Estate administration helps settle an individual’s responsibilities and uphold their last wishes. The personal representative who administers an estate distributes the estate’s property to beneficiaries or heirs. However, before they do, they must first address any...
Estate Administration & Probate
What should you know about adding trusts to an estate plan?
Creating an estate plan requires that you determine the best options for passing your assets to your intended beneficiaries. Wills are one option for doing this, but trusts are another option. Trusts are an estate planning tool that holds the assets until you pass...
3 top considerations when naming a health care proxy
A thorough estate plan can help protect people if they have personal emergencies. While planning for death is important, so is ensuring access to appropriate support if an individual becomes incapacitated. People can draft documents designating trusted individuals to...
What should you know about challenging a will?
Most people who create an estate plan leave clear instructions that clearly convey their wishes. That plan is typically followed precisely as it’s written. There are times when a beneficiary or heir may recognize that something isn’t right with the will. In those...
How can financial literacy impact estate planning?
Financial literacy is a concept that concerns an individual’s ability to understand and use various financial skills effectively, including budgeting, investing, debt management and long-term planning. In the context of estate planning, financial literacy can prove to...
Does the estate executor have to pay debts?
When someone drafts an estate plan or writes a will, they leave behind instructions for their family members and beneficiaries. However, they will not be around to ensure that these instructions are followed. That is the job of the estate executor. The executor often...
3 times when powers of attorney lose their authority
Powers of attorney are among the most important estate planning documents. Unlike wills, which only have legal authority after the testator dies, powers of attorney take effect when an individual becomes incapacitated. Adults who draft powers of attorney can designate...
What is a guardian?
A guardian is someone who has the legal right and duty to make decisions and provide care for another person when that person is unable to do so on their own. It typically applies to minors but may also apply to adults with disabilities. A guardian acts in an...
Do you need to be worried about ancillary probate?
When someone passes away, their estate may need to go through probate—the legal process of settling debts and distributing assets. However, if the deceased owned property in multiple states, the estate might also be subject to ancillary probate—a secondary probate...
3 common reasons people draft advance directives for health care
Many testators begin the estate planning process with a focus on other people. They have children who they wish to protect or loved ones who they want to provide financial support for even after their passing. Wills are useful estate planning tools for those concerned...