The death of someone near and dear can be a stressful and confusing time. Your life is disrupted emotionally and logistically by the loss and your grief. Who will take care of everything? Who has what responsibilities? Let’s look at the different roles involved after someone’s death: Executor—The Executor or Executrix, also known as the Personal Representative, has the duty of safeguarding and collecting and managing assets which the decedent owned at death, in accordance … [Read more...] about What to Do after a Loved One Dies
Preparing for Health Needs
Each of us faces illness from time to time. We can and should do what we can to prevent illness. However, we also can prepare for when illness does occur. Preparation for illness has two components: 1) financial preparation for the costs, and 2) legal preparation for decision making authority. The preparation for the costs of illness includes savings through traditional means, such as savings accounts, and obtaining health insurance to help defray the … [Read more...] about Preparing for Health Needs
Choice Of Executor & Probate
If you choose to use a last will as your primary vehicle of asset transfer your estate is going to have to be probated. Many people are under the impression that the will is something that is only seen by family members, but the reality is that it is going to be examined by the probate court. Aside from your heirs, there are other entities that may have a stake in the affairs of the estate such as creditors and the tax man. In addition, perhaps unfortunately not all families and blended … [Read more...] about Choice Of Executor & Probate
What an In Terrerem Clause Can Do for You
Estate Planning practitioners field questions regarding disinheriting beneficiaries regularly. The second question often relates to what happens when that beneficiary or any other tries to have the estate plan or portions thereof overturned. An “in terrorem” or “no contest” clause usually acts as a deterrent to such beneficiaries by completing divesting them of their inheritance should they choose to initiate a lawsuit. Read on to learn more … [Read more...] about What an In Terrerem Clause Can Do for You
