Estate planning can be a very complex process involving numerous strategies and tools. At its most basic, however, estate planning starts with the creation of a Last Will and Testament. People often make the mistake of assuming that they need to have a large estate with complicated assets in order to utilize the services of an estate planning attorney to create an estate plan. The truth, however, is that even the creation of a simple Will should be done with the assistance of a professional … [Read more...]
What Is an Executor?
The cornerstone of any estate plan is a Last Will and Testament. When you create your Will you will have to make a number of very important decisions. You may assume that all of these decisions relate to the division of your assets upon your death; however, there is another decision that must be made when you create your Will that is likely of more importance than you realize-the appointment of an executor. Unfortunately, most people give very little thought to the appointment of an executor … [Read more...]
Why Your Choice of Executor Is So Important
When you finally sit down to create your estate plan, one of the first decisions you will likely make is choosing someone to be the executor of your Last Will and Testament. People often give this appointment very little thought because they fail to understand how important the position actually is. The executor of your estate is responsible for taking your entire estate through the probate process. Depending on the size and complexity of your estate, the probate process can last months, even … [Read more...]
Using a Personal Property Memorandum in Your Estate Plan
For many people, the personal items that are passed down in an estate plan are as important as the cash, real property, and investment accounts. Family heirlooms, for example, can have more sentimental value to you than your bank account. If you have a significant number of personal property items that you need to include in your estate plan, or if you simply do not want to include them in the public portion of the probate process, you may wish to create a personal property memorandum. A … [Read more...]
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...]
