A trust is an interesting fiduciary arrangement that places your assets into the hands of a third party who is entrusted with their safety. The trustee holds those assets to later distribute them based on your wishes as stated in your will or estate plan.
If you've been appointed as the executor of a will, you may be unsure of your duties. That's where your attorney can help. As an executor, you have to follow through on the duties you're assigned including:
Wills are an important part of the estate-planning process, but many people don't have them. When wills aren't in place, the estate will go through probate, which takes much longer to resolve.
Estate administration is more than just distributing assets according to a will. Estate administration requires the administrator to take possession of all real estate, stocks, personal belongings and other assets that have been left behind by the decedent.
In estate administration, there are some mistakes that you should avoid making. While making small errors can usually result in some trouble but be fixable, larger errors can be concerning on a number of levels. You could end up with long, drawn-out days in court if you fail to wrap up your loved one's affairs correctly.
When you choose a personal representative for your estate, that person is taking on a lot of responsibility. One of their responsibilities is to inventory your estate.
Estate administration isn't the simplest task, and if you're new to it, it can seem overwhelming. The good news is that you can work side-by-side with an attorney, so you know that you're making the right choices to carry out your loved one's wishes.
Putting together your estate plan is one of the most important things you will ever do. An estate plan can consist of a will, power of attorney, medical directive and many other items that protect you, your spouse and your heirs should you become incapacitated and when you die. Let's discuss the mistakes you need to avoid when choosing your beneficiaries.
A British beer company has been making beer with the moniker Elvis Juice, and the estate of Elvis Presley feels that they are hijacking the King of Rock's brand. The estate of Elvis Presley launched a lawsuit against BrewDog, a beer company that produces the beer called Elvis Juice. BrewDog recently won the lawsuit and it will get to continue using the name.
Serving as the executor of an estate, personal representative or the estate administrator can involve a lot of time, work and dedication. In fact, the duties could be so overwhelming in the case of a large and complicated estate that you don't have time to do anything else -- like your job. If you are managing an estate like this, you can have the estate pay you for your services.