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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...
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 their funeral to be costly and plan on paying the cost ahead of their death. It’s a great way for the deceased to ease the weight of their death off their loved ones’ shoulders. Yet, it seems funeral costs get higher each year, making it hard on...
When a loved one passes away with debt, their estate is supposed to settle any outstanding financial obligations. Part of the probate process involves consolidating assets and paying off the deceased creditors before distributing the estate to the heirs. Usually,...
The assets that comprise someone's estate will determine the legacy that they leave for others. Their property can help support their spouse and children or even fund a nonprofit organization or a scholarship that will change lives. However, the assets in an estate...