Choosing a person to be the executor of your estate may feel like the crowning touch of your estate plans. Composing a solid will and appointing a good executor can do a lot to shorten the probate process. However, selecting just one individual to be your executor...
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Year: 2020
The right trust for the right outcome
You do not need to know everything about trusts in order to get the right one. You just have to know as much as possible about your situation. These are personal instruments. They should fit your precise circumstances. The good news is that the field narrows...
Choosing beneficiaries for an estate plan
When people get to the part of their estate plan where they need to select beneficiaries, they may feel pressure to include everyone. While there is not a limit to the number of beneficiaries a person can choose, knowing their options can help them to make informed...
How can you help your children avoid an estate battle?
While you, like most parents, probably have high hopes that your death will not prompt sibling disputes over assets, the truth is that such disputes are common. Unfortunately, such disputes often end up in costly and lengthy legal battles. The good news is that, with...
Does an 18-year-old need to think about estate planning?
Yes. You may think you are too young, but these legal documents are about more than deciding who gets your money when you die. They outline who can make decisions for you when you are not physically present or mentally capable of making them yourself. Imagine you...
Steps to take after a loved one dies
When a loved one dies, the remaining family members and friends go through a variety of emotions and feelings. Many people are unsure of what steps to take in dealing with the decedent’s estate, and there is often confusion when it comes to figuring out how to...
What are the steps in business succession planning?
Business succession planning is the process of figuring out what will happen with your business when you can no longer run it yourself. It can be part of your retirement or estate planning, depending on when you feel you will stop working. SCORE explains that you want...
Should I put my adult child on the deed to my home?
A major driving force behind estate planning is avoiding probate. Probate can be very time-consuming and expensive for your heirs. Not to mention, if your assets are in probate, your heirs cannot access those assets if they are in need. Doing as much as you can to...
What are your duties as estate administrator?
When you become the administrator of someone’s probate estate, you take on significant responsibilities. The most important thing, as pointed out by the American Bar Association, is to remember that you must act as a fiduciary in everything you do. In other words, you...
Estate planning and revocable vs irrevocable trusts
If your career is winding down and retirement is on the horizon, the subject of estate planning may be on your mind. There are many effective estate planning tools including revocable and irrevocable trusts. But what is the difference between them, and which one is...