He has practiced law in Hawa… Read more. Last Wills. You want to make sure you have all your assets covered, but did you know that not all property can be bequeathed through a last will and testament? The executorship of a will comes with a lot of responsibilities and duties. Here are the basics so you'll know what to expect. Estate Planning Basics. By drafting a living trust, designating beneficiaries, and holding property jointly, you may be able to avoid probate.
With careful planning, probate can sometimes be avoided. Still, probate doesn't have to be a scary process. You know having a last will is important—it protects your family and provides for your final wishes. Now that you're finally sitting down to write that will, be on the lookout for these common but easy-to-avoid mistakes. The probate process ensures that a deceased person's debts are paid and property is distributed in an orderly way. Probate follows the terms of a will as well as state law.
Whether a living trust is better for you than a will depends on whether the additional options it provides are worth the cost. Living Trusts. Making your living trust will be easier if you think it through and gather necessary information before you sit down to do it.
Determining whether an estate has assets that are not subject to probate can save you time and money. Here are several types of assets that qualify as non-probate assets.
Power of attorney is essential in the event that you're incapacitated or not physically present to make decisions on your own behalf. Learn more in our in-depth guide. You can amend your will with a written codicil, but it's not always a good idea.
Naming Co-Executors Most people name an executor in their will, as well as one or more contingent executors, who step in if the primary executor dies or is otherwise unable or unwilling to act. Co-Executor Duties A co-executor has the same duties as a single executor, primarily to: Pay the debts of the decedent Manage the assets of the estate Assure that the estate is distributed to the appropriate heirs, as set forth in the will In addition, a co-executor has the duty to assure that any other co-executors fulfill their duties.
Advantages of Co-Executors Some benefits associated with designating co-executors include: Co-executors can divide up the work and consult each other if questions or problems arise.
Co-executors may each have strengths that apply to certain aspects of the estate. For example, one may have special knowledge in real estate and another in dealing with digital assets. If you have a business, it may be more efficient to have a co-executor who understands business matters. The information provided on this site is not legal advice, does not constitute a lawyer referral service, and no attorney-client or confidential relationship is or will be formed by use of the site. The attorney listings on this site are paid attorney advertising.
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Naming More Than One Executor. In most situations, it's not a good idea to name co-executors. Start Your Will Today! Drawbacks of Naming Co-Executors It is understandable that a parent would not want to appear to play favorites in naming an executor. That means they must all: apply to have the will probated if probate is necessary make all decisions unanimously sign property deeds and titles for transferring assets, and sign for the estate's financial accounts, investment accounts, tax returns, and any other paperwork.
Ready to create your will? Talk to a Lawyer Need a lawyer? Start here. Practice Area Please select The executor in will is a legal representative of the deceased person and acts in accordance to Your comment:. Save my name, email, and website in this browser for the next time I comment. The new Act emerging from Tamil Nadu has made the written agreement mandatory to grant legal status for all The draft code circulated by the Ministry of Housing and Urban Affairs proposed a new set of tenancy laws Find out why the handsome hunks and beauty queens of Bollywood made changes to their names.
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