When a person passes away with a will in place, his/her assets will be distributed according to that estate plan. However, administering these bequests does require the help of an executor, who is also usually named in the will. While these individuals owe a fiduciary duty to the beneficiaries of the estate they administer, an […]
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The estate planning process is complex. It involves more than just deciding which heirs or beneficiaries will receive a person’s assets. Testators will need to grapple with complicated tax-related issues when planning their estates, including how to save their loved one’s from paying excessive income and transfer taxes upon inheritance. While this was often more […]
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Many people assume planning an estate is a one-time task. However, the reality is estate planning requires a long-term approach. A plan created for someone in his/her twenties will rarely reflect that person’s situation 10 years later. In fact, most people are encouraged to revise their estate plans regularly, especially after major life changes like […]
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Living trusts are one of the most popular estate planning tools, as they allow those who create them, (trustors) to retain some control over their assets, while also ensuring the contents of those trusts are transferred to specific beneficiaries without the need to go through probate. Creating these trusts can be a difficult process, as […]
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