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?
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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
Protecting Against Identity Theft – 3 Tips for Seniors
Approximately 7 percent of households in the United States were affected by identity theft in 2010, according to data from the Bureau of Justice Statistics. Many identity thieves specifically target seniors and the elderly because they are often less able to spot potential theft attempts than others. If you have an elderly parents, family member, or are a senior, here are some tips you can use to help prevent identity theft. Tip 1: Don't provide personal information over the phone or through … [Read more...] about Protecting Against Identity Theft – 3 Tips for Seniors
Asking and Answering the Tough Estate Planning Questions
Why do so many people understand the need for creating an estate plan, yet so few of them ever carry it out? The answer isn't that people refuse to do it because they are lazy, uneducated, or uninformed, but rather because estate planning is itself a difficult proposition to face. The questions you have to ask yourself during the estate planning process can be incredibly uncomfortable and even depressing. Introspection and coming to grips with your own mortality can be a daunting challenge, but … [Read more...] about Asking and Answering the Tough Estate Planning Questions
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
