Intestacy is defined as the state of dying without having a will. The estate of any individual who dies intestate (i.e. dies without leaving a will behind) must go through the probate court. The intestacy laws of the state will then determine who will be the...
Everyone over the age of 18 (or 21 depending on where you live) should have a will. Why? A will is the most important estate planning document there is, and, yes, everyone has an estate! What is a Will? A will tells others where you want your property to go after...
Typically, only large estates have to pay out taxes, it is likely that you, as a beneficiary, will not have to pay out any taxes. Inheritance Tax An inheritance tax is a tax the beneficiary must pay upon receiving an inheritance. Inheritance Tax – Federal Level...
At some point, you have more than likely heard the terms will and trust, especially if you are looking at doing some estate planning. Often, they seemed to be used interchangeably. However, they do not refer to the same thing at all. Here are some key points to help...
An estate final accounting is the last step in the process of closing an estate and distributing the assets. The process and forms required differ from state to state so it is important to check on the particulars required for your state. The estate’s final...
When you write up your will you need to choose individuals for a few positions: executor, guardian (if you have minor children), and trustee (if you have a revocable or irrevocable trust). Your executor is responsible for making sure that your assets are protected and...
If you die without having created and signed a will, it means that you have died ‘intestate.’ If this happens, the intestacy laws of the state where you currently reside dictate the way in which your property is divided after you pass away. This includes...
You may not believe it, but everyone has an estate. All of your possessions make up your estate, including your vehicles, real estate, banking accounts, all investments and life insurance policies plus any of the other of the myriad of things you own from the couch...
There are two primary types of trusts – revocable and irrevocable. Here are the basics regarding the differences between them and the benefits each has to offer. What is a Revocable Trust? A revocable trust is a trust in which the provisions can be altered or...
Individuals have the ability to designate beneficiaries directly on assets such as investments, annuities, insurance products, and registered plans. By choosing to handle assets in this manner, the proceeds of the assets go directly to the beneficiary (or...
Death is inevitable and, unfortunately, so are the costs associated with it. In fact, the costs of dying are increasing at even a greater rate than the costs of living. Costs Related to Funeral or Cremation Many people are shocked when they start looking into the...
A trust is a document that specifies how you want your property handled after you pass away. Setting up a trust allows you to ensure that your beneficiaries responsibly handle their inheritance by setting up guidelines. In a trust, you have the power to determine...
Losing a loved one, whether expected or unexpected, is a difficult time. Unfortunately, actions need to be taken and responsibilities looked after, whether you are the executor of the estate, family or a close friend asked to assist at this time. To help you during...
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