Making advanced medical decisions is a very important part of estate planning. You could become incapacitated in the future, such as if you have a heart attack. Your estate plan gives you a chance to make medical decisions in advance because you won’t be able to make...
Someone who is drafting an estate plan may worry primarily about the comfort of their close loved ones. It is common for testators drafting estate plans to leave a large portion of their estates to specific people who rely on them, including close family members....
You file for a divorce. When you tell your child that you are getting divorced, they are unhappy about it. They tell you that they are not going to live with you after the divorce, but they’re only going to live with your ex. You know that child custody arrangements...
It’s a very big deal to be asked to be the executor of someone’s estate – and most people view it as both a sacred trust and an honor. But what if you don’t want the job? Being an executor isn’t for anybody, and there are some valid reasons why you may choose to...
An estate plan allows you to state your wishes regarding your assets, your health and the future of your minor kids if you have any. However, it may fail to protect you and your loved one as intended if you are not careful. Outlined below are two common estate...
Inheriting a loved one’s home is nearly always a mixed blessing. These days, however, more heirs are increasingly facing the challenges that come with inheriting a home with a reverse mortgage. These mortgages have been increasingly advertised to seniors as a way to...
Estate plans include different documents that can protect people under different circumstances. An estate plan typically includes a testamentary instrument, such as a will. This document only has legal authority after someone dies. People may also want to create...
Commingling of separate assets refers to the mixing of assets that were originally kept separate or classified as separate property. This can occur in various contexts such as marriage or business partnerships and can have significant implications for estate planning....
When an estate goes to probate, the court will typically approve the appointment of the personal representative (the executor/administrator) named in the will. However, in some instances, the court may have to appoint one. Here are three examples of such instances: If...
The court-controlled process of administering your estate upon your death before distributing assets to your beneficiaries is not always smooth sailing. It can be expensive due to court costs, possible executor fees, appraisal and valuation costs, etc. Generally, the...