First, debts in a person’s estate are payable from the decedent’s assets in the course of administering their probate estate or administering their living trust estate.
One of the most important parts of estate planning is making a will. When you make yours, there are a couple of different ways you can choose to divide your assets among your heirs.
You’re single, and you don’t have an estate plan or even a will. Perhaps you think you don’t need either because you’re not wealthy and don’t have children.
There are many different configurations of blended families. However, they are generally made up of married couples who have children from previous marriages or relationships.
Contrary to what you might expect, using precatory language such as ‘I wish’ or ‘I hope’ can play an important part in three estate planning objectives.
Being named as an executor in a loved one’s Last Will and Testament is a big responsibility. It is important to understand what you are agreeing to before you step into the role as executor.
To protect assets effectively, you have to store them in the right legal entity. However, that can depend on whether you’re looking to protect business assets, avoid estate taxes, or protect personal assets from legal liability while running a business.
