Probate law does not allow anyone to take items from a loved ones’ home after they die, until the will has been probated. Learning about probate, what it entails and how to prepare for it may make it a little easier when a family member dies, says an article titled “Can you empty a house before … Continue reading What about House Contents when Someone Dies?
Author: Shannon Fauver
The Most Common Estate Planning Mistakes
Estate administration is the process of managing the estate when a loved one has passed. For the inexperienced executor, there are pitfalls to be avoided, warns the article “Top 5 Probate and Estate Administration Mistakes” from Long Island Press. The biggest mistake is creating an estate plan from generic documents on the internet. Wills must meet many technical … Continue reading The Most Common Estate Planning Mistakes
Does a Will Protect My Money and My Family?
If you die without a valid will, your state may keep more of your assets than if you have a will. Your family won’t have any control and the court will follow the laws of your state regarding how your assets are distributed. That’s probably not what you want to happen, according to the article “People … Continue reading Does a Will Protect My Money and My Family?
What Is a TOD Beneficiary?
It’s possible to name a TOD beneficiary for many account types—retirement accounts, savings accounts and even brokerage accounts. This can help you and your heirs avoid the sometimes costly process of probate. You can name anyone. However, if you’re married, your spouse may have special rights over your assets that take precedence over your named … Continue reading What Is a TOD Beneficiary?
What Is Better, a Trust or a Will?
Estate plans come in all sizes and shapes. One of the decisions in creating an estate plan is whether a trust should be part of your plan, as detailed in this article titled “Trust vs. Will: What They Share (And 6 Ways They are Different)” from Yahoo! Money. Both trusts and wills give control over how assets are distributed. … Continue reading What Is Better, a Trust or a Will?
Should I Update My Estate Plan?
An estate plan exists to accomplish three things. Real Daily’s article entitled “4 Good Reasons to Update Your Estate Plan” says that as you age, you should consider updating your estate plan. Why? Well, your feelings may change over time or you may experience a significant life event that requires you to update things. These are events … Continue reading Should I Update My Estate Plan?
What Happens If My Partner Dies and We’re Not Married?
Traditional or non-traditional couples have the option of marrying, but not all couples wish to, according to an article from Kiplinger, “Marriage: When You’d Rather Not.” Planning for a life together without the legal protections provided by marriage means couples of all kinds who decide not to marry must be sure to do estate planning. Otherwise, they … Continue reading What Happens If My Partner Dies and We’re Not Married?
What Is a Power of Attorney and Is It Important?
Most people realize the importance of the last will and testament. However, they remain unaware of the importance of a durable power of attorney. This document authorizes another person to act on your behalf while you are alive and expires upon death, as explained in an article titled “Power of attorney likely to be first vital … Continue reading What Is a Power of Attorney and Is It Important?
What Does a Blended Family Need to Know about Finances?
Family finances can be a big issue in any circumstances. It’s even more significant with blended families, where two sets of often well-established financial histories and philosophies try to merge into one. Kiplinger’s article entitled “Yours, Mine and Ours: A Checklist for Blended Family Finances” says that a blended family is one where people have remarried, either … Continue reading What Does a Blended Family Need to Know about Finances?
What’s Involved with Being a Trustee?
There’s an old saying that the two best days in a boat owner’s life are the day they buy their boat and the day they sell it. Forbes’ article entitled “How To Be An Effective Trustee” says that a similar notion applies to being a trustee – it’s an honor to be named and then a huge relief … Continue reading What’s Involved with Being a Trustee?