Effective estate management enables you to manage your affairs during your lifetime and control the distribution of your wealth after death. An effective estate strategy can spell out your healthcare wishes and ensure that they’re carried out- even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.
And the Executor Is
In her will, American businesswoman Leona Helmsley left $12 million in a trust fund to her dog Trouble. Her four executors were responsible for seeing that her wishes were carried out. In the years after her death, they dealt with challenges from two disinherited grandchildren, oversaw scores of properties and hotels, negotiated settlements with disgruntled
Critical Estate Documents
Financial Documents Joint Ownership Durable Power of Attorney Living Trust What does it do? Enables you to own property jointly with another person Authorizes someone to handle legal and financial decisions if you become incapacitated Holds your belongings until your death Can it authorize someone to handle your financial affairs if you are unable to
Estate Management Checklist
Do You Have a Will? A will enables you to specify who you want to inherit your property and other assets. A will also enables you to name a guardian for your minor children. Tip: One key difference between a will and a living trust is when they take effect. A will takes effect when you
Four Reasons Millennials Need an Estate Strategy
You’re young, have little in savings and likely have no one yet relying on you financially. So why do you need to think about estate management?¹ Here are four great reasons: Estate Strategies: They’re Not Just for the Elderly You need a will. You may ask why a will is important if there’s not much to
Four Steps to Valuing an Estate
Determining the value of an estate is a fundamental first step in estate management and a critical requirement for settling a decedent’s estate.¹ How to Assess the Value of an Estate Select the date of calculation. Because values move up and down, you need to set a specific date for a valuation. For a living person,
Problems with Probate
Many people have heard they should avoid probate, but few understand what probate is and how the process works. Tip: Both the lawyer and the executor are entitled to fees from an estate. In addition, there will be court costs, appraiser’s fees, and may be other expenses. Nolo, 2018 What Is Probate? Probate is the legal process
Put It in a Letter
Actor Lee Marvin once said, “As soon as people see my face on a movie screen, they [know] two things: first, I’m not going to get the girl, and second, I’ll get a cheap funeral before the picture is over.”1 Tip: Contact Information. A letter of instruction might include contact information for individuals who could be
Will Power
According to a recent report, only 42% of American’s have estate planning documents, such as a will or living trust.1 This may not be entirely surprising. No one wants to be reminded of their own mortality or spend too much time thinking about what might happen once they’re gone. But a will is an instrument of