Putting someone in charge of your personal affairs in the event that you cannot act for yourself is an important but difficult task. Anyone could suffer a serious illness or injury that results in incapacitation, and knowing that a trustworthy and responsible person is in the position to make decisions for you could bring a great deal of peace of mind.
May 2020 Archives
Questions that’ll challenge you when creating an estate plan
When creating an estate plan, you hope that everything goes as planned, but you know that you're likely to face challenges.
Avoid estate litigation by picking the right will executor
Executors have many responsibilities. Some of them include selling your property, filing lawsuits on your behalf, paying creditors, distributing assets and reviewing medical records. Not everyone is an ideal candidate to be the executor of an estate. The person has to be trustworthy, take their role seriously and also be able to act on your behalf in a legal capacity once you're gone.
Here’s why people make estate planning mistakes
When it comes to your estate plan, you never want to find that you made a mistake. The only good part of pinpointing a mistake is that it puts you in a position to fix it before it causes harm in the future.
Life circumstances may call for you to modify your estate plan
As you age, your life changes in many ways. Sometimes, you're excited about the direction you're heading. Other times, you're disappointed in something that happened and searching for ways to make it right.
What are a fiduciary's responsibilities?
There are many types of professionals that are considered to be fiduciaries, including attorneys, real estate agents or brokers, accountants, business advisers, bankers and financial advisers. Then there are others such as trustees and executors that don't necessarily have to be trained professionals like the others described above. They can be asked to assume fiduciary duties for another person. There are lots of responsibilities associated with acting as a fiduciary for someone else.
