For parents, a key component of estate planning is often selecting potential guardians for minor children should something tragic happen to one or both parents. These considerations can be double-sided emotionally and difficult to face. On the one hand, who would ever take care of your children just like you would? Facing such a decision also brings to light many fears and concerns. On the other hand, making the decision can be freeing in a way, because you know your children will be cared for if something happens.
Our firm understands the struggle that parents might face when dealing with such a decision, and we also understand the concerns that a potential guardian faces if the actual appointed time comes to pass. Many people agree to be named as legal guardians without ever really thinking the situation will occur where they will have to take charge of the children. That doesn’t mean they don’t love the kids or want this responsibility, but when the time comes, a guardian can be suddenly overwhelmed with the reality of the responsibility. Continue reading “Help for Potential Guardians of Minor Children”
If you are in a fiduciary relationship as an executor of an estate or a trustee of a trust, then you have to think about the wishes and needs of others. A fiduciary must make decisions that are in keeping with the law, the wishes of the deceased and the needs of the beneficiary. But you have to be careful not to forget other obligations, including taxes.
Many estates don’t pass the threshold for the federal estate tax, so you might think taxes aren’t a common concern for those in such positions. Just because you don’t have to worry about paying estate taxes doesn’t mean you don’t have to file any paperwork, though, and almost any estate will have to concern itself with at least one more income tax return.
Continue reading “Don’t Forget the Tax Man”
If you believe you are a legal heir to someone’s estate, but that person has died without estate planning documents such as a will, you might not know what steps to take to claim your inheritance. The requirements for receiving assets or money that are left to you in such an estate depend on the laws of the state, whether there are other potential heirs and whether any assets are linked to beneficiary designations.
When someone dies without leaving a will or other estate documents, then the person is considered to have died intestate. Basically, that’s just a term for “without a will,” and intestacy estates are probated under the general laws of the state in question. Intestacy laws usually ensure that primary heirs, such as surviving spouses or children of the deceased, receive an inheritance under the estate. Depending on the situation, other family members such as step-children, grandchildren and siblings might also inherit something from an intestate process — especially if no other closer heirs are found.
Continue reading “What do You do if Your Loved One Died Without a Will?”
Too many single people don’t think that they need an estate plan. However, they should.
A complete estate plan doesn’t just designate how your assets will be distributed after your death. You can and should have documents in place that designate who will see that your wishes are carried out and manage your affairs if you become too incapacitated to do so.
You can also designate who will take care of your financial affairs if you can’t. This will help ensure that your wishes will be known and honored not just after death but if an unexpected illness or injury befalls you that leaves you unable to speak for yourself. That can happen to anyone at any age.
Continue reading “Why an Estate Plan is Essential for Single People”