Who Should Be Your Executor?
The person you have placed in charge of your estate under a Will is called a ‘Personal Representative’ or ‘Executor/Executrix.’
The person you have placed in charge of your estate under a Will is called a ‘Personal Representative’ or ‘Executor/Executrix.’
One of the most common misconceptions about a last will and testament is that having a will avoids the need for probate court.
Many people will suffer cognitive decline as they age, and that can seriously impact their ability to manage their assets.
An estate plan can give you peace of mind that things you value will be distributed according to your wishes when you die.
Sometimes it might take an IDGT, or intentionally defective grantor trust, to preserve generational wealth. But how does that work?
Take the squabbling between siblings you’ve had to endure and referee as a parent. Now multiply it times age and money. That might give you some idea of the need to make your final wishes clear when the time comes to divvy up your assets.
When preparing testamentary documents, such as wills and trusts, protecting beneficiaries with disabilities should be a priority.
When you fail to plan for your death, your heirs may end up fighting.
What are elderly persons who are without children or other family to serve as caregivers supposed to do?
If you are getting remarried, you obviously want to celebrate. However, it is also important to focus on less exciting matters, like redoing your estate plan.