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Choosing an executor is a key decision during estate planning. Due to the criticalness of their role, you want to name a reliable party – someone who will ensure your wishes are fulfilled and your beneficiaries receive their inheritance without difficulties. So, what...
The essence of maintaining an up-to-date estate plan cannot be overstated. This holds particularly true after a significant life event, such as divorce. While updating your estate plan might not be the first thing on your mind during such a challenging time, it can be...
Most of us consider the beginning of January an opportunity to eliminate bad habits and create goals for the upcoming twelve months. Turning the page to a new year provides a clean slate in which hopes and dreams are attainable. And if you haven’t done so already,...
One of the things that many people do as they plan their estate is use the terms “heir” and “beneficiary” interchangeably. While an heir and beneficiary are both terms that mean someone who has a legal right to gain from the deceased's estate, they aren’t typically...
Dealing with a loved one's passing is challenging, and the complexities of handling their financial affairs can add to the stress. A common concern in estate planning and administration is what happens to a person’s debts after death. Understanding how debts are...
Some business partnerships end in a pre-arranged fashion. Partners may have agreed to list the company for sale after a certain number of years or dissolve the business once they achieve certain goals. Other times, each partner may have a different long-term vision...
If you are new to estate planning, you may feel overwhelmed by the different options that are available to you. One option that many people immediately dismiss when starting to craft an estate planning strategy is a trust. There’s a widespread, erroneous belief that...
If you are the parent of children who are still under the age of 18, then you must name a guardian for them in your estate plan. Falling to do so will mean that a court will choose one if you and the other parent both died before the children turn 18. While it will...
Most people in the United States do not have an estate plan, but the ones that do typically only have a last will and testament. A will does not bypass the probate process, meaning it cannot transfer assets to beneficiaries without going through probate. The first...
If a person dies, their estate will typically go through probate. Their will must be delivered to the district court clerk within 30 days of the deceased's passing. The estate's personal representative, either named in the will or by the court, is responsible for...