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If you create a will as part of your estate plan, you should keep it in a safe place. You hold the responsibility for keeping track of this document until your death. At that time, it comes under the care of your personal representative, who will handle the probate...
Considering powers of attorney is a critical component of your estate planning process. Powers of attorney are legal documents that give another person permission to act on your behalf if you cannot make decisions yourself. Powers of attorney can name different people...
Fiduciary duties involve the handling of finances. Your estate executor will have various tasks involving your assets and money. The various duties of the executor will help ensure your assets are safe. He or she will ensure they are free and clear of encumberments...
The executor of your will is the person you choose to manage your estate and carry out the wishes you express in your will after your death. A successor executor is someone whom you name as a backup. According to Kiplinger, a successor executor is not a requirement...
Creating an estate plan is not the end of the estate planning process. Many workers in the estate planning industry press the importance of keeping an estate plan updated. This means reviewing the estate plan with some degree of regularity. But why is this necessary...
To contest a will means you object to the validity of the will. There are several qualifications in place before an individual can contest a will in Texas, and the individual has two years to file the petition. 1. Be an interested person Only a person with a claim or...
Helping your aging parents through the estate planning process and talking through their end-of-life wishes already brings up a lot of heavy emotions. If your loved one recently learned of their Alzheimer’s or other dementia diagnosis, the weight of estate planning...
If you are thinking about estate planning tools, basic documents include powers of attorney (POA) for healthcare and finances. It is important for you to discuss these documents with your attorney sooner than later since delaying could jeopardize your opportunity to...
If you are writing your estate plan, you may be thinking about leaving cash or other assets to a charitable organization. According to the National Philanthropic Trust, you have more than 1.5 million from which to choose. Unfortunately, though, some charities simply...
When someone picks an executor for their estate plan, they do so with the idea that this person will be trustworthy and someone who can see their plans through. But these are not the only skills that an executor should possess. In fact, this is an enormous job that...