The word “estate” has always been connected to “ultra-rich” families, those with a lot to leave behind after their death. However, definitions have changed, and anyone who has anything to leave behind needs to plan their estate. “Estate planning” essentially becomes your family’s guidebook, once you are no longer in the picture. Sounds important? Definitely, and here’s why.
For most of us, the first time we ever thought about probating a will is when someone in our family has died. So, what does it mean to probate a will?
Beneficiary designations, tying up loose ends, reporting last wishes—here’s what you can do now.
Few retirees have all of these documents that are crucial to their golden years — especially during a pandemic.
It means you are in charge of managing the person’s assets after death, but what does it really mean? An executor has many roles and responsibilities. Executors should first understand it is a significant responsibility and not something to be taken lightly.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
I am a resident of Florida. I would like to leave my condo in Florida to my friend’s daughter, who I consider my stepdaughter, after my death. She is a resident of New Jersey and they would use the condo as a vacation home. Will she be considered my daughter for tax purposes, and which state’s tax laws will count?
Usually, when you make a simple change in the title from tenants in common to joint tenants, the taxing authorities will ignore that change.
Too many people mistakenly believe that to have a need for estate planning, you must be old and wealthy. Nothing could be farther from the truth. Once you are a mature adult, independent, and income-producing, it is time to assume the responsibilities of preparing for your future. High on the list is preparing an estate plan with a clear understanding that your plan will be revised to adapt to changing circumstances.
Planning for death is like any other transition of life, except this is one we can make easier for our loved ones. Don’t let the process of settling your estate, a process commonly known as probate, get in their way — and cost them more money.
