As you begin thinking about who will care for your children should you die tragically young or where your assets will go upon your death later in life, you also need to consider a power of attorney. This is an important designation that is included in any and all estate plans. You need to find someone whom you can trust and you don't foresee leaving your life in a negative way or else you will have to update your documents.
The late James Brown passed 11 years ago, yet his estate is not yet settled. His estate plan did not distribute his wealth well, according to a report, and in reality, not a cent has gone to his beneficiaries. The report states that there have been dozens of disputes filed against his estate, which makes it impossible to dole out the funds to the man's beneficiaries.
It's never easy to be the executor of an estate. Many important things rest on your shoulders. While you might be alright with being in charge of another person's financial matters, it's still a difficulty that you may not enjoy.
If you have started planning your estate, then you may realize that you need someone to become an executor for your estate. An executor has an important job to do. He or she is in charge of making sure your last will and testament is carried out as you wished. The executor must make sure your property and assets are cared for and that debts are paid off. Any remaining property you have must be distributed to your beneficiaries, and that's something your executor makes happen.
As you get older, you begin to understand the importance of estate planning. As soon as your first child is born, you realize that a will is necessary. A trust could protect your child's future inheritance, and pointing out guardianship in the case of your death becomes more than a passing thought.
As people age, it's important that they begin to talk about estate planning. It can be a difficult topic to bring up, and it may be uncomfortable. Despite that, it's a good idea to talk about estate planning, because without a good plan, the estate could be heavily taxed, go into probate or face other issues following your death or the death of someone who is close to you.
Planning for death is always a touchy topic, but it's best not to avoid it. Before you can finalize your estate plan, there are many things that have to happen. Valuing your assets is one of those things.
Probate can be a long process, so it's best if you're able to avoid it. Probate can take months or years to be resolved, and it can cost thousands of dollars. The longer it takes, the more it will cost overall.
If a loved one passes away without a will, then it's important to understand how his or her estate is passed down in accordance with New York's laws. When there is no will, you and your family may be called "distributees" instead of heirs. This term refers to anyone who is entitled to a share of the decedent's estate. If the decedent has direct family, then the law dictates who the property goes to in this order.
Choosing the right trustee or executor makes a major difference in your estate plan. If you already have a will or trust, now is a good time to review who you appointed to be your executor or trustee, so you can be sure you made the right decision.