If you're asked to serve as someone's executor or personal representative, you should take some time to think about the position carefully. Though being an executor is not difficult, especially if you have a knowledgable guide to the probate process, the position does impose legal responsibilities on you. If you make mistakes while serving as executor, these can have significant consequences on your life. Here's a list of some of the more egregious errors you can make as an executor, as well as … [Read more...] about Making the Wrong Move as an Executor
Probate
What Property Goes Through Probate?
Good estate planning pays particular attention to state probate laws and how they will impact your estate. Though state laws differ, certain types of property almost always must pass through probate unless an estate plan creates a method to avoid it. Individual Assets Anything you own as the sole owner is a likely candidate for probate. For example, if you own a vacation home in your name alone this will likely have to go through probate before your heirs can receive it after you die. If … [Read more...] about What Property Goes Through Probate?
How to Prepare Your Estate For Your Executor
If you've gone to the trouble to create a Will, powers of attorney, trusts or other estate planning elements, you should take a little time to think about how your executor will handle your estate. Your executor, also called your personal representative, is the most important person in your estate because he or she will have the responsibility to administer the estate through the probate process. You should always choose your executor carefully, but once you've made the choice there are a few … [Read more...] about How to Prepare Your Estate For Your Executor
Estate Planning and Safety Deposit Boxes
Anyone who has valuable personal property or important documents, such as estate planning documents, passports, or deeds, can benefit by leasing a safety deposit box from a bank or credit union. While safety deposit boxes, also known as safe deposit boxes, are easy to use and provide a significant level of security, you will need to make specific arrangements for the contents of the box in your estate plan. Here's what you need to know. Notification Keeping a safe deposit box is a great idea, … [Read more...] about Estate Planning and Safety Deposit Boxes
Estate Planning Terminology: Ademption
A lot of people who begin their estate planning aren't really sure what happens to their property once they create a Will and choose someone to inherit it. Though a Will may feel like a contract between you and the people you're leaving your property to, they are not the same. Your Will represents your choices, and it does not create an obligation to anyone you choose to leave property to. If, for example, if you choose to sell everything you identify in your Will and use the money to travel … [Read more...] about Estate Planning Terminology: Ademption
Done With Your Will? Great! Now Write a Letter of Instruction
When you write your Will you select one or more people who can serve as your estate executor when the time comes. But once you die and it's time for the executor to begin the estate settlement and probate process, you will also want to have some more specific details ready in the form of a letter of instruction. These letters will give your executor a step-by-step guide to help with the estate settlement process. Details, Details, Details Though state probate laws impose very specific … [Read more...] about Done With Your Will? Great! Now Write a Letter of Instruction
Estate Privacy and Living Trusts
We recently blogged about how Joe Paterno's estate asked a court to seal the late football coach's will and how the family subsequently released it. This has led some to wonder if there is anything you can do to keep your estate details private. While you cannot normally keep your will private, that doesn't mean there aren't other methods available that provide much more privacy. One of the best of these is to create a living trust, sometimes known as a revocable trust or an inter vivos … [Read more...] about Estate Privacy and Living Trusts
Financial Questions When Diagnosed With a Terminal Illness
As a recent article in Forbes Magazine points out, people who are diagnosed with terminal illnesses have several financial issues they should address. Though it's not always possible to address them quickly or easily, getting advice from your accountant, estate planning attorney, and other professionals will go a long way in ensuring that your family is looked after once you die. Here are a couple of questions you'll want to answer if you've been diagnosed with a terminal disease. Question 1: Is … [Read more...] about Financial Questions When Diagnosed With a Terminal Illness
Who Pays for a Deceased Person’s Bills?
Executors. Once a person—called a decedent in estate planning and probate circles—dies, someone else has to step in to manage all the property issues. This person is called an executor or personal representative. The executor is responsible for telling all the decedent's creditors about the death and letting them file claims. If there's enough property in the estate to cover the debts, the creditors get paid. If there's not, some of them won't get their money back. In no event, however, does an … [Read more...] about Who Pays for a Deceased Person’s Bills?
Getting Off on the Right Foot as an Executor
If you've been named executor of a person's estate, you have a great deal of responsibility in ensuring the estate is properly managed. Being named executor, also known as a personal representative or estate administrator, is a great honor, but also one that comes with specific duties. Though all states have different laws that impose different requirements on executors, you can help yourself ensure the process goes smoothly by taking specific actions. Step 1: Discuss funeral plans. If someone … [Read more...] about Getting Off on the Right Foot as an Executor
