Being named executor of someone’s estate is often viewed as an honor. It means the person who created the will trusted you to handle their affairs and carry out their wishes after death. But once the process begins, many executors discover that the role involves far more than distributing belongings or closing a few bank accounts.
Many people own property in more than one state, such as an ocean-side vacation home or a rental property in a former home state. It is important to think about how that property will be handled after you pass away. Through proper estate planning, you can help minimize the burdensome court proceedings your loved ones may otherwise face after your death.
The title of your real estate can play a significant role in how your estate plan is set up and how your assets are ultimately distributed.
Your real estate encompasses not only your primary residence but also any vacation homes, rental properties, or even vacant land you may own. The ideal form of ownership varies depending on the type of property and your individual circumstances.
If the deed you create is defective or invalid, the property will not automatically pass to your intended heirs upon your death. The worst part is that these issues often remain undiscovered until it is too late. Consider the potential risks of an invalid do-it-yourself (DIY) deed.
Different countries have different rules about who inherits, how much they inherit, and the taxes and formalities involved. Extra planning steps are often required both at home and abroad to harmonize your plan across borders and avoid any unexpected inheritance or tax issues.
Have you just welcomed a baby to the family? Protecting your newborn goes beyond car seats and babyproofing. Ensure that your child is protected no matter what life brings by creating an estate plan.
Everyone needs a will, a trust, or both. These important tools ensure that your legacy will be carried out according to your wishes and allow you to provide for loved ones after your passing. A properly prepared trust can also help avoid probate.
A completely funded trust not only helps the trustmaker and their loved ones avoid the dreaded probate process but can also smooth the transition from you as trustee to your appointed successor trustee.
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because probate involves the court system, most filings become a matter of public record.