Does a TOD Supersede a Trust?
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
Probate services refer to the legal services provided to individuals or families involved in the administration of a deceased person’s estate. These services typically involve the court-supervised process of distributing the deceased person’s assets and properties to their beneficiaries or heirs according to their will or state laws if there is no will. Probate services may include drafting and filing legal documents, representing clients in court, resolving disputes between beneficiaries, managing estate assets, and advising clients on tax implications and strategies for asset protection. The goal of probate services is to ensure that the estate is distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries. Probate services are often provided by lawyers, but may also be provided by other professionals such as estate planners or financial advisors.
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Why Naming Beneficiaries Is Important to Your Estate Plan
If you’ve ever spent time working through your estate plan, you know how important it is to select and update your beneficiaries.
What Taxes Have to Be Paid When Someone Dies?
Tax obligations continue on despite the passing of a loved one, and in some cases, come about because of it. Tax deadlines pose a challenge for grieving families.
TOD and POD Accounts: What’s the Difference?
A TOD account allows the account holder to name a beneficiary on a non-retirement financial account to receive assets at the time of the account holder’s death, thereby (generally – i.e., when used correctly) avoiding probate.
Should I Start Estate Planning Now?
Estate planning is a key piece of a comprehensive retirement plan.
What Is the First Thing an Executor of a Will Should do?
At some point in your life, there’s a good chance you’ll be tasked with acting as the executor of an estate. The designation is both an honor and an obligation.
Why Is an Estate Plan Important?
While no one wants to think about his or her own death, planning for the inevitable is an important part of protecting your assets and those you love.
Can My Power of Attorney Change My Will?
Power of attorney is one of the most important legal forms for estate and elder care planning. Along with wills and trust documents, it is a critical document for arranging one’s affairs.
Chocolate birthday cake with birthday candles.
What Estate Planning Does My Child Need at 18?
Picture this…your child is in the hospital, but the on-call doctor won’t talk to you let alone allow you to weigh in on medical decisions. While hospitalized, your child’s bills are going unpaid because you can’t access their accounts—potentially wreaking havoc on their financial credit. Why? Because they’re over the age of 18.
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