One of the most important decisions a person makes while planning their estate is choosing someone to serve as executor or administrator. Unfortunately, people creating an estate plan may not make the most rational decisions, as their emotional attachment to someone might lead them to overlook their flaws.
What debts do executors need to pay off when someone dies?
For most people, estate planning largely consists of deciding whom they want to receive certain assets when they die. However, most households have complex financial circumstances that typically also include liabilities or debts, not just assets.
2 ways a special needs trust protects your loved one
Raising a child with special needs requires patience, love and planning. More so than with other children, a child with special needs will require support, possibly through their entire adult life. From help managing their finances to assistance in maintaining their own health through self-care, there may be many areas in which your child will require help as they grow older.
Planning a third-party special needs trust
Planning your life in the long-term as well as planning your estate should include looking into the different options available to you. While wills can be a good way to plan what happens to your estate after you pass away, trusts can help you to manage your finances during your lifetime.
Is it time to divorce your business partner?
You are at the end of your rope with your business partner. What once was a lucrative and agreeable partnership is now anything but. Could it be time to sever business ties? And if so, how to do it?
Will I be responsible for my loved one's debts?
If you have an aging family member who has a large amount of debt, you may worry about their financial situation and want to help them in any way that you can. You may also worry that you will need to pay back their debts if they pass away, especially if you are co-signed with some of their accounts.
Solving inheritance disputes sensibly
The days, weeks and months after the passing of a loved one can be a very stressful time. It can mean that those grieving act out of emotion and are particularly sensitive to stress. This is why disputes regarding inheritance, especially between close family members, are particularly common.
