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Perhaps someone previously agreed to serve as the personal representative or executor of someone's estate. Maybe they never had a discussion about estate planning, but they are the closest living family member of a deceased individual. Sometimes, individuals with a...
Estate plans allow people to outline their medical wishes in the event of a major emergency and their plans for their final legacy after they die. The terms people include are often very personal and prioritize the support and comfort of their closest family members....
In some ways, the executor of an estate has significant authority. They will be the one to attend probate court hearings and control estate assets. However, in most cases, they are subject to two crucial forms of control. The first is that they must abide by both...
For older adults with significant personal resources, strategic giving is often a key part of their estate planning process. They make gifts to loved ones that do not create gift tax liability but that slowly diminished the value of their estate so that they won't...
For most parents, children will be the main beneficiaries when they put together their estate plans. Young children will require help if their parents die before they become adults. Many parents still want their children to receive most of their assets even when they...
Older adults sometimes have a false sense of security when it comes to their estate plans. Especially if they created documents earlier in life, they probably assume that the people they love will have support and will be able to carry out their last wishes. However,...
Maintaining a professional appearance and household can be very expensive. You may require revolving credits just to cover your cost of living expenses. Whether you have credit cards or take out personal loans, those unsecured debts will require repayment. Your debt...
There are numerous ways to arrange for property to go to specific people when you die. Moving assets into a trust is one solution. Bequeathing them to someone in a will is another common arrangement. However, the transfer of property in your will requires that it...
A right of survivorship is an important method for passing the title of your property on to joint tenants if one dies. Many people opt to use a right of survivorship rather than a simple will to pass on property because it is more difficult to contest. Survivorship...
Many adult children and other beneficiaries of estates don’t know what they should expect when a parent or loved one passes away. The problem with them not knowing what to expect is that they may be caught off-guard by one person receiving a large inheritance or...
