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The executor handling an estate or the trustee managing trust assets will have a major impact on the inheritances of the beneficiaries. They typically have a responsibility to comply with state law and the instructions provided by the testator throughout the probate...
Setting up an estate plan requires you to look at all the available options for turning assets over to your heirs when you die. One option that might be beneficial to you is a transfer on death deed. A transfer on death deed allows you to convey real property, such as...
Before probate can be completed, the total value of the estate needs to be calculated. The executor will need to know a definite amount, subject to any expenses or debt, that’s then payable to beneficiaries. Certain assets, like property and cash in the bank, will be...
As the beneficiary of an estate, you are in a position to inherit property from someone who recently died. However, you don't actually have control over that property. The personal representative or executive state is the one with control. If the testator created a...
Executors of estate plans have very specific duties that they need to handle. They must ensure they know what to do because errors can cost the heirs and beneficiaries money and cause the estate to drag on longer than necessary. It can also create legal liabilities...
When a loved one passes away, you may find that you’ve been named as the estate administrator. This is called a personal representative in Minnesota, and it is just a person who is responsible for administering that estate through the probate process. Ideally, the...
The loss of a family member is a truly devastating event, especially if you have fond memories of them. If they left behind a will or trust, leaving you as a beneficiary or executor, you likely have a lot of questions about probate accounting. You shouldn’t have to be...
When an individual passes on, their estate will go through probate. Basically, this is the legal process of identifying assets that are held in the decedent’s name and paying their debts and estate taxes before distributing whatever is left according to the...
As the personal representative of someone's estate, it is your job to settle their affairs, manage their property and distribute their assets according to their last wishes. If they did not provide written instructions, then you will use state law to determine how you...
Many people expect to inherit money when their parents pass away. But there are a lot of cases in which it turns out that there is not really any money left in the estate to inherit. In some cases, this is simply because the parents didn’t leave any financial assets...