What are Intestacy Laws

What are Intestacy Laws

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...
What is a Will and Do I Need One

What is a Will and Do I Need One

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...
How Much Money Can I Inherit Before Having to Pay Taxes on It

How Much Money Can I Inherit Before Having to Pay Taxes on It

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...
What’s an Estate Final Accounting

What’s an Estate Final Accounting

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...
How to Select an Executor for Your Will or a Trustee for Your Trust

How to Select an Executor for Your Will or a Trustee for Your Trust

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...
What is Estate Planning

What is Estate Planning

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...