Planning for the end of life can be hard, and selecting a proper trustee or executor can be daunting. Attorney Danielle B. Mayoras has tips on how to choose an executor.Oct 24, 2024 embed code copied Live Now CBS News 24/7 CBS News Baltimore CBS News Bay Area CBS News Boston CBS ...
If it doesn’t, your will can be deemed invalid and become subject to your state’s intestate succession laws, which means a probate court might determine what happens to your assets. 2. Choose your executor Choosing your executor is one of the most important parts of making a will. The ...
Writing a will is one of the most essential legal documents a person will create during their lifetime. This document allows a person to communicate their final wishes regarding property distribution, guardianship of their children, and appointment of an executor. Still, many individuals tend to pu...
If you create a trust as part of your estate plan and are choosing a trustee, the same general attributes should apply. And if you struggle to identify someone in your personal life to serve as an executor or trustee, you can rely on a professional like an attorney or accountant, o...
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An executor is assigned through a testator's will. They usually stop working with the beneficiaries after all the assets have been successfully distributed. Final Thoughts A trustee refers to the person who is in charge of managing a trust. Trustees have a fiduciary duty to the beneficiaries of...
The executor can choose an alternate valuation date (six months after the date of death) if it'll decrease both the gross amount of the estate and the estate tax liability, resulting in a larger inheritance. Putting assets in a trust allows you to pass assets to beneficiaries after your ...
Life insurance beneficiaries can be individuals, such as a spouse or an adult child, or entities, such as atrust. For example, if you have minor children, you may choose to establish a trust and name it as the beneficiary of your life insurance policy. ...
have a limited amount of time (approximately one year) from the date of death to make anyclaims against the estatefor money owed to them. Claims that are rejected by the executor can be taken to court where a probate judge will have the final say on whether or not the claim is ...