An estate executor has a ton of responsibilities – from notifying the dependents to managing and distributing assets according to the will. However, there are limits to what this individual or entity can and cannot do. If you have been nominated as an executor in...
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A life insurance-funded trust can protect your children’s future
Purchasing a life insurance policy to cover the expenses of your children's upbringing if you die while they are small is a good idea. However, minors cannot directly receive the payout, so the money will not be available until the court establishes their guardian....
Deciding who will be the administrator of an estate
After the death of a loved one, you and the other family members may have to decide who will take care of closing out the estate. This could happen even if there is a will that names someone for the role if that person is no longer available or decides he or she...
When should you revise your estate plan?
While many people consider the development of a comprehensive estate plan a single event, many others realize that it is made up of numerous evolving documents that should be regularly reviewed and updated. In general, financial experts agree that an estate plan...
Preparing for incapacity with advance care directives
Unexpected injuries, sudden illnesses, the advancement of medical conditions and various other factors may cause physical or mental incapacity for people. Consequently, even the healthiest of people may find themselves unable to make decisions for themselves or to...
Who are key figures in your estate plan?
When creating your estate plan, one of the most crucial things to focus on are your key figures. These are the people who will either help you during your end-of-life process, or will benefit from your estate after your death. As key figures often change, it is...
What special duties does a special needs trustee have?
The brilliance of a special needs trust is that it provides funds for the beneficiary to use on certain supplemental expenses while preserving his or her eligibility for means-tested government financial assistance. If your loved one qualifies for Supplemental...
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...
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...