The executor is usually a spouse, close family member or trusted friend. If no such person is available, a qualified compensated person can be appointed under state law, according to an article from The Street entitled “Top Duties of an Estate Executor and How to Carry Them Out.” The executor needs to be trustworthy and organized, since there … Continue reading What Exactly Does an Executor Do?
Category: Estate Planning Attorney
What Does a Last Will and Testament Do?
Your will is the foundation of an estate plan, used to instruct your executor on distributing property, naming a guardian for minor children, creating a legacy and ensuring that your beneficiaries receive what you want. The will can also serve to disinherit a family member, as explained in the article “Last will can both include and … Continue reading What Does a Last Will and Testament Do?
Should Each Child Get Equal Inheritance?
Every estate planning attorney has conversations with their clients about how adult children should inherit. While most people assume siblings should all inherit equally, in many situations, equal is not always appropriate. There are many situations where an equal inheritance might be unfair, says an article, “How Should Your Children Inherit? 4 Scenarios Where ‘Equal’ Is … Continue reading Should Each Child Get Equal Inheritance?
What Is Included in an Estate Inventory?
The executor’s job includes gathering all of the assets, determining the value and ownership of real estate, securities, bank accounts and any other assets and filing a formal inventory with the probate court. Every state has its own rules, forms and deadline for the process, says an article from yahoo! Finance titled “What Do I Need to Do … Continue reading What Is Included in an Estate Inventory?
How Does a Trust Work?
You’ve worked hard to accumulate financial assets. You’ll need them to support your retirement. However, what if you also want to pass them on to loved ones? Trusts are used to pass assets to the next generation and have many benefits, says an article titled “Passing assets through a trust—What to know” from the Daily Bulldog. “Funded” trusts … Continue reading How Does a Trust Work?
Beneficiary Mistakes to Avoid
Planning for one’s eventual death can be a somber task. However, consider what would occur if you failed to plan: loved ones trying to figure out your intentions, a long and expensive legal battle with unintended heirs and instead of grieving your loss, wondering why you didn’t take care of business while you were living. … Continue reading Beneficiary Mistakes to Avoid
Which Expenses are Paid by the Estate and Which by the Beneficiary?
Settling an estate can be complex and time-consuming—it all depends on how much “estate planning” was done. According to an article from yahoo! Finance titled “What Expenses Are Paid by the Estate vs. Beneficiary?,” the executor is the person who creates an inventory of assets, determines which expenses need to be paid and distributes the remainder of the estate … Continue reading Which Expenses are Paid by the Estate and Which by the Beneficiary?
What Happens When Property Is Owned Jointly and an Owner Dies?
When property is owned jointly, the property may pass automatically to the other owner, passing without going through probate, according to an article titled “Everything you need to know about jointly owned property and wills” from TBR News Media Your will only concerns assets in your name alone without a designated beneficiary. Let’s say you have a joint … Continue reading What Happens When Property Is Owned Jointly and an Owner Dies?