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.
Continuous estate planning refers to staying on top of your estate plan to ensure that it doesn't become obsolete. No one's life and no one's family is a static, unchanging entity. People die, people get married, children are born and people get divorced. All of these life changes could necessitate changes to your estate plan to ensure it reflects your current wishes.
Smart estate planners don't simply stop at a last will and testament. Your estate plan will not be complete until you have, at the very least, drafted a power of attorney. Your power of attorney documentation gives a trusted person the authority to make vital decisions on your behalf if you become incapacitated -- perhaps due to an unexpected medical event.
When residents in the Davidson region of Tennessee are asked to assume the role of estate administrator, the wise ones give the matter serious thought before answering. If the answer is yes, you can be sure these individuals have weighed the scenario to the best of their ability and found they were up to the challenge. Unfortunately, the experience for many turns out to be more than they expected, leading to frustration and hardships on a personal level.
Many Tennessee families spend a great deal of time and effort creating an estate plan that reflects their wishes. No matter how carefully crafted, however, an estate plan is incomplete without the designation of the party or parties tasked with estate administration duties. When considering who is best suited to perform those roles, Tennessee families should consider professional estate administration services.
Many Tennessee parents open their hearts and their homes to their children's friends. On occasion, friends are even invited along on family vacations or other trips. Planning for these trips involves shuffling schedules, contacting parents, and making sure that everyone is on track to have a great time. However, it is also important to consider adding a minor's power of attorney to the planning process.
Digital estate planning is on the rise, and there are a number of applications available for those in Tennessee who are interested in creating and storing their estate plans online. At the same time, the media is full of stories of digital piracy, where personal information is stolen, bought and sold in the pursuit of identity theft and other crimes. Many people are wary of putting their personal planning documents in a digital format in a way that both protects their interests and also makes estate administration easier when the time comes to make use of those plans.
The primary purpose of most estate planning efforts is to provide support to loved ones after an individual has passed away. When a family includes a child with disabilities, it becomes even more important to ensure that there are adequate financial protections in place to support that child for the duration of his or her life. This can lead to estate complexities, and Tennessee families in this situation should consult with an estate planning professional to chart the best possible course of action.
When a celebrity passes away, the value of his or her estate is subject to federal (and sometimes state) estate tax laws. While savvy estate planning can greatly reduce the estate tax that a Tennessee resident owes, it is not uncommon for sizable estates to pay a significant estate tax. In the case of Michael Jackson's estate, the IRS is not satisfied with part of the valuation that the estate administration has calculated.
Once a Tennessee resident has gone through the steps required to create an estate plan, he or she often feels as though the matter is settled. There is an important aspect of estate planning, however, that is often overlooked. No matter how carefully one has planned, those provisions are of no use to those left behind if the estate plan cannot be accessed when the time comes to put those plans into action. The only way to give one's executor the ability to complete his or her job is to make sure that the documents that make up an estate plan are properly stored.