Creating a will can ease many legal and financial matters upon your passing. It’s legally binding documentation that guarantees your spouse, children, and other designated heirs are the beneficiaries of your estate. A will is also going to avoid tying up your estate in a prolonged probate process that can postpone the distribution of tangible…
Navigating the management of an estate is a responsibility that typically falls onto an executor. On the surface, the responsibility is straightforward, overseeing the deceased’s estate and allocating assets to the beneficiaries. Nevertheless, a general and vital question comes up: is the executor going to get paid before the beneficiaries? Let’s examine the layers of…
You’ve appointed a primary beneficiary for your living trust. However, have you thought about selecting a contingent beneficiary too? Find out more of the advantages of having a contingent beneficiary for your trust. Living trusts, also called revocable trusts, are vital devices for estate planning. When you devise a living trust, you, being the trust’s…
Are you contemplating creating a living trust? If you are, you need to know the distinction between the trustor and trustee, how they’re associated, and each of their roles. If you are thinking about creating a living trust, you need to comprehend the differences between the trustor and the trustee, in addition to the association…
Commonly, a beneficiary is an individual that receives returns or benefits from something. In the insurance field, individuals generally use the term beneficiary in reference to the recipient of life insurance returns. Individuals that receive dispersals from a trust, will, pension, or retirement account, are also beneficiaries. Key Takeaways A beneficiary is an individual that…
A lot of people assume that when they have a will, their estate planning is finished, but there is much more to a solid estate plan. An ideal estate plan needs to be designed to avoid probate, for estate tax savings, safeguard assets should you need to move into a nursing home, and designate an…
It’s easy: Fill the blanks in on the life insurance application and you’ve designated a beneficiary. But do not write off the task as insignificant. Designating the right individual to receive the proceeds of your life insurance policy is a vital decision that could have long ranging impact on your loved ones. Why is picking…
