One concern that people have when considering estate administration and their potential inheritance is that their parents may have a high level of debt. Parents may have mortgage loans, car loans, credit card debt and much more. This debt may be substantially higher...
What are your duties as an executor?
If someone has named you as an executor of their will, they likely believe you are a trustworthy and organized individual who will fulfill their final wishes. You, on the other hand, may feel completely overwhelmed and unsure how to begin. Having a clear understanding...
What if you find multiple wills after a loved one dies?
Too many people – even elderly ones – never get around to creating a will (let alone any other estate plan documents) before they die. That means most of their assets will end up being distributed among family members based on their familial relationship – regardless...
Factors that could make a will invalid
The key function of a will is to provide instructions on how assets are divided upon the testator’s death. If the testator has children, the will can also name guardians. These are individuals tasked with raising the child should the testator pass away. For a will to...
Avoiding breach of fiduciary duty claims as an estate executor
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,...
