What Happens When the Second Parent Passes?
However, settling the second spouse's affairs was more complex, even with advance planning. Everything from wills to banking to tax returns became more complicated.
Trust and estate administration refers to the management and distribution of assets and properties held in a trust or estate after the death of the owner. This process involves ensuring that the assets are distributed to the intended beneficiaries according to the wishes of the deceased, while also complying with legal and tax requirements. Trust and estate administration may include tasks such as filing legal documents, managing and distributing assets, resolving disputes among beneficiaries, ensuring compliance with tax and legal requirements, and providing guidance and advice to trustees or executors. Trust and estate administration is typically overseen by a lawyer, financial advisor, or other professional with expertise in this area. The goal of trust and estate administration is to ensure that the assets are distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries.
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Tasks to Be Done After a Loved One Passes
Even though the death of a loved one comes with unbearable grief, there are important tasks you must carry out as soon as you’re able.
How to Plan a Business Succession
A frequent complaint by next-generation members is that the senior generation never fully lets go of business tasks.
How Do Special Needs Trusts Work?
A special needs trust (SNT) can help you provide financial security to your child after you die without leaving them ineligible for the government benefits that they need to sustain care.
Do You Want to Be an Executor?
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
What about House Contents when Someone Dies?
It is quite a tragedy when a loved one passes away. You may want to remember them by keeping sentimental objects from their home, or perhaps they wanted you to inherit a specific item.
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.
What Is the HEMS Standard?
The ‘HEMS’ (health, education, maintenance, support) standard in estate planning is used to guide trustees in how/when they should release funds to a beneficiary.
Who Should I Name as Trustee?
You created your revocable living trust to hold your assets. You did so because of the probate avoidance and other benefits. You may have included sophisticated tax-planning provisions in your trust.
Aging Parents and Blended Families Create Estate Planning Challenges
We have seen some step siblings able to all get along fine but they seem to be the exception. More likely, one sibling feels divided loyalty to the birth parent, not the step-parent.
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