History is filled with examples of celebrities who died without a will: Bob Marley, Prince, Howard Hughes, Pablo Picasso, Jimi Hendrix and even Abraham Lincoln.
It’s perfectly normal for aging parents who are currently completing their will along with their lawyer’s guidance, to leave the family home to their children.
When someone passes away, it’s up to their executor to handle the probate process. However, what happens if the executor of a will dies?
One of the most important parts of estate planning is making a will. When you make yours, there are a couple of different ways you can choose to divide your assets among your heirs.
If the estate is large and complicated, the assistance of an accountant may be needed. The deceased’s estate lawyer may also need to be involved.
A formal probate process involves specific, usually straightforward steps. Issues that may arise during the process can lengthen the time it lasts until it is closed by the court.
How this is handled now depends on the plans the deceased made when they were alive. For some people, that might mean probate.
In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust.
From contentious relatives to scam artists, wills are not immune to the threat of a contest. If you have an inkling such a fight could be in your estate’s future, here are some ways to limit the risk.
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