What are Biggest Estate Planning Mistakes?
Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.
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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Is It Important for Physicians to Have an Estate Plan?
Given their salaries and the chances of getting sued, physicians should strongly consider estate planning early in their careers.
What are My Responsibilities if I’m Named an Executor?
If a loved one asks you to be the executor of their estate, think carefully before you take on this responsibility. While you have the option of declining the request, the person reaching out likely considers you to be responsible and detail oriented. An executor of an estate typically helps file paperwork, close accounts and distribute the assets of the deceased.
How Do I Talk to My Parents About Estate Planning?
If you have a parent over the age of, say, 65, thoughts about their future may have started to creep into your mind. But because end-of-life planning can be emotional and overwhelming, it’s tempting to put these conversations off — and even more pleasing to avoid them altogether. If there’s a lesson to be learned from the pandemic, however, it’s that waiting until the last minute to prepare is seldom a good idea.
Are Millennials Estate Planning?
As the coronavirus pandemic increased anxiety and upended many lives, it led U.S. millennials to get more serious about end-of-life planning.
Can You Set Up a Trust After Death?
In estate planning, the use of trusts to manage the distribution of assets is becoming increasingly more common. However, for many people, the idea of setting up a trust during his or her lifetime is overwhelming and perhaps even unnecessary.
Do I Need an Attorney for Probate?
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
How Do I Give Assets to Minor Grandchildren in My Will?
You have many options to make sure your wishes are followed after you die.
Do You Have to Go through Probate When Someone Dies?
The law requires probate for a good reason. If a person dies, probate ensures that the property goes to the people who are supposed to inherit it.
Does the Executor Control Bank Accounts?
Administration of a decedent’s estate may involve investment accounts (with stocks and bonds) held in the decedent’s name or trust.
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