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Spending lots of time thinking about your own death can feel a little morbid, but none of us know when a tragedy could strike. Having a plan in place helps ensure that our loved ones are cared for and that our assets are protected if the unexpected occurs.
If you’re struggling to talk with your parents about their estate planning, you’re not alone. One third of older Americans have not discussed their aging or end-of-life plans with their family, according to a 2018 Wells Fargo study.
Have you been thinking of the future and wondering how best to take care of your family? You may think that creating a will means you can avoid probate – unfortunately, that is not the case.
If you’ve just become the executor of an estate, you may be wondering: is probate necessary? Probate is not necessary when the deceased’s assets are not the kind of assets that are required to go through probate or when the value of the estate falls below a particular state’s small estate limit.
If you’ve been named executor of an estate or find yourself in a position to administer an estate, your first thought may be to hire a probate attorney. But before you rush to sign an agreement, you may want to think carefully about what a probate attorney does and whether you actually need one.
If you’re looking ahead to the future and considering how to care for your loved ones after you’re gone, then you’ve probably wondered how to avoid probate.
While creating a will is a good first step, it’s only that — a first step.
You are not required by law to file probate documents. However, if you do not file, you will not be able to legally transfer title of any assets that exist in the decedent’s name. So while you may not be required to file, it’s likely in your best interest to do so.
The executor of an estate has a host of responsibilities — from notifying heirs to managing assets. But an executor’s authority isn’t endless. There are limits on what an executor can and cannot do.
As the executor of a will or administrator of an estate, you are required to notify heirs-at-law, beneficiaries, and creditors. You may notify a number of other individuals and entities as well.
If you’ve been named the beneficiary in a will, you’re probably wondering what a beneficiary’s rights are.
First things first: a beneficiary in a will has no rights before the creator of the will has died.