When a person passes away and leaves a will behind, the will in question goes through the probate process unless it is challenged. The vast majority of wills do not get challenged and the inheritance passes down successfully to beneficiaries without issue.
In any estate plan, an executor needs to be chosen. This is arguably one of the most important decisions that an estate planner will make. The executor of the estate should be a person who is distant enough from the person's affairs to not be biased; however, they should also be a highly trusted person who can be counted on to manage all affairs after the death of the owner of the estate.
When a person makes a will during his or her lifetime, it will be used after his or her death in the probate process. However, as a loved one dealing with the administration of the estate, you may come to believe that the will does not reflect your loved one's final wishes, and you may be upset about the inaccuracies that it portrays.
When you start to plan your estate, it is likely that you will quickly become overwhelmed with all of the estate planning options available. It can seem near-impossible to figure out what trust or will solution will work best for you, since there are so many different factors to consider.
Making the hard decisions in life is important for your well-being and peace of mind. Whether you are single, married or have children, it is important that you plan your estate as early in life as possible.
Losing your spouse can be one of the most emotionally challenging things that you will ever have to go through. It is important that anyone going through the loss of his or her spouse seeks emotional guidance and counseling as a first priority. Your mental health and the process of grieving is the most important thing to take care of.
When you are in the midst of your grief following a spouse's death, carrying out even the simplest of tasks can be too difficult. You might prefer to stay in bed all day mourning your loss. However, you may be the one tasked with the responsibility of administering the estate.
If you feel as though the years of retirement are far away, you might not have given your estate plan a second thought. But the fact is that whether you have created one or not, you already have an estate plan. This is because the state has general laws that will come into effect in the event of your death.
When a loved one dies, family members don't always act rationally. This is especially true when the will is read and one or more members feel as though they did not receive what they perceived as their fair share of the estate or were passed over entirely.
In 1951, the Powers of Appointment Act was established. This was one of the greatest developments in the tax and estate planning sector. A power of appointment in broad terms means that a person has the power to dispose of a property, and they hold that power even if they do not own the property in question. This could be a "reserved" power or a "donated" power.