There are three maintypes of wills: simple will, testamentary trust, and joint will. The will that is right for you depends on your and your family’s situation. But as you dig deeper into the estate planning process, you may find that you need more than one type of legal document, o...
3. Find a trusted executor for your estate When it comes tochoosing an executor, or manager, of your estate, it's important to pick someone you trust. This individual will be responsible for ensuring the stipulations in your will are carried out according to your wishes. Look for people cl...
A will typically designate a legal representative or executor approved by the court. This person is responsible for locating and overseeing all the assets of the deceased. The executor has to estimate the value of the estate by using either the date of death value or the alternate valuation da...
as the insurance company cannot give out private policy information to just anyone who asks about it. However, it is typically permitted for an estate executor or power of attorney agent to start the claims process, but the payout will be paid directly to the beneficiary, not a third party...
Probate is the process of making sure a deceased person’s assets are distributed according to their will, and if overseen by a court. Many people opt to name their estate planning attorney as their executor. If you’re not planning to use a lawyer, be sure to enlist someone you trust ...
What Is a Notice to Creditors? A notice to creditors can be a specific contact with a known creditor or a public notice commonly posted in a local newspaper by a trust or estate'sexecutoras part of theprobateof the estate of a decedent. ...
If you’re the executor of the deceased’s estate, check through safe-deposit boxes and personal files that may store the paperwork. You could also visit the bank of the deceased to request paper statements if you have power of attorney. This will allow you to see who premiums were paid ...
Trustee vs Executor Trustees and executors both have a fiduciary duty to the beneficiaries of a trust or estate. However, there are differences in how they are appointed and the duties they are responsible for. Trustee A trustee is responsible for managing the assets placed in a trust. With ...
Probate fraud is prevalent in estate settlement and you must remain vigilant in every step of estate management to ensure fair distribution.
Ancillary probate also will create more expenses for the estate. For instance, the executor will probably need to find a lawyer in the second state to help handle probate. The executor will use the estate's money to hire the lawyer, and that means there will be less money left for the ...