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.
Beyond not making a will at all, here are the biggest mistakes that estate planning attorneys see clients make.
In today’s digital era, the departed will be survived by their electronic footprints, such as iPhone photo albums, Spotify playlists—and cryptocurrency wallets.
A competent elder law or estate attorney can discuss and use, where appropriate, such provisions as the family exemption, benefits to prepaying inheritance tax, even where the tax return is not yet complete and a listing of itemized deductions.
Non-probate assets are those assets which do not go into an estate when the owner dies.
Part of being a responsible homeowner is having a proper estate plan in place. After all, considering the home is generally the largest asset most people own, it’s prudent to ensure this asset is passed to the people you wish to leave it to.
Both help you pass down assets, while avoiding the time and expense of probate. However, one has much more flexibility than the other.
The relationship is a trustee relationship. In other words, the executor is responsible for properly processing the property for all involved. Administrators do much the same, except that the ‘will’ conditions for distribution are set by the state.
Have you thought about how you’d like your family to continue after you’re gone? Having an estate plan isn’t just for the ultra-wealthy.
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