decides who exactly are the heirs and places an executor in charge to sort out all those debts and taxes.
So, the heirs own the house, but if it is not clear who the...
What are the risks of being an executor? An executor has a lot of power and responsibility during probate, but is correspondingly accountable for everything that happens within the estate.
We’ll cover how an executor has risk of even personal liability, how long that risk lasts, and how an executor can protect himself from these risks.
A letter of instruction will likely fail for your bitcoin inheritance plan and should have only a marginal role in your plan, if any.
Search for “bitcoin inheritance” and you will probably find lots of people advising you to write a letter of instruction for your heirs. We talked about this and even provided a sample letter of instruction. Now, having spent a bit more time delving into different approaches to bitcoin inheritance, ...
I do serve as a professional trustee, not just executor, or our Solo Ager clients. We’ll cover why our Solo Ager clients are looking for a professional trustee, why they don’t use banks, and how much it costs to hire a professional trustee.
This happens when the buyer agrees to a higher contract price, but the seller also agrees to credit back a set amount to the buyer, so the net purchase price is lower.
For example, if the buyer wants the house for $250,000, they would set the contract price at $300,000 with a side agreement that the seller would credit $50,000 on the closing statement, effectively making the price $250,000.
We’ve talked before about why Solo Ager estate plans must be frictionless. Same goes for a bitcoin inheritance plan, even more so.
Folks who are interested in naming me as their professional executor ask how much it costs to get started. There is no cost! We’ll explain why, what you get, and what to expect.
At this point, you are ...
Barring a terminal illness or physician-assisted death, it’s very hard to know when you will die. The world changes very quickly, and you do not know what the world will be like at the time of your death. For example, there were no iPhones two decades ago, and now look how technology has evolved.
So, to future-proof your plan, you must keep it as flexible as possible.
Physician-Assisted Dying has other names that might be familiar: death with dignity, aid in dying, assisted death, euthanasia, and assisted suicide
Since we’ve received many inquiries from our Solo Agers, here some of your FAQs:
Should you look for a broker or lawyer first when selling a probate property? With non-probate home sales, brokers are the first to list, set an open house, and find a great buyer. Lawyers only get involved once a buyer is in place and a deal is struck. The lawyer then drafts the contract and conducts the closing.
But with probate, talking to a lawyer first makes more sense. Here’s why:
How much does a professional executor cost? Most people are surprised to learn that executor fees are the same whether you choose an experienced professional or your unemployed nephew who has lots of spare time. When people realize that they are paying the same cost, they will probably choose a professional executor.
In fact, your estate will probably even save on expenses with a professional vs.an amateur.
A deadman’s switch is a seemingly elegant and trustless solution for bitcoin inheritance. But if you think it through, it currently has too many problems to work securely.
A deadman’s switch is a protocol or mechanism where, if the creator misses a periodic check-in (ex. push a button every 3 months, reply to a monthly email, etc.), it's assumed the creator has died and will trigger an event.
Our Solo Agers friends often ask this when they’re ready to name me executor in their will. We support well-done DIY wills and anything that helps make your plan as frictionless as possible. Some kind of plan is almost always better than no plan!
So, do you need a lawyer to make a will? No, we’re not aware of any state that requires a lawyer to make your will. We do nonetheless recommend that our Solo Agers at least hire a lawyer ...
Why do heirs suddenly need to sell probate real estate? We see cases where years, even generations, have elapsed since the real estate owner has died, and nothing has been done. So why, all of a sudden, do the heirs seek a lawyer or professional executor? Here are the top 5 reasons we’ve seen.
When we chat with new clients, we ask them why they chose to look for and hire a professional executor. Here are the 5 most common answers. Perhaps you will see yourself in one of these situations.
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