What Does an Executor Do?
This expert guide presents 11 proven methods to handle estate settlement properly with support from professional advice and tested practices.
Probate is the legal process of administering the estate of a deceased person, resolving any claims and ultimately distributing the deceased person's property under the declaration of the deceased’s Last Will & Testament. A probate court decides the legal validity of a testator's will and grants its approval by granting probate to the executors. Until such time as probate is granted and after any due taxes have been deducted, the assets and property forming the wealth of the estate, remains locked - out of the reach of any beneficiaries.
Where Should I Keep My Will?
Choosing the right storage location for your will ensures that it remains secure, accessible, and legally valid when needed.
Integrating Digital Assets for Estate Planning- Annapolis and Towson Estate Planning
Estate planning for digital assets is an increasingly important aspect of overall estate planning due to the growth of online accounts, cryptocurrencies, and other digital assets. It involves organizing and planning for the management and distribution of your digital assets in the event of your incapacity or passing. Here are key considerations and steps to effectively include digital assets in your estate plan: Take Inventory of Digital Assets: Start by creating a comprehensive list of your digital assets, including: Financial Accounts: Online banking, investment accounts, PayPal, etc. Social Media and Email Accounts: Facebook, Twitter, Gmail, etc. Digital Media: Music, videos, ebooks, etc. Cryptocurrencies: Bitcoin, Ethereum, etc. Domain Names and Websites: If you own any. Online Storage Accounts: Dropbox, Google Drive, etc. Organize Documentation and Access Information: Document account information, login credentials, and any two-factor authentication codes. Store this information securely, either in a physical location (like a safe deposit box) or a password manager. Ensure a trusted individual knows how to access this information. Appoint a Digital Executor: Designate a trusted person as your digital executor in your will or estate plan. Grant them the authority to access, manage, and distribute your digital assets in accordance with your wishes. Review Terms of Service Agreements: Understand the terms of service for each digital platform or service you use, as they may have specific rules about transferring or accessing accounts after death. Comply with any necessary procedures for handling digital assets outlined in these agreements. Communicate Your Wishes: Clearly communicate your wishes regarding digital assets to your loved ones, digital executor, and any other relevant parties. Provide guidance on how you want each type of digital asset handled, shared, or preserved. Regularly Update Your Plan: Regularly review and update your estate plan, especially if you acquire new digital assets or change online account information. Consult with Professionals: Seek advice from estate planning attorneys or financial advisors who are knowledgeable about digital asset planning to ensure your plan is thorough and legally sound. Consider Legal Assistance: Depending on the complexity of your digital assets and your overall estate, consult a lawyer specializing in estate planning and digital asset management to ensure your plan is comprehensive and legally binding. By integrating your digital assets into your estate plan, you can help ensure a smooth transition of your online presence and assets to your chosen beneficiaries and loved ones. Contact us to schedule a complimentary call with one of our experienced estate planning attorneys! Sims & Campbell, LLC- Annapolis and Towson Estate Planning Attorneys
What Is the Purpose of an Executor? – Annapolis and Towson Estate Planning
Being named as an executor in a loved one’s Last Will and Testament is a big responsibility. It is important to understand what you are agreeing to before you step into the role as executor.
What Is Probate?- Annapolis and Towson Estate Planning
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.
Storing Passwords in Case of Death – Annapolis and Towson Estate Planning
Deborah Placet had no idea how to access her husband’s cryptocurrency and other digital accounts after his unexpected death at age 52.
How Do the Children Divide Up Mom’s Tangible Property? – Annapolis and Towson Estate Planning
One of the biggest challenges for anyone administering an estate is how to distribute what are called its tangible items. Unlike other property which can be easily sold, turned into cash and divided equally, tangible property is unique and often can't be equally split. Its value also often can't be measured by what it could be sold for. A family photo album may have no monetary value, for instance, but great sentimental significance.
Is There Estate Tax on the Property I Inherited? – Annapolis and Towson Estate Planning
Real estate is one of the most common types of assets that pass from one generation to the next through inheritance. Whether you expect to inherit property or plan to leave some behind, it pays to be aware of the basic tax implications.
What Should I Know About Being an Executor? – Annapolis and Towson Estate Planning
Being named in someone’s will as the executor–the person to handle and settle up estate matters–sounds like a great honor.
How Do I Plan for My Incapacity? – Annapolis and Towson Estate Planning
What would happen if you were mentally or physically unable to take care of yourself or your day-to-day affairs? You might not be able to make sound decisions about your health or finances. You could lose the ability to pay bills, write checks, make deposits, sell assets, or otherwise conduct your affairs. Unless you’re prepared, incapacity could devastate your family, exhaust your savings and undermine your financial, tax and estate planning strategies.