People often feel so overwhelmed by the emotional responses to a death in the family that they overlook practical issues. Even intelligent, organized individuals may let their grief dictate their conduct in the early days after someone's passing. Unfortunately, legal...
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Estate Administration And Probate
What rights do you have as a will beneficiary?
Going through estate administration while grieving the loss of a loved one can be overwhelming. Nonetheless, it is vital for involved parties to understand the process, especially if they are beneficiaries of the decedent’s will. If you are a beneficiary of a will, it...
First 3 things you must do as a will executor
Losing a loved one is a heartbreaking experience. Amidst your grief, you have a serious duty when you are named as the will executor. Being responsible for administering will comes with a lot of responsibilities. You have the crucial role of identifying and organizing...
What happens if estate funds are insufficient to pay all debts?
One of the most demanding responsibilities of an estate’s personal representative is to inventory all debts and demands, inform all known creditors of the administration and pay those obligations using the estate’s available assets. However, the process becomes...
5 common probate pitfalls to avoid
Facing the complexities of probate can be daunting, especially when learning about the process’s potential setbacks. Understanding common pitfalls is crucial to ensure a smooth process. Here are five common probate errors to avoid: Failure to file will in a timely...
How executors can prevent disputes with beneficiaries
When an executor is dealing with the estate of a deceased person, it is not uncommon for disputes with beneficiaries to arise. These situations usually happen since estate administration is a sensitive time for everyone and emotions can run high. Nonetheless,...
What happens to a decedent’s debts?
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...
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...
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...
Tips for choosing the executor of your estate
One estate planning task you might not have considered involves naming someone to take charge of things when you die. An executor, as they are known, takes responsibility for implementing the plan you lay out in your will and broader estate plan. If your estate passes...