Typically, a will appoints a representative (executor) to publish the date of death of the testator in a local newspaper. If the decedent owes a debt to creditors, this information serves as a notice to them. Personal representatives must also…
Your friend Rose has established a trust and would like you to be a trustee. Despite your desire to help, you are afraid to take on so much responsibility. The property would be managed by you on behalf of…
During the past year, the number of Americans with a will has only increased by 2.5 percent, according to a survey by Caring.com. Globally, the percentage of individuals with a will continues to decline, falling from 42 percent in…
A legal approach to avoiding probate is an excellent way to minimize taxes, keep your estate private, and avoid having to seek court approval at every stage. Time, frustration, and, in many cases, significant court and attorney fees can…
According to findings from research conducted by Genworth, the US Department of Health and Human Services estimates that 70% of Americans will need some sort of long-term care (LTC). The median annual cost of these services in 2020 is…
What happens to your inheritance if your beneficiary is no longer alive? If you leave the property to your brother Jim, but he dies before you, will his children inherit the property? That depends on whether your will expresses…
Though probate sounds complex and expensive, it is a legal procedure that formalizes the process of passing assets from descendants to their chosen heirs. Whether you need probate depends on the type of property you own, how you own it,…
When you are planning for potential incapacitating situations and need to appoint someone to manage your affairs, a power of attorney is an essential tool. In these documents, one or more agents can be granted broad authority over your behalf…
Creating a comprehensive estate plan is the key to ensuring your loved ones inherit your wealth. Many of us, however, overlook the importance of communicating our estate plan to family and heirs. No matter how thorough and current your estate…
Occasionally, you may be asked to act as a power of attorney for a family member or friend. Your loved one may be planning for when they are unable to take care of their affairs. For instance, they might become…
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