Estate Planning Guide

Financial and Estate Planning Workshops in Wyoming

Affirmations in Wyoming will be holding a free workshop for Wyoming residents on financial planning, investments, insurance and estate planning. The workshops will start Thursday, Sept. 23 and run until Sept. 30 every day except weekends from 6:30-8:30 p.m.

There will be financial and estate planners in attendance to answer questions without any pressure to sign up for their services outside of the workshop. Affirmations is located on 9 Mile Road and are a community leader in offering Wyoming residents a host of informative and useful workshops and seminars.

When to Hire a Wyoming Probate Attorney

A Wyoming probate attorney can be instrumental in developing estate planning strategies for residents of the Golden State. Wyoming has some of the most complex probate laws in the country; making it difficult for individuals to protect inheritance property and challenging to administer probated estates.

A Wyoming probate attorney can help individuals execute a last will, designate power of attorney rights, establish healthcare directives, and provide guidance during the Wyoming probate proceedings. Due to the complexity of Wyoming probate laws, few people can administer estates without legal representation.

In Wyoming, decedents’ last will and testament must be validated through court. The representing estate lawyer submits the original Will for review. Upon validation, the designated probate executor must appear in front of a judge to obtain court confirmation which allows them to act as the estate fiduciary.

When a person dies without a legal Will, the probate process can take longer to complete because additional steps are required. Wyoming probate law prohibits anyone from acting on behalf of an estate without being appointed and confirmed by the court. If a person takes on estate administration duties without authorization they can be held liable for their actions.

Trust and estate planning.

In cases where no legal Will exists, a family member or close personal friend can request permission to become the estate executor. In situations where relatives do not want to settle estate matters, or if the decedent did not have family, the court will appoint a lawyer, estate planner, or representative of the court to administer the estate.

Probate administration duties vary depending on the type of estate planning the decedent engaged in prior to death, as well as the type and value of inheritance property. When estates are small and consist of few assets, the estate might not have to undergo formal probate procedures.

When inheritance property is transferred to heirs the appraised value is determined by date-of-death values; meaning how much it was worth the day the owner died. If the property goes up in value during the probate process, the beneficiary might incur capital gains tax. When property values decline, beneficiaries can take advantage of capital gains tax savings.

When an estate enters into probate, creditors are notified and given the opportunity to submit a claim. If creditors submit claims, a Wyoming probate lawyer can assist in protecting inheritance property by negotiating outstanding balances. Attorneys have better success in negotiating decedent debts than estate executors and can oftentimes eliminate balances owed on unsecured loans and credit cards.

Wyoming probate lawyers can be helpful in overseeing distribution of inheritance property. Decedents include a list of beneficiaries and the property they are to receive within their last Will – like a mobile home in Wyoming. Inheritance property cannot be distributed until probate settles. Once designated heirs receive their inheritance they must sign a distribution form, which is presented to the court. After inheritance is distributed and forms provided to the court, the probated estate is closed and estate administration duties cease.