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Summertime is the time when everyone is getting married. And you may think that once the wedding is over, you're done planning and it's time to relax, at least until it's time to start planning for a family. Before you take that next step, you need to consider your future, even if it's just the two of you. Estate planning is important now so that you're planned for later.

Las Will and Testament

Most people only think about a will when they think of estate planning. This document is important because you choose the person who will oversee your estate along with choosing who inherits your assets. You'll also appoint a guardian for any future children.

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Tagged in: Estate Planning Wills

If you've been appointed the executor of an estate, you may wonder exactly what that means, how much responsibility you really have and if you have to accept your appointment. Well, you can refuse the appointment, but before you do that, stop and think about why you may have been appointed to begin with. The deceased obviously trusted you enough to handle his affairs, so consider taking on this role, even if you think it'll be overwhelming.

Some of the biggest reasons people decide to decline to be the executor include:

  • Residing in another state and worrying about traveling to the location the will is to be probated.
  • Feeling the job is too complicated.
  • Believing there's nothing in the estate that's worth pursuing.
  • No desire to act as the estate representative.

A Big Responsibility

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Tagged in: Trust Wills

In a time where technology makes our lives so much easier, it also makes it easier for identity thieves to steal our identity. So, we know that we all need to take necessary precautions to make sure we are not subjecting ourselves to this breach. But what about when you pass away? Even after our death, it's still possible for thieves to breach certain information. Here are some tips on to follow when you're considering estate planning to ensure you're protected, even after death:

Executor's Duties

When your named executor is getting ready to probate your will, he has many duties before him. Specifically, he's in charge of gathering your assets and paying bills.

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Tagged in: Estate Planning Wills

When you think about writing up your will, you might think about printing out an official-looking document. In fact, you might have even seen online templates that allowed you to type up and print out your will yourself. Although you will still want to have a printed document with your final wishes printed on it, however, you may want to consider making a video will as well. As the name suggests, this simply refers to making a video of yourself reading your will and talking about your wishes. These are a couple of reasons why this can be a good idea.

Help Prevent Tampering

One thing that you have to worry about is someone tampering with your will before or after you pass away to try to make changes to it. Even though you might not want to think about someone in your family doing something like this, you should know that disputes among family members can become brutal when it comes to things like wills. With a video will, this is not something that you have to worry about.

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You may have heard of the term "intestate" as some point in your adult life, but never quite knew what it meant. Many times, you'll hear someone say "he died intestate", which means the person passed away without a will. And while this may not seem like a big deal, dying intestate mean the family of the deceased is left with a huge problem on their hands. This is why is so very important to consider estate planning/ wills & trusts early on.

Asset Distribution

When someone dies without a will, the distribution of that person's assets is left to the court. A family member (or close friend, for that matter), can apply to become the estate administrator. The administrator works in the same capacity as an executor would: he gathers the assets, pays the bills and distributes the assets to heirs.

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