What Exactly Does an Executor Do?
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.
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.
The probate process can be expensive for some estates. Settling an estate through probate can cost you both time and money.
Estate planning is one of the most important steps you can take for yourself and your loved ones.
Before approaching the subject of the will, you need to consider that the loved one may be guarded and resistant to talk about it.
There is no legal requirement that anyone give anyone else money or property when they pass. The law says that as long as you understand what you’re doing, you can give your assets to anyone you feel like giving them to, equal or not.
You spend a lifetime building your business, so it’s crucial to have a game plan when it’s time to leave. Being prepared will help optimize the transition from a financial and tax perspective.
Wills often go through probate, which is the legal process for settling an estate. The rules are different for every state, so check with an attorney or your local county office to learn more.
Only you know your capacity and willingness to serve, or the degree of need expressed by the person asking you. However, it should help to know first that if you do decide to accept, there can be help out there and second there are standard procedures and practices you can follow.
You don’t have to be older and rich to do some estate planning.