When someone designates you as the executor of his or her will, you become the personal representative, i.e., estate administrator, of his or her probate estate when he or she dies. As such, you will need to perform various duties in order to open, manage and...
What are the different types of advance directives?
While tending to estate planning matters, you learn about advance directives. Did you know that different advance directives exist? The American Cancer Society breaks down different advance directives. Get insight into covering all bases in your estate. Living will...
Avoiding an heir’s attempt to challenge a will
An heir who might feel left out or cheated of an anticipated inheritance may attempt to contest a will during probate. If the individual challenging the will believes the testator made an error or coercion took place, it may result in a claim against the deceased's...
How a special needs trust protects your child with a disability
When your child has special needs, you may need to take steps during estate planning to help ensure your child has everything he or she needs to get by in your absence. Many individuals living with disabilities use certain forms of government help, such as Medicaid or...
What makes a do not resuscitate form important?
Composing an advance directive like a living will establishes how you want your doctors to treat you in certain circumstances. If you are in weak health or have a terminal disease, you might not want doctors or paramedics to resuscitate you if your lungs or heart stop...
Understanding the two main types of living trust
The majority of Americans are familiar with the concept of a will. However, many estate plans benefit from living trusts, as well. Understanding the potential role a living trust can play in your estate planning process can help you make the best decisions for your...
What should I consider when choosing a healthcare proxy?
A healthcare proxy is someone who makes medical decisions for you. You can set up a proxy who will use his or her power if you are unable to make your own medical decisions. Anytime you give someone else the power to make decisions for you, you have to choose that...
How does California estate tax work?
California is one of the many states that has neither an estate tax nor an inheritance tax. That means that when you die, your estate will not pay state taxes on your assets. Your beneficiaries will not owe state taxes on inherited assets. However, the federal estate...
Why should new parents establish an estate plan?
If you and your spouse or partner have been blessed to welcome a new child into your family this year, now is the time to establish an estate plan. Why? Because as Kiplinger reports, your plan not only provides for the financial security of your child now, but also in...
Should I appoint more than one power of attorney?
Appointing someone to act as your power of attorney may help you to keep control over your finances and medical decisions in the event you suffer mental incapacitation due to an accident or old age. Still, the idea that your power of attorney, also called your agent,...
