Many Americans start estate planning in order to help their heirs avoid probate. There are multiple reasons why you might want to do so, chief among them that probate can take a very long time and while your assets are in probate your heirs have no access to them. ...
Who pays your debts after you die?
If you have large amounts of debt, you may worry about the effect on your estate. Will your heirs lose all that you have to paying off the debts you owe? It depends on several factors, such as who you owe, who cosigned on the loan and your estate plan. CNBC reports...
What are the federal tax duties of the estate administrator?
If you have the important task of wrapping up someone’s final affairs, you may feel most worried about federal taxes. After all, most people feel a little nervous when going up against the IRS. The more complex the individual’s income streams, the more important it is...
Testamentary capacity can be important in a probate case
Losing a loved one is hard. While you struggle to cope with the emotional ramifications of your loss, you might also be worried about other issues pertaining to your loved one. Some of those issues might involve your loved one’s estate. These can be tricky matters,...
The basics of the probate process in Michigan
When individuals in Michigan and elsewhere draft an estate plan, they are taking the time to memorialize their wishes in writing. These wishes can detail what happens to their assets and property after they pass, medical directives if they are deemed incompetent,...
How to handle the family home during estate administration
For many people, the home that they live in is the biggest asset that they ever purchase in their life. As such, the family home may be the largest single asset that someone includes in their estate plan or last will. If you are the executor of an estate and must deal...
Who pays the debts of a deceased person?
There are many things that family members have to deal with when they have a loved one who passes away. One of the tasks that some individuals might need to handle is the estate of the decedent. They may be concerned about what should happen with the person’s debts....
What to take to the attorney’s office when starting probate
When someone dies, the next step is opening probate so that their will can be authenticated, their debts paid and their assets distributed as their estate is settled. Most executors will enlist an attorney’s help to get them through the process. What do you need to...
Understand financial responsibility for an estate
When a loved one dies, they might leave behind debts. These can include things like medical bills, credit card accounts, tax liabilities and similar items. It is up to the executor of the estate to get these paid out of the estate in accordance with state laws....
Items with no monetary value may be hardest to divide
When dividing a parent’s estate, if not given a complete plan on how to do so, dividing the financial assets may be the easy part. It’s the items that are worth nothing that can often bring up the most problems. For example, maybe your parents left you and your...
