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First of all, are these even wills? A handwritten, or holographic will does not come up in probate court very often, but whether or not it will actually count as a will depends on the state where this document was created. A holographic will is one that is handwritten and signed by the will-maker only, no witness signatures included. So how does an ...
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A life estate is one of the various forms through which a person can hold ownership in a piece of property. If a person holds property using a life estate, then that person has the right to possess, enjoy, and occupy the property has his or her own. However, the life estate declares that when that particular owner passes away, their interest in the ...
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It can be an honor to have been so trusted by a loved one that you were named their executor. You might even have been surprised by the news. You may also feel trapped or daunted by the decision, which you may have had no part of. The thing is, it is up to you whether or not you want to accept the role of executor. Let's take a look at what it ...
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According to Reuters, more and more parents are considering staggering their children's inheritances so that they individuals do not get a massive lump sum of money and spend it all at once. One mother says that she knew that her daughter would receive a massive inheritance at 18, and did not feel comfortable allowing the teenager to have that ...
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A will that includes a "self-proving affidavit" can streamline the process of proving a will. This affidavit is a sworn statement made by witnesses who watched the will-maker sign their will. In many parts of the United States, having this affidavit is all that is needed to validate a will; this will preclude the appearance of witnesses ...
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Estate planning is crucial for the owners of a family business, as failing to prepare could result in the determent of the company. If you have not already drafted an estate plan that discusses the succession of your business, you need to do so today. The early planning will allow you to slowly implement your plan for the future of the business, ...
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What Happens when there Is No Will After you pass away, the executor is the one who protects your assets, pays off debts, files taxes, and divides assets according to your will's instructions. There are some states where the executor is referred to as a "personal representative", but whatever the case, without a will, there is no one ...
Continue reading "When a Court Will Choose the Executor for You, Whether Or Not You Have a Will" »
In the eyes of the law, college students over the age of 17 are now adults. This means that they need to have their own estate planning documents. The Wall Street Journal reports that once individuals reach 18, their parents are no longer permitted to see their medical and financial records and make decisions on their behalf. Young adults need to ...
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Not only is it vital to make provisions for when you pass away, but it is important to make plans in the event that should you become incapacitated. Creating a financial power of attorney is a benefit to you as well as your loved ones. If you do not set this up, then when you find yourself incapable of making choices for yourself, your family and ...
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If you are a veteran, then estate planning involves several different aspects for you. According to Estate Planning, veterans are often eligible for pensions. These include a veteran's pension. This is a benefit that provides veterans and their families with a supplemental income to assist them in meeting any financial challenges that they ...
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When you create your estate plan, doubtless you are thinking of the property that you want to bequeath, and the financial assets that you want to leave behind to loved ones and charity. Some things that may not have crossed your mind are instructions about your digital assets. Forbes.com highlighted this growing item of concern that many people ...
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Joint accounts are a popular estate planning option. This is because they often allow for a quicker transfer of assets to the joint owner at the time of death. As the surviving owner of a joint account, a person takes complete ownership after proving the death of the deceased joint owner. When the joint owner dies, there are often estate and ...
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Whether you want to create a charitable lead trust, a charitable remainder trust, or a pooled charitable trust, people with any budget can leave money to charity. In this way you can set up an estate plan where a deserving organization gets help. These trusts mean that you and your family can also reap the benefits. While this used to be an option ...
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Did you know that you already have an estate plan? If you are U.S. citizen, then your state has already created an estate plan that will go into action at the time of your death. The catch is this: the plan is not customized to your particular desires and preferences. It is your state probate plan, and all your property and finances will be ...
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When you create a will, you will have to name personal representatives. These representatives will be in charge of you estate after you pass on, and will be in charge of the distribution and management of your properties. If you do not designate your own personal representative, then the court will have to do this for you. Typically, the courts ...
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In most cases, parents will not leave property or assets directly to their minor children, but will instead name the other parent as the beneficiary. In this way that parent will have all the resources to look after the kids. The children would normally be named only as alternate beneficiaries. For single parents though, you may want your children ...
Continue reading "How to Pass Down an Inheritance to Young Children" »
If property is tied up in probate, this can mean months of stress for your loved ones. If you have property held in a living trust, however, this property can evade probate. With a living trust, you would have this property held under a trustee's name, and this property would be held for someone else, the beneficiary. Upon your passing, the ...
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Estate planning can be complicated, and for the average American all the legal language and the many stipulations can be overwhelming. Estate planning is all about getting your financial affairs in order to prepare for the future, but it can become an increasingly complicated process when you dive in. According to Fox Business, it is important for ...
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As individuals get older, they sometimes lose the ability to make wise decisions regarding finances. In some cases, an adult child may need to have a tough conversation with a parent, explaining that the parent should no longer have control of his or her own finances. According to Fox Business, this conversation is often necessary but can be very ...
Continue reading "A Durable Power of an Attorney Taking Over a Parent's Finances" »
Leaving a will is a wise thing to do for many reasons. This can include providing for the future of loved ones, handing heirlooms down to posterity, and wrapping up your affairs for when you pass. Of course, your last will and testament can do so much more than this. It cannot deal with everything though. There are some restrictions on what a will ...
Continue reading "What a Will Cannot Do for You" »
Beneficiaries can be disappointed or dissatisfied with the way that they handle their funds, and this can cause complications in the estate planning process. Even professional fiduciaries like trust companies will receive complaints from beneficiaries on a regular basis. If you are a beneficiary who is frustrated with the way that your finances are ...
Continue reading "Can an Estate Administrator Be Held Liable for Errors With an Estate?" »
Finding love is a blissful thing to experience, no matter how old you are and no matter how many times you have been married. For some older individuals, you may have gone more than 40 years as a single person and have simply been enjoying life, friends, and work just the way it is. Or, perhaps, you married and divorced young, leaving you to enjoy ...
Continue reading "Late-in-Life Marriage, Reviewing Your Estate Plan" »
While some estate owners would love to leave everything they own to their animal when they die, this is generally not going to work, no matter how much you love your little animal. In fact, because a pet cannot own property at any time, it is impossible for you to leave your estate in the hands of your animal. However, when you plan your estate, ...
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If you are currently considered co-buying a piece of property, then you will want to take into account how you will arrange the title. If you choose a joint tenants with right of survivorship (JTWROS) arrangement, then this will have direct implications on the future of your estate. In this situation, both you and your co-owners all have the same ...
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If circumstances in your life have changed, and you want to revoke your will, then you can do so through a variety of different ways. You can destroy your old will so that it cannot be detected by burning it or shredding it and you can create a new will that will be observed as the most updated and current document that will guide the distribution ...
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