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A will is a crucial component of any estate plan. This document outlines the final wishes of the testator. For example, the testator may wish to leave their house to the children in equal parts. For a will to be valid, it must accurately reflect the wishes of the...
Stepping into the role of an executor is no small task. As the individual entrusted with administering a deceased person's estate, the executor bears great responsibility and authority. However, it is crucial to understand that this authority also comes with...
When people write up a will, they are expected to designate an executor of an estate. You may happen to be asked by a loved one or family member to take on this role. The executor of an estate may be a new title that you’ve never heard of, so there are some things you...
Many estate administration responsibilities fall directly to the personal representative of the estate. They have to notify creditors and repay debts. They will also need to handle tax responsibilities on behalf of the deceased. Estate taxes only apply to...
You certainly have a right to disinherit anyone you want when you're making your estate plan. Your children may all expect to get the same amount of money from you, but you can leave one of these children out. There's no law against doing so, and what you plan to do...
Many testators don't know much about the roles that an executor must carry out when they appoint them to their role -- and neither do the executors that agree to accept those roles. Handling an estate isn't easy when an executor is unprepared. They may make mistakes,...
After someone dies, their will may be read as family and friends listen to who receives what. Not everyone will be happy with what they receive. To challenge a will, the person needs to have “standing.” The executor of a will may be tasked with ensuring that the...
You don't want your death to cause a fight among your loved ones, but that is exactly what will likely happen if people don't agree with how you divided your property. Even if you have a carefully crafted estate plan, there is a very real risk that someone in your...