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Were you recently named a successor trustee? If so, this means that you are not the primary trustee working with an estate, but the back-up in case the first chosen trustee falls ill, passes away, or is otherwise unable to perform the duti4es expected. Normally, an estate planner will appoint at least one successor trustee to make sure that someone ...
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Pour-over wills are frequently paired with revocable living trusts. This is because all the property that is named in a pour-over will gets funneled into a trust upon the will-maker's death. Then the property held in trust would go to the beneficiaries of the trust. So if all the property is going to end up in a trust anyway, is there a point ...
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POLST stands for Physicians Orders for Life Sustaining Treatment. These are forms that are created by you and your doctor and will inform emergency care providers as to which treatments you want and don't want in a medical emergency. There are a variety of different POLST forms which could be extremely important in a medical emergency. If you ...
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Probate avoidance is often a worthwhile goal when it comes to estate planning. But it is also important to remember the limitations of this, to be aware that successfully avoiding probate does not mean that every problem with your estate plan will be dealt with because of it. For instance, taxes, inheritance rights, and debts will remain ...
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Imagine: the executor is reading a will and listing off the property that you will inherit. As you listen to the implications, it hits you- something is not right. There is something wrong with the way that property is being divided; it isn't how your loved one would have wanted it. Maybe you heard your loved one talk about his or her will, and ...
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An estate plan is more than getting your affairs in order before you pass away, it can also be about preparing just in case you are incapacitated by health issues. If you have income or property, you may want to seriously consider creating a durable financial power of attorney. This is where you name an "agent", someone you can completely ...
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Many people assume that it is wise to include burial plans in your will. In some cases, individuals may assume that a will is used to distribute property and to make provisions about a funeral or burial plans. Unfortunately, the funeral plans and burial plans in your will may not be legally enforceable. Your body isn't considered ...
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When it comes to many legal documents, a notary signature is absolutely necessary in order to make a document valid and applicable. This is not the same with a will. In fact, wills don't need to be notarized to be effective. In most states, a will just needs to be typed or handwritten and include the signature of the testator and the date that ...
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Maybe you have already created a will, but now you are experiencing second thoughts regarding the way that the will was constructed. If you would like to omit certain family members from inheritance, you may need to be very explicit when doing it. Sometimes, family members may think you merely forgot about them, and will contest the will making ...
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When property gets passed down to an heir, and a mortgage comes with it, does the heir pick up this debt along with their inheritance, or does an executor or trustee have some responsibility for the mortgage? Essentially both can be true. The mortgage bill goes to whoever has the real estate. In brief, the mortgage can be handed down to the ...
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The Independent Administration of Estates Act (IAEA) is a group of laws that make is possible for a personal representative to carry out or administer a decedent's estate more directly without court invention. The representative will either be named in the decedent's will, or chosen by the probate court. The individual can administer the ...
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Estate planning is a necessary thing, but it can seem like a hassle. Only between 35% and 45% of all Americans have a will. This is partially because individuals don't like to think about their own mortality and assume that they won't pass away until they are older. The fact is, it is important to prepare a will so that your loved ones will ...
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Crafting these documents can be tricky enough in any circumstances, but with the wonderful gift of a second marriage, there are also added complications when it comes to writing up your estate plan. It is possible that you and your spouse have had children together, and that you also have had children from prior relationships. You could also have ...
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This step is not mandatory anywhere in the country. There are states, however, where you can register your last will and testament, and then you also have the option anywhere of registering your will online. This registration would mean storing some key details about your will, especially where you placed it. Some counties give you the option of ...
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A conservation easement is an agreement by which the landowner voluntarily restricts his or her land from being developed or restricts the amount of development. Sometimes, a conservation easement only protects existing features. For example, if a building has historic value, a conservation easement can make sure that it is not knocked down after ...
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If you want to set all your affairs in order, or if you already have your estate plan lined up, you need to make sure that such well-laid plans are preserved, even in the event of a disaster. Here then are some tips on what documents need to go where in order to keep them safe from earthquake, flood, fire, hurricane, or tornado. Ideally, you will ...
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A charitable lead annuity trust (CLAT) is a vehicle for testamentary planning that can help to zero out estate tax as you plan to gift your estate to a charitable organization. A CLAT allows a donor to leave a charitable legacy with an organization of his or her choosing. A CLAT is a split-interest trust. The trust pays annuity over a term of years ...
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There are many benefits to co-owning real estate with someone else, and that includes benefits when it comes to probate. Joint tenancy real estate avoids probate, making for a smooth transfer of property ownership to the co-owner. These owners are referred to as joint tenants. This is a popular course for couples in particular. There is also ...
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It is very important to keep your will up to date at all times. When you can keep your will up to debt, you can trust that if you pass on all of your assets will go to the beneficiaries that you recently designated and you won't have to worry about disappointing your loved ones by leaving them to battle for your assets in court during probate. ...
Continue reading "Writing a Will: Should You Start Over?" »
If you move to a new state, do you have to start your whole estate planning over again? The reality is that yes, you need all new documents, at least for certain parts of your estate plan. But your previous efforts were not wasted at all. Fortunately, you have already done the hardest work, and that is making these crucial decisions. You already ...
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Wills are very important, and should be constructed professionally and carefully. While you need to include many details in your will, there are several provisions that are better left out of the documents or placed in a different one. This is because there are some things that people mistakenly put in their wills, unaware of the fact that these ...
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Do you think that your will or trust will be contested when you pass away? If so, can inserting a "no-contest clause" solve this issue ahead of time? If you anticipate that a relative is going to be greatly displeased with the terms of your will or trust, there are times when a no-contest clause can prevent a relative from challenging the ...
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If you create a will, you will need to take the special actions necessary to make it valid. Notaries are often useful in giving legal effect to official documents, but you do not need to notarize your will in order for it to be valid. This should act as a benefit for you, as it can be difficult to locate a notary and expensive to have the notary ...
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With a sprinkling trust (also known as a spray trust), trustees are given a great deal of flexibility when it comes to giving out the assets held in trust in order to provide for what beneficiaries really need. What usually happens with a trust is that the grantor (the person who makes the trust) leaves specific instructions to the trustee about ...
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If a sole beneficiary is named on a term insurance policy, then that individual can expect to receive the funds of the policy when the insured person passes away. That is, unless the insured is married or divorced. If the decedent passed away and left behind a spouse or an ex-spouse that never remarried, then that surviving spouse may be entitled ...
Continue reading "About Beneficiaries and Term Life Insurance" »