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When a loved one passes away and their estate goes through probate, the person handling their estate’s administration has to first settle their debts and obligations before distributing the remaining assets to the decedent’s heirs and beneficiaries. But what if there...
Estate administrators are crucial in probate processes since they are responsible for managing a deceased person's estate. This responsibility includes tasks such as inventorying assets, paying outstanding debts and taxes and distributing the remaining assets to the...
People may forego estate planning because they believe their estate will automatically transfer to their family and loved ones. The individual or entity who will inherit your estate will depend on your properties and relationships with the people you leave behind. The...
Becoming a parent means taking responsibility for someone else's life for a time. Children cannot make their own medical decisions or earn money to pay their bills. They rely on their parents for virtually everything. New parents typically want to provide everything...
A living trust is a legal financial planning tool you can use to merge your property and assets into a single sheltered entity. Although several types of trusts exist, a living trust can allow you to maintain control over your trust assets while you are alive. At the...
Generally, estates have to go through probate proceedings, exposing involved parties to the usual lengthy and costly court processes. However, transferring estate assets without going through formal probate proceedings is also possible. Navigating simplified...
Estate planning is not a straightforward process, but it can allow any individual of legal age and sound mind and body to safeguard their best interests and that of their loved ones. Understanding the basic steps involved in estate planning is crucial. Gather and...
When we lose a loved one, we focus our energy on mourning their death. During the grieving process, we usually cannot think straight enough to perform our normal routine, let alone handle complex tasks, such as administering our loved one’s estate. Fortunately,...
People often mentally associate trusts with very large estates or huge resources, like a business owned by a family. However, trusts are not simply tools for those who are incredibly wealthy. They are also useful for individuals who want to achieve very specific goals...
Unfortunately, many of us wait too long to plan our estates. One consequence of this is that some insurance policies, like life and long-term care insurance, only get more expensive as we age. Indeed, for those who wait too long, long-term care insurance may be too...