When a person passes away, resolving their debts becomes an integral part of settling their estate. The process is overseen by the estate's executor or administrator, who works in accordance with the law to fulfill these obligations. Understanding this process can...
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Month: February 2024
What is a financial power of attorney?
Part of creating a comprehensive estate plan involves making sure that one’s financial affairs are handled if the principal or person who creates the estate plan becomes incapacitated. Setting up a financial power of attorney gives a trusted individual or entity the...
Pros and cons of an incentive trust
An incentive trust can be very beneficial. You can fund the trust as part of your estate plan. The trustee then distributes payments to the beneficiary in accordance with your wishes. For instance, maybe you want to ensure that your beneficiary goes to college. To...
When does an estate need to file an income tax return?
Tax obligations can have a major impact on estate administration. Larger estates are sometimes at risk of estate taxes, which can substantially reduce the full value of the estate. There could also be income tax obligations to address. The personal representative...
What happens to your minor child’s care if you do not have a will?
When considering the future and well-being of your child, one of the most profound acts of care you can do as a parent is to prepare for all eventualities, including passing away. With this, you may want to consider including a will in your estate plan to express your...
Common estate planning mistakes to avoid
Estate planning can help you secure your legacy and better ensure your loved ones are taken care of after you pass. While creating a plan is the responsible thing to do, there are some mistakes that you could make that may impact the plan you create. Knowing what the...
3 advantages of a corporate trustee versus a family one
Choosing between a corporate trustee and a family trustee is a pivotal decision that can significantly impact the outcome for beneficiaries of a trust. Even if you have the perfect family member in mind to oversee a trust, it’s important to understand that corporate...
A guardian’s bond: What to know about this bond
An executor is not the only party required to give a surety bond to protect beneficiaries and interested parties from potential negligence or mismanagement. Before the court appoints a named guardian of a minor child, it may require them to also get a bond. Here is...
Why engage in Swedish death cleaning when estate planning?
Even though Swedish death cleaning may sound like a morbid crime scene cleanup, it’s actually an effective and thoughtful decluttering approach. This unique approach to organizing and decluttering your life before passing has compelling reasons that extend beyond mere...
What is a qualified personal residence trust?
When it comes to estate planning, a qualified personal residence trust (QPRT) stands as a powerful tool, offering individuals a strategic way to transfer their primary residence or vacation home to their heirs with significant tax advantages. A QPRT is a legal...