When someone designates you as the executor of his or her will, you become the administrator of his or her probate estate when (s)he dies. This makes you a fiduciary. As FindLaw explains, this means that you represent the estate and its beneficiaries, i.e., the heirs....
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How does a trust work?
It is easy to think of a trust as an account that holds assets, but the true definition is that it is a legal document that sets out the holding of assets. A trust is more like instructions than an actual tool. Once you understand what a trust is, you can begin to...
How can a medical or financial power of attorney help you?
As you age, you become more vulnerable to illness and complications. In some cases, these illnesses may incapacitate you physically or mentally. If you cannot make financial or medical decisions, then you have to depend on someone else. According to U.S. News, a power...
What can cause delay during probate?
Probate is not always a long process even though many people think that it is. A simple estate can often move through the process quickly. However, complex estates will usually take more time. According to SmartAsset, you can usually tell how long probate will take...
Do you know these common estate planning mistakes?
It is vital to have an estate plan, even for recent college graduates, but it is even more important to have a well-written estate plan. Do you know which blunders to avoid while tending to the task? Kiplinger explores common estate planning missteps. Explore them to...
How special needs trusts protect your child with a disability
When you have a child with a disability, you may have to consider how your child might support himself or herself once you are not around to help. Many parents of children with disabilities seek to help secure the futures of their children by creating something called...