If you’ve been designated as a successor trustee of a Trust for a loved one, parent or friend, you probably know that one of your roles is (or will be) to gather all necessary documents and transactional information relating to bank accounts, funds, creditor information and the like. The same is true if you will be the executor of a Will for an estate to be settled in the courts (Probate.) As recent as the last generation, most such records were on paper: receipts, check books, savings … [Read more...] about Today’s e-Based Transactions Can Be a Record-Keeping Challenge for Successor Trustees and Executors
Tips for Medicaid Estate Planning
Many people get Medicaid confused with Medicare, but there are many distinctions between the two programs. Medicaid, simply put, is a medical assistance program that's designed for disabled persons and low income, older people. It can also cover younger people who are receiving welfare from the government. Medicare, on the other hand, offers identical benefits to anyone enrolled regardless of their income level. Medicaid is actually managed by the individual states, so eligibility … [Read more...] about Tips for Medicaid Estate Planning
Should You Challenge A Will?
A will is meant to be used the same as instructions being given by the person who wrote the will, referred to as the testator. Wills are typically upheld simply because the person who wrote it is no longer here to express their wishes and concerns. Although almost all wills go through probate without incident, there are times when a will becomes challenged. But when is the right time to challenge a will? The rule behind challenging a will is that you can either challenge the validity of … [Read more...] about Should You Challenge A Will?
Estate Planning Basics
Many people find the term “estate plan” somewhat confusing. A very large percentage of the population do not really understand what an estate plan is or what types of documents are included in an estate plan, or may believe that estate planning is only for the wealthy. The truth is that nearly everyone has some type of estate, even if that only consists of a small bank account and an automobile. Whatever you leave behind when you die is considered to be your estate; this also includes your … [Read more...] about Estate Planning Basics
What Are Green Funerals?
When you think about the typical funeral it involves numerous steps which ultimately place a lot of chemicals into the ground. From metal coffins, to the concrete vault, to the plastic lining in the coffin, and the chemicals used in the embalming process, it creates quite a toxic list that has to be buried. But there are ways to reduce this amount by going green when it is your time to go. Start with the burial location. Believe it or not there are actual “green” cemeteries. These … [Read more...] about What Are Green Funerals?
Who Is In Charge When You Die Without A Will?
Dying without the benefit of having a valid will in place can create a lot of unnecessary problems. The sad part is that this laundry list of issues could be avoided simply by planing ahead. Out of all of these concerns, the biggest question that comes to mind is: who is in charge when you die without a will? Dying without a will, called intestate, means that the state, and not your loved ones, will determine who is in charge. If the person was married, the state will typically go … [Read more...] about Who Is In Charge When You Die Without A Will?
How Can I Donate My Body To Medicine?
Medicine involves a continuous journey of learning and new discoveries. But this wealth of information doesn't just appear. It comes from the study of the human body, or more precisely cadavers. How can you do your part? What if you want to donate your body to medicine? The important thing to remember is that facilities that accept these donations prefer a body that is intact. If organs have been removed for other reasons, the facility will most likely decline the donation. … [Read more...] about How Can I Donate My Body To Medicine?
Five Things You Must Do To Get Your Affairs in Order
No one likes to think about it, but it's a fact of life. At some point, we will all need to have our financial affairs in order because everyone passes away. Making decisions early will allow you to have some semblance of security that your loved ones will be taken care of and will go through less grief when it comes to your financial affairs. Here are five things you can do to get your financial affairs in order. First, you should really consider having life insurance especially if … [Read more...] about Five Things You Must Do To Get Your Affairs in Order
The Living Trust Checklist
Before setting up a living trust as part of your estate planning process, you need to think through some of the things that should be included. First, you need to figure out whether you want an individual or shared trust. If you are in a domestic partnership or you are married, then look to see if most of your property is jointly owned. If so, a shared trust might be the best way to go. Next you want to decide who will inherit your property under the trust. This is typically family … [Read more...] about The Living Trust Checklist
Do I Have To Leave Money in My Will to Each of My Children
Most parents want to leave all of their assets to any remaining children that they have. This is especially true if the children are young and will need to be financially cared for throughout their lives. However, as children get older and become adults themselves, it might leave some parents wondering whether they are required to equally split up their assets among their kids. The answer to that is a resounding no. There may be many reasons why a parent has chosen not to leave money to … [Read more...] about Do I Have To Leave Money in My Will to Each of My Children
