Just because you agreed to execute someone’s estate does not mean you ever expected to have to do it. Perhaps you thought you would die long before they did. Or maybe you were too afraid to say no for fear of disappointing them. Now that the person has died, you can...
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How do you fund a revocable trust?
Revocable trusts have certain advantages over irrevocable ones, such as avoiding probate. They also have specific disadvantages, such as reduced control. It’s all about deciding what is best for your particular needs. If you opt to create a revocable trust, you need...
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,...
Is estate planning necessary for everyone?
Most people understand the importance of creating an estate plan to better ensure that their wishes are honored when they die. Therefore, it may be surprising that an estimated 67% of the adult United States population doesn’t have one in place. Many people may...
What happens to a loved one’s assets after they pass away?
Losing a loved one can be devastating. It can even be more stressful when family members are left to deal with the deceased family member’s estate and property while dealing with their grief and pain. However, knowing some basics of how the process works can help...
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...
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...
2 types of trusts
Trusts are versatile instruments used in estate planning to manage and distribute assets according to specific terms. Each type of trust serves a unique purpose and is suitable for different situations. Consider these two common types of trusts: 1: Totten trust A...
What does it mean to die intestate?
Dying intestate refers to passing away without a valid will or estate plan. This situation has specific legal implications for the distribution of assets, guided by the state's intestacy laws. Understanding these rules can help ensure that your assets are distributed...
Where to get a death certificate and what to do next
Losing a loved one can be very difficult, but there’s still a lot of work that has to be done to settle their estate – and the “business” of wrapping up their final affairs generally starts with obtaining a death certificate. A death certificate is typically prepared...