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?
Category: Probate
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
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?
Why Do You Need a Secondary Beneficiary?
A secondary beneficiary, sometimes called a contingent beneficiary, is a person or entity entitled to receive assets from an estate or trust after the estate owner’s death, if the primary beneficiary is unable or unwilling to accept the assets. Secondary beneficiaries can be relatives or other people, but they can also be trusts, charities or … Continue reading Why Do You Need a Secondary Beneficiary?
Why Everyone Needs an Estate Plan
Estate planning means making plans to manage and distribute assets and caring for loved ones in the event of a person’s death or incapacity. It also involves the creation of legally binding documents to outline a person’s wishes for health care and financial matters. Estate planning ensures your wishes are carried out and is also … Continue reading Why Everyone Needs an Estate Plan
What’s the Best Way to Organize Your Estate Plan?
Congratulations, if you already have an estate plan. However, do you remember where you put it? Does anyone but you know where it is? According to an article from The Press-Enterprise, “2023 check list: How to organize your estate plan,” most people take their estate plan and put the binder or file folder someplace they deem safe and … Continue reading What’s the Best Way to Organize Your Estate Plan?
What You Need to Know About Inheritance
Receiving an inheritance is a mixed blessing. It usually comes after a loved one has passed, while you are grieving and trying to figure out how to navigate finances. If you have received or anticipate receiving an inheritance, an article titled “Getting an Inheritance? Here are 4 Things to Consider” from Kiplinger, has some helpful information. It takes … Continue reading What You Need to Know About Inheritance
You Need a Completed and Properly Prepared Will
The first two essential estate planning documents are the durable power of attorney for legal and financial matters, followed by a healthcare power of attorney. Next is the last will and testament. However, unlike the first two, the last will is not used until after death, explained in the article titled “Completing a will ensures wishes … Continue reading You Need a Completed and Properly Prepared Will
Do You Need a Revocable or an Irrevocable Trust?
It’s not always obvious which type of trust is the best for an individual, says an article titled “Which is Best for Me: A Revocable or Irrevocable Trust?” from Westchester & Fairfield County Business Journals. In a revocable living trust (RLT), the creator of the trust, known as the “grantor,” benefits from the trust and can be the … Continue reading Do You Need a Revocable or an Irrevocable Trust?
How Do I Leave Assets for Heirs?
How to distribute assets to beneficiaries isn’t always a simple decision. Not only do you want to consider how best to distribute your assets, but you also want to consider how and when beneficiaries should be able to access inheritances and then ensure this is all documented in your estate plan. An article from Kiplinger, “Estate Planning? … Continue reading How Do I Leave Assets for Heirs?