Parents may want to leave their children money when they're gone, but they might want to ensure that their children don't have to pay taxes on this wealth transfer. This concern could lead parents to assume that the best course of action is to give their children the bulk of their inheritances while they're still alive. Doing so, however, could be a very big mistake and lead to serious, unintended tax consequences.
Your estate plan is where your loved ones will turn when they want to make sure they are following your final wishes. This is often a great source of comfort for them. When you create the estate plan, you will name an estate administrator. This person will make sure that your affairs are taken care of. You should make sure that you name a person who is responsible, pays attention to details and is able to handle the duties.
A New York Times legal action has forced open the details of Harper Lee's will.
Imagine your grandmother has taken out a joint bank account in both your and her names. She put $50,000 in the account and told you that when she passes away, the money will be yours. Sadly, this day has come and you're experiencing the mixed blessings of having some much-needed extra money on hand while also experiencing the emotions of losing your dear grandmother. You also have a very important question on your mind: Do you have to pay taxes on this money?
Almost all adults have heard that they need a will as part of their estate plan. What many adults might not realize is that a will isn't always the end-all-be-all tool to get assets where you want them. Instead, the will is only one tool that you can use.
There's an old saying that the only two things you can be sure of are death and taxes.
The probate process is a complex one that can be difficult to work through if you aren't sure what is going on. This occurs when you are already in shock because of your loved one's death. We understand that you might have some questions about everything and we can help you to get the answers to those.
A person's will is a reflection of the wishes he or she has for his or her estate after he or she dies. It is possible that this document can be challenged in certain circumstances. Not everyone who thinks a will is correct has the legal right to challenge the will.
Generally stated, the role of the executor of an estate is to ensure that all assets are distributed as per the decedent's wishes. They're also responsible for ensuring that creditors are paid off as well.
Getting your estate plan together is a relief for most people. Just knowing that it is all done can bring you a sense of peace. One factor that you have to think about when you are making the estate plan is who is going to be the executor of the estate.