The death of a parent is an emotionally devastating and stressful time. Financial strains and uncertainties only compound this stress. Imagine two potential scenarios. Meghan is the only child of her wealthy parents. At age 40, the death of one of her 60-year-old parents was not even on her radar. Her father recently died suddenly […]
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An executor is a person named in the last will and testament of a deceased person or testator to manage their estate after they die. If there is no will, then the court will need to appoint someone to manage or administer the estate. This person, the administrator, will oversee the estate when there is […]
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Anna lives in upstate New York. She is the only child of her recently deceased mother. Her father died nearly a decade ago. Anna is the executor of her mother’s estate. She recently made an appointment at her local bank to access her mother’s account. The bank representative said that she could not have access […]
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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. Factors That Impact How […]
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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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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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Probate, by its very nature, occurs at the worst possible time—when you are processing the death of a loved one. Probate involves administrative duties that include filing your loved one’s Last Will and Testament with the court and determining how your loved one’s property and accounts should be distributed. While probate can be a costly, […]
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Suppose you find yourself named as the executor of a friend’s estate. While you want to honor your friend’s last wish, you may wonder about the time commitment. Keeping an estate open refers to the time between the death and the assets being fully distributed. State laws typically govern the specific timeframe for keeping an […]
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Probate is a time-consuming and potentially expensive process. It’s important to understand which factors affect how your estate goes through the probate process and if there is a threshold value that triggers whether your estate qualifies for a small estate probate procedure. State laws will vary, but the value of your estate will determine whether […]
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If you haven’t designated beneficiaries or set up pay-on-death or transfer-on-death instructions for your accounts or property you own in your name only, your family may have to go through the probate process in order to claim their inheritance when you pass away. Writing a Last Will and Testament is an excellent start to developing […]
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