Trusts and Estates
| Executors -- Steps Prior to Opening the Estate |
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| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused. More... |
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| Choosing a Healthcare Power of Attorney |
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| Like a durable power of attorney for financial decisions, a healthcare power of attorney permits you to name a medical proxy to make healthcare decisions on your behalf when you are no longer able to do so for yourself. Similar to a living will, a healthcare power of attorney can specify what kinds of measures you want taken. You should be aware that states have different names for the same healthcare power of attorney, including medical directive, directive to physicians, declaration regarding health care, designation of health care surrogate, and patient advocate designation. More... |
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| Beneficiaries -- Issues in Choosing Professional Advisers |
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| A beneficiary should ask himself whether he wants to (or can) tend to the estate himself or whether he would rather delegate the responsibility to someone else. The larger the inheritance, the more likely a beneficiary will need professional advice. A six-figure inheritance or greater will probably change many things in a beneficiary's life and he will need good advice for these changes. More... |
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| Inheritance Without Planning Means No Adding to the Default Plan |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. When a person dies intestate, there is no adding to the default plan. The default plan is the only plan. This article discusses the disadvantages of descent and distribution related to the inability to add to the default plan. More... |
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| Failing to Make and Leave a Will |
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| Although estimates vary, it's pretty safe to say that more than 50 percent of the people who could make and leave a will fail to do so. More... |
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