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?”