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If you’re making an estate plan, then you’ve likely heard the terms “heir” and “beneficiaries” used to mean someone who will gain from an estate. While these terms are often used interchangeably, they are not the same thing. Understanding the difference between heirs...
A will is the most basic document in an estate plan. It helps name beneficiaries and establish who gains from an estate. However, a trust is also susceptible to disputes, taxes and probate. In place, a testator may include a trust in their estate plans. A trust...
Taking care of the testator's debts, managing their assets and dealing with beneficiaries for months to a year is no easy task. Not to mention, an executor may be liable for any mistakes. With so much to do, a person appointed as executor might wonder if they will...
Americans consider estate planning, or asset management in case of incapacity or death, important, but not urgent enough. As reflected in a survey, 67% of the nation still have not established their estate plans. Despite the COVID-19 pandemic magnifying how...
Even with someone in charge of an estate, like an executor, conflicts between beneficiaries may be unavoidable, especially when a huge inheritance is at stake. And because of the intricacies of familial relationships, estate disputes can make the members feel very...
Probate is the process of legally recognizing an individual’s death for estate administration purposes. When a person dies, they leave behind their estate. Before the surviving heirs and beneficiaries can receive their share of the estate, the court will have to...
Every adult should have an estate plan to let their heirs and beneficiaries know how to handle their property after they have passed away. Most people are familiar with wills as part of estate planning, but many aren’t as familiar with trusts. A trust is a legal...
One of the purposes of a will is to establish clear boundaries regarding an individual’s estate distribution plan and intention. This estate planning tool aims to make the probate process smooth and worry-free for the decedent’s heirs and beneficiaries. However, a...
Many people who become incapacitated by sickness, old age or severe injuries are unable to make decisions about their medical care and treatment. Documents like medical directives and medical powers of attorney can help you avoid this situation and keep control over...
Estate planning lets you decide what happens to your assets after you pass on. It ensures that your possessions go to the correct people and helps reduce conflict among family members over matters like inheritance. Because of your will's importance, it should cover...