Estate administration imposes many obligations on personal representatives or executors. Fulfilling financial obligations is one of the most important responsibilities during estate administration. Personal representatives who make major mistakes related to the financial obligations of the deceased individual may sometimes have responsibility for unpaid balances due. The failure to pay taxes could lead to personal […]

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It can sometimes be difficult to bring up estate planning with your own parents. The implication is that they are going to pass away soon, which makes people feel uncomfortable. From your perspective as an adult child, you may also be wary of making your parents think that you just want to get your inheritance […]

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Creating a will is a key part of preparing for the future. It lets you decide who should receive your property and who will handle your affairs when you pass away.  Some people consider writing their own will to save time or money, but doing it yourself comes with risks. Below are some crucial points […]

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The estate planning process is about more than writing a will or setting up trusts. It also means selecting individuals to handle important responsibilities. These individuals, known as fiduciaries, must act in the best interests of others. Their roles are central to ensuring that the wishes of the person creating the estate plan are carried […]

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In this day and age, we live more of our lives online than ever before, from banking and sharing memories to even building businesses and storing important documents in the cloud. However, few of us stop to think about what happens to all that when we’re gone. Digital accounts don’t just disappear on their own, […]

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There may come a day when an adult isn’t able to make decisions on their own. Some adults may have powers of attorney designations in place for people to make their health care and financial decisions. If there’s no power of attorney in place, an adult guardianship is necessary.  An adult guardianship gives the guardian […]

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If you’re planning to leave wealth to your grandchildren, there’s a tax you should understand first. The generation-skipping transfer tax (GSTT) can surprise families who try to pass assets down more than one generation. Understanding how GSTT works The GSTT applies when you transfer property to someone at least 37.5 years younger than you, often […]

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Revocable trusts offer flexibility and control in estate planning. Unlike irrevocable trusts, you can modify or dissolve a revocable trust at any time. This provides you with the ability to maintain control over your assets and ensure smooth estate distribution after your death. Flexibility to modify your trust One of the main benefits of a […]

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Probate can be a difficult process. It involves managing a deceased person’s assets and debts. This process can become even more complex when family relationships are not traditional. Evolving family structures Family structures have changed a lot. Many people experience divorce, remarriage, and blended families. These changes create complex relationships. A person might have step-siblings, […]

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When your will eventually goes through probate, disputes may arise if someone believes you were under undue influence. Undue influence occurs when someone pressures or manipulates a person into making decisions about their estate that do not reflect their true intentions.  Taking steps to prevent these claims can help ensure that the will stands as […]

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