Estate administration refers to managing and distributing a deceased individual's assets, debts and financial affairs. When someone passes away, their estate is handled by an estate administrator or executor responsible for carrying out the deceased's wishes as...
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Estate Planning
What happens if you do not have an advance directive?
In life, you can prepare for unavoidable situations like death. But life is also full of unexpected events, such as accidents, sudden disabilities and illnesses. Unlike what some may think, it is also possible for you to prepare for the unexpected. With advance...
What is a Medicaid Asset Protection Trust?
A Medicaid Asset Protection Trust (MAPT) is a financial instrument that protects your assets and can allow you to be eligible for Medicaid long-term care. It is an irrevocable trust. It is an estate planning tool that safeguards your assets from seizure and depletion....
Do you need to disinherit someone with a dollar?
You may decide that you’re going to disinherit someone as you write your will. The first thing to note is that they should be someone who already expected to be in your estate plan. Someone who normally wouldn’t have a claim, like a friend, isn’t being disinherited....
Can you add digital assets to your estate plan?
Digital assets are becoming more and more common. Many people don’t even read physical books anymore, for example, choosing to simply download books that they can read on a screen. The sale of physical media for musical artists has been in constant freefall, with the...
Can someone else sell an elderly person’s home?
For most homeowners, their house is one of the most valuable assets they have. It’s one of the major things that they’re going to consider when doing their estate planning. They know that they have to get all their affairs in order, and determining what to do with the...
The pros and cons of a no-contest clause
Most people who draft a will take specific measures to guarantee that the executor will be able to carry out their final wishes without issues. The last thing you want is for family members to challenge your will because they feel they deserve a more significant...
Does a power of attorney take effect right away?
If you’re in a position where you want to give someone else the legal power to make choices or take action for you, you can do it with a power of attorney. For instance, maybe you want someone else to be able to access your bank accounts or talk to your doctors about...
Why should you consider an irrevocable trust in your estate plan?
Estate planning is an essential step in securing your family's financial future. One tool that often plays a vital role in this process is the irrevocable trust. This unique legal arrangement offers several benefits worth exploring. Irrevocable trusts can provide...
5 estate planning myths debunked
What you understand about estate planning may be wrong. Many sites misinform people about how estate planning works. To help ensure you understand your legal option when planning your estate, you may need to read the following: Myth 1: You don't need to worry about...