If you ask the average person if they have an estate plan, odds are that they don’t. You may be surprised by this, but studies have consistently found that the majority of Americans don’t have an estate plan. However, taking this approach – putting off estate planning...
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Leaving your estate in safe hands after you are gone
When you bequeath loved ones part of your estate through a will, they will be the legally recognized owners of the said assets and property. Therefore, they can sell them off if they wish. Creditors can also repossess them for a debt owed. To protect your estate from...
3 reasons why you should start planning your estate today
It’s often questioned what will happen to a person's estate after they pass away. While many believe an estate will be given to the closest heir, sold or donated, there are many options people have to decide themselves – otherwise, it may be up to the state to decide...
What to know if you’re the executor of an estate
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...
What tax documents must the representative of an estate file?
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...
Was undue influence was the reason for a will change?
One of the most common allegations when contesting a will is undue influence. This occurs when it is believed that a person coerced the deceased into making changes to their will that benefit them unfairly. It can be challenging to show that someone manipulated your...
Mistakes to avoid when creating a will
No one wants to think about a time when they won’t be around. However, failing to put the proper planning tools in place, such as a will, can cause a lot of hassle for your loved ones when you pass away. While intestate laws are in place to determine what happens to...
The purpose of a spendthrift trust
A spendthrift trust is a tool that allows you to provide a secure financial future for your child who has difficulty managing money. Your child will receive incremental payments on a schedule that you devise when you set up the trust. This ensures that your child will...
Key updates you need for your estate plan after divorce
Divorce comes with serious implications not only for you but also for your finances and your loved ones’ future. If you created an estate plan while married, it is in your best interest to review and update it as soon as your divorce is final. Here are important...
What do you risk when you challenge a New York will?
A loved one made the effort to create an estate plan, so you probably want to honor their last wishes. However, what if you believe the only way to fulfill their legacy is to challenge the documents in their estate plan? Maybe you learn that the instructions they...