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?
Category: Pension
How Does Probate Court Work?
Probate court is where wills are examined to be sure they have been prepared according to the laws of the state and according to the wishes of the person who has died. It is also the jurisdiction where the executor is approved, their activities are approved and all debts are paid and assets are distributed … Continue reading How Does Probate Court Work?
What Exactly Does an Executor Do?
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?