Your estate planning attorney has informed you that you will need an executor of your estate. This individual will have a good deal of power over your property, assets, and other estate items, which means it is not a decision you should make lightly. In order to select the right executor, it is important to understand the associated duties and how they will impact your estate. Property Your executor will be in charge of any and all property associated with your estate. This can include your … [Read more...] about What Are the Responsibilities of an Executor?
A lot of individuals these days are trying to save money, and when it comes to estate planning, most individuals want to know whether or not they truly need an estate planning attorney. Thanks to the Internet, no-cost Wills and online documents are available for couples and individuals to create a Will without the assistance of an estate planning attorney. However, before doing so, a person needs to understand the disadvantages that go along with that choice. No Guarantee Often those … [Read more...] about Do I Have to Use an Estate Planning Attorney?
Often people hear the term “estate planning” and assume that it is for the rich and famous. The fact of the matter is, estate planning is not just for the rich and famous, it is for anyone with an asset to his or her name. Here we will discuss some of the vitally important facts about estate planning so that you can determine whether or not estate planning is right for you. Who Plans Anyone with an asset (including a retirement account) should use an estate planning attorney at some point … [Read more...] about The Facts about Estate Planning
There are quite a lot of documents involved in estate planning and probate. In order to maintain a sense of organization and efficiency, individuals are encouraged to bring along specific documents that will clarify any questionable issues and expedite the process. Death Certificate The most important document to bring to a probate court is the death certificate. This cannot be a copy and should be a signed original. Will and Testament During the estate planning process, the … [Read more...] about Documents to Bring to Probate Court
Estate planning should be done by anyone with assets, children, or even those over the age of eighteen. Since estate planning essentially determines what happens to your belongings after your death, it is imperative you prepare yourself for estate planning, even if you have not met with an attorney. Have a Plan No Matter What Whether you have $10 or $10 million to your name, you should have a plan of some sort. This plan should focus on financial goals and family in the event of your … [Read more...] about Stay Ahead of Your Estate Planning Process: Part One
Continue learning about the estate planning process and make sure you are ahead of the game – even if you have not created a Will yet. You Do Not Have to Be a Millionaire to Have a Trust Often people will assume that if they have a Trust, they must be millionaires. The fact of the matter is individuals who make under $25,000 can set up Trusts for family and other beneficiaries to distribute assets after their death. Ask your estate planning attorney about a Trust and see whether or not it … [Read more...] about Stay Ahead of Your Estate Planning Process: Part Two
When it comes to estate planning, a lot of us forget about the special requirements that are needed to plan for those with special needs. It is important to look over the special needs portion of estate planning, especially in terms of weighing whether or not government benefits are better for your loved one or not. Increasing Need In the past few years there has been an increase in the need for special needs care and planning for estates. In 2006, it was estimated that 22.6 million people … [Read more...] about Special Needs Planning