Key Takeaways Executors may withdraw estate funds to pay estate expenses and debts. Executors gain authority after receiving letters of testamentary from the court. Estate bank accounts require an EIN, death certificate, and letters of testamentary. Executors must keep detailed records of all estate account transactions. Misusing estate funds may result in removal, repayment, or […]
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An estate sale is the sale, liquidation, or auction of a person’s personal possessions after their death. Estate sales are commonly held in the deceased person’s home, and family members may be present. It can feel a little awkward entering a person’s home and buying their belongings, so it’s helpful to understand what an estate […]
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Your pet is part of your family, and their care should be addressed as part of your comprehensive estate plan. A pet trust is a legally enforceable arrangement that provides for the care of your pets in the event of your death or disability. When you establish a pet trust, you fund your trust and […]
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Blockchain is defined as a decentralized and distributed digital ledger containing blocks of linked transactional data. New transactions depend on the previous transactions and thus are stored chronologically and securely. Users cannot delete or modify the chain without consensus from the network. Blockchain technology is used to create an unalterable or immutable ledger. Blockchain is […]
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If you establish a revocable living trust, you will probably serve as your own trustee. However, you will need a successor trustee to manage your trust upon your death. A trustee is the person or firm you choose to manage and administer your trust according to your trust instructions and state law. A grantor gives […]
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Deciding whether to share your estate plan can be challenging. If everyone knows your plans, you can answer questions and potentially minimize conflict between family members after your death. However, many people are uncomfortable sharing their estate plans because they don’t want to share their private financial and personal information. Estate planning can be complex […]
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Money typically stays in an estate account for months to a year. How long money has to stay in an estate account is based on factors such as the complexity of the estate, whether an estate tax return is required, and the time needed to resolve any claims made by creditors. Consider consulting a New […]
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Ideally, everyone should have a last will and testament that is properly prepared and stored in a fireproof safe or a secure online vault. Of course, it is also a good idea to ensure that at least a few people are aware of the location and have access to the will. After you’ve chosen an […]
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The Corporate Transparency Act is a new law, effective January 1, 2024, that was enacted to help combat money laundering, tax fraud, terrorism financing, and other illegal acts. Owners of certain business entities, such as corporations, limited liability companies, and family partnerships, must file a report with the federal government. This report includes information on […]
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While probate can be a lengthy and time-consuming process, it has a very important role in settling a person’s estate by validating their will, distributing property if a person dies without writing a will, or distributing assets if the will does not name a specific beneficiary to receive these assets. Probate is a formal process […]
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