January 18, 2021
Unfortunately, due to hidden resentments, siblings still tend to end up in court suing each other and losing great chunks of their inheritance in the process all too frequently.
As a result of illness, old age or incapacity, what may happen when you can no longer handle your own decision-making, handle your own money or make your own health care choices? Who can step in to help and how are they empowered?
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly.
When do you need your estate plan to ‘go to work’ for you? While you may think the right answer is ‘after I die,’ the actual answer is ‘if I lose the ability to manage my own affairs.’
Life insurance is an essential part of estate planning. When you buy life insurance, it’s important to make sure the policy payout will be enough to take care of your loved ones.
What happens if you inherit your loved one’s home? What if they still have payments to make on their mortgage?
A common misconception is that you do not have to probate a will when your spouse dies.
The financial institution is obligated to distribute the CD to the person or entities that otherwise would be entitled to receive it.