Probate is the legal process of estate administration. It exists to provide a window of opportunity for creditors to seek satisfaction from a deceased individual. Another purpose of probate is to offer a forum for anyone that may want to contest a will. These protections are useful from an overview, but if you are in line for an inheritance, probate is not necessarily a positive thing.One of the pitfalls of the probate process is the time factor. No inheritances can be distributed by the … [Read more...] about Estate Administration Can Be Simplified With a Living Trust
People often think of estate planning as an exercise in document creation. Indeed, you have to execute a last will or some type of trust to express your final wishes in a legally binding manner. This being stated, it is also important to consider the estate administration process, because someone has to make sure that all of your assets are distributed in accordance with your wishes.If you were to use a last will, you would name an executor to act as the trust administrator. This can be a … [Read more...] about A Living Trust Can Provide Streamlined Estate Administration
The process of estate administration is sometimes overlooked by people who are just trying to take care of the basics. You certainly have to use legal documents to state your wishes in writing in a legally binding manner, but there is also a human element that is extremely important.When you create these documents, you are leaving instructions, but who is going to follow these instructions? You can carefully select the person or entity that will handle the estate administration tasks when you … [Read more...] about Have You Considered the Estate Administration Process?
The legal document called a last will or last will and testament is the most commonly used estate planning device. You can state your wishes regarding asset distributions in a will, but you should be aware of the estate administration process that will come into play.When you create a last will, you name an executor or executrix. This is the person who will handle the business of the estate after you are gone. An executor is a male estate administrator, and an executrix is a female who has … [Read more...] about How Is My Last Will Handled After I Die?
One of the nice things about a revocable living trust is the fact that you can maintain control of the actions of the trust while you are living. As the trust creator, you can also serve as the trustee, and you can act as the beneficiary as well.This can raise a question: What happens after you pass away? Who would administer the trust then?As the grantor of the trust, you answer these questions.Successor TrusteeWhen you create the trust, you put together a trust declaration. This … [Read more...] about Who Administers My Living Trust When I Die?
When you think about estate planning, you may picture the creation of legally binding documents. This is certainly part of the equation, because you have to record your final wishes in writing. At the same time, estate administration is another factor to take into consideration.Last WillsIf you use a last will, the estate administrator is the executor or executrix. An executor is a male who serves this role, and an executrix is a female. You would name your executor or executrix in your … [Read more...] about What Is Estate Administration?
Estate administration is something that is overlooked by many people, but there is certainly a human element that you should carefully consider when you are devising your estate plan.You will use legal documents to state your wishes, but an estate administrator must take action after your passing to bring these wishes to fruition. If you use a last will as your primary vehicle of asset transfer, this person will be the executor of the estate.This position is not an honorary or ceremonial … [Read more...] about How Should I Choose My Executor?
The anatomy of a trust involves the selection of a beneficiary or beneficiaries and a trustee. As the name implies, the beneficiary benefits from the resources that have been conveyed into the trust. The trustee is empowered to manage and administer the funds that have been placed into the trust.There are various different types of trusts, but we would like to look at the revocable living trust here. With these trusts you as the grantor may serve as both the trustee and the beneficiary while … [Read more...] about Are You Choosing a Trustee?
You should consider the postmortem process when you are planning your estate. It is true that estate planning involves executing legally binding documents that leave behind instructions. But at the same time, someone must follow these instructions to make your wishes become a reality.When you are using a last will to arrange for the transfer of your property this person is the executor.What Does the Executor Do?The executor has a range of estate administration duties that must be performed … [Read more...] about What Is an Executor?
Estate planning is not a one-size-fits-all endeavor. This is one of the major reasons why you should probably steer clear of do-it-yourself estate planning notions that you see advertised on the Internet.There are a lot of things to consider, and a lot of ways to go about planning your estate. You have to analyze all the details and understand how to proceed given your unique circumstances.Let's look at some of the details that some people may not consider.ProbateYou may think that your … [Read more...] about Have You Considered These Estate Planning Details?