Sometimes little thought is given in the choice of executor. That can create problems. The person in charge of your estate is the executor. Instead of thinking about whether the person they are choosing is the right person, many people just pick a close friend or relative.
Joint ownership means you don't have to go through probate. However, the risks are high—very high. A parent will sometimes decide to add a child to the deed to their home and that means an equal share. It also means that if the child has creditors, they can seek to make claims against t...
Some parents want to give everything to their children right now … but wait! Unless you have an estate plan, before your children can inherit the estate it must to go through the probate process. That can be both expensive and time-consuming.
Digital assets need to be protected now. However, they also need to be made available later. Protecting your digital assets before you pass away and making them available later, can create some conflicts. There are three basic complications, when it comes to planning for someone else to acc...
It may be wise to set up some review time for your estate plan, as life goes on. There are actually a few common things that can happen in your life that have an impact on your estate plan and they can be listed, according to the Huntsville Item in "When should you review your will?"
Flexibility can lead to the creation of a better legacy than anticipated. When people go to an estate planning attorney, they sometimes already have a good idea regarding what they want to accomplish with their estate plans. That is often a good thing.
Myths are spread from person to person and by the Internet. Correcting the myths, isn't an easy task. The world of the will and the trust has created some basic estate planning myths through the years. However, they can be corrected...
People do inherit from a long, lost relative. However, it isn't all that often. If you should inherit money from a long, lost relative, someone administering the estate will contact heirs and let you know. This always comes as a very welcome surprise for the heirs.
If it is not updated, your plan may well become a bad plan. It doesn't matter if it is life or your business that changes when it comes to estate planning. When key parts of your life change, the environment needs a fresh look, according to the Herald News in "Revisiting Your Plan."
Life can get in the way of an estate plan, if the changes are not taken into consideration. Basic and all too frequent problems can arise, if people do not match the changes in their lives to their estate plans, according to the Wicked Local Dedham...
Sharing ownership of your home with your child to avoid probate, is still a bad idea. Joint tenancy of your home with your child quickly becomes a bad idea, when the child has a creditor who can attach the home to pay off the child's debts, according to the Napa Valley Register...
An estate sale is a good way to get rid of unwanted items. However, sometimes things end up badly. Colorado police filed a report about an estate sale that went badly but the case was dropped for lack of suspects, according to Fox News in "Colorado house ransacked after estate sale mix-up...
Creating a plan for distribution of assets is practical. If you do not have children, it isn't possible to follow the standard practice of caring for your spouse and your offspring when considering an estate plan. Exploring the options when childless, requires a bit more thinking, according ...
Avoiding the thought of death is relatively standard in humans. However, it may not be the right course. We do not generally dwell on the thought of death, we avoid making estate plans and we are often not prepared for the reality of death when it happens, according to The New York Times...
You have Social Security and Medicare but what's next? It might be tempting to stop planning after retirement. However, there is still some planning left to do, according to the Wills, Trusts & Estates Prof Blog in "Post-Retirement Planning: A Checklist for Seniors."
Much depends on the state laws and the family situation when it comes to estate planning. When parents become estranged from their children, they need to know how to handle those children in their estate plans.
It is not the wealthy singles who are most in need of an estate plan. Most people think protecting their children is more important than money. That's why parents with minor children have more reasons to plan their estates than wealthy single people, according to Volume One in "When There's ...
The idea has only been science fiction so far. However, that may change in the future. The reproduction of things learned after birth is not likely anytime soon, so an almost identical human genetic clone might be far off.
Being an executor is not an easy job and can be quite stressful. Many people trust one of their own children above all other potential candidates for the responsibilities when considering an executor. However, it is not always a good idea, according to Texas Lawyer in "Mamas, Don't Let Your...
The distribution of real estate can be a good deal or a bad deal. One way to avoid real estate going through probate is to put someone else's name on the ownership of the asset. However, that almost always comes out badly, according to the Daily Republic in "All Things Real Estate: Living trust...
A challenge can be created when one child is responsible, and others aren't. Varying degrees of financial responsibility by children can be a challenge to creating an estate plan, according to Market Watch in "My son is responsible, my daughter is in debt -- how do I split my estate?"
Estate planning is one of those things that is better done now, rather than waiting until later. That can actually be too late. The question comes up about finding the right time to set up an estate plan as life marches forward.
Eleven years after his death, the singer's estate remains unsettled. Soul singer James Brown passed away in 2006, leaving millions to poor children in Georgia and South Carolina. However, none of the money has been given to the children because the estate is bogged down in numerous lawsuits...
Can you trust them? If you wonder, then you probably already have the answer. Multiple relationships and fewer bonds can often lead to some challenges, when it comes to settling an estate, according to the Financial Times recently in an advice column "Should I trust my wife to divide my assets fairly...
Protecting assets for your minor heirs can be a challenge. If you plan on leaving assets to minors, you can leave it to the courts to decide on the best person to handle the funds or you can do it yourself through an estate plan, according to the Times Herald-Record in, "Proper legal planning...
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