Being given the role of estate executor can be considered an honor. It means the decedent trusted you to act in the best interests of their loved ones and their estate. However, it comes with significant financial responsibilities and fiduciary duties, which require...
Why would you use a medical power of attorney?
If you are making an estate plan, you may want to use a power of attorney. There are two main types to consider. The first is a financial power of attorney, which allows an agent to do things like accessing bank accounts, transferring real estate or paying taxes. The...
3 potential reasons for estate disputes
Estate disputes can be highly problematic. In some cases, adult children never talk to one another again. This is why avoiding these disputes is one of the main goals for those who are drafting an estate plan. But disputes can and do happen, so it is also important...
Don’t make these 4 mistakes when planning your estate
There is a lot you can do with an estate plan. The main intent of an estate plan is to control how your assets are managed after you pass away, but you can also plan out health care directives and child care. There are some things you may do that could create issues...
Are you going to inherit your parents’ debt?
Your parents may have a significant amount of debt. This doesn’t affect you personally right now, as you have moved out of the house and you have your own expenses to handle. You know that your parents budget differently than you and they’re comfortable taking on more...
Should you store your estate plan digitally?
American adults increasingly manage many of their affairs online – from bill payments to banking and even business deals. When considering where best to secure an estate plan, online solutions like cloud drives and dropboxes might seem like the perfect fit. However,...
From chaos to clarity: Master the art of estate administration
Being chosen as an executor means the deceased trusted you enough to believe you will ensure their final wishes come true. It is an immense honor to be chosen, but the intricacies of estate administration can sometimes be overwhelming. Fortunately, an approach...
Is it time to review your estate plan?
Despite the importance of drafting an estate plan, it is something that many Americans have yet to do. In fact, over half of all eligible adults have no estate plan. Even if you have made that step and drafted a plan, estate planning is a constant process. Your estate...
Should you really wait to make an estate plan?
When you ask someone if they’ve made an estate plan, they may tell you that they haven’t done it yet. After all, most people do not have a plan right now. Many people give excuses for why they’re putting it off or procrastinating. Let’s look at two common reasons and...
Do estate distributions have to be equal?
You always assumed that your parents would make things roughly equal when they left their assets to you and your sibling. That’s why you’re so shocked when they pass away and the estate plan reveals that your sibling gets 90% of the assets that your parents owned....