After a Pennsylvania probate court took the highly unusual move of sealing the late coach Joe Paterno's Will, his estate has now released the documents and made them available to the press and the public. We've blogged a couple of times about Mr. Paterno and his estate, most recently reporting that a judge in Pennsylvania had granted a request made by his estate to seal the Will. This was highly unusual, as all probate court records are public information and sealing them is almost never done. … [Read more...] about Paterno’s Sealed Will Revealed
Blog
More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
If your parents are like an increasing number of aging Americans, you may be surprised to find out that they are not planning on giving you an inheritance. The results of a recently released survey reveal that more and more parents and grandparents are choosing to skip an inheritance and instead use the wealth they've acquired in other ways. Bank of America's private wealth management arm, U.S. Trust, recently released survey results that it acquired after speaking to about 640 people who had … [Read more...] about More Parents Choosing to Spend it While They Have It (Read: You’re not Getting an Inheritance)
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?
Study Reveals Concerns About Elder Financial Abuse
A new survey conducted by a Washington-based nonprofit organization has revealed that many professionals are concerned about the growing extent of financial elder abuse in the nation. The Investor Protection Trust surveyed 762 professionals who routinely work either directly with the elderly or with financial services. Surveyed workers include financial planners, state securities regulators, social workers, and others. The survey revealed that 70% of these workers believe that financial … [Read more...] about Study Reveals Concerns About Elder Financial Abuse
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
