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...
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...
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...
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...
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...
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...
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...
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...
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...
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...