As someone going through the probate process, you might wonder if it’s normal to deal with an array of expenses. The short answer is yes. Probate can literally cost over $10,000. Fortunately, there’s a way to write off those expenses and spare yourself from obliterating your wallet. Here’s some information about those expenses and how you can deduct them to save yourself some money as executor of the estate: Probate Costs That Accumulate These are a few of the expenses that come up during the probate process: Funeral Expenses Funeral expenses are some of the most common estate-related expenses. You... View Article
You might have to do estate planning for a relative or loved one. If so, you need to know about some fraudulent activities in estate planning processes. Here’s some information about fraud in estate planning and several things you can do to prevent it. Believe it or not, a lot of fraud happens during various estate planning processes. These are some of the events that can occur if a non-trustworthy person is left to handle the estate: Lying To an Incapacitated Person Lying to someone who is disabled or mentally incompetent is one way some people commit estate fraud. An... View Article
When someone passes away, the last thing you want to deal with is probate and waiting for the estate to be handed out. That being said, if you are not sure what probate is, it can be difficult to really understand the process. So, what is probate, and why is it important? Keep reading to find out. What Is Probate? Probate is a period of time that follows the death of an individual who does not have a will in place at the time of their death. The probate period differs from state to state but is almost always six... View Article
As an individual preparing a will for yourself for your day of departure, it’s essential for you to know the role different people will play in its execution. An executor is someone you will want to appoint to handle some of the affairs regarding your will. Here’s some information about that person and what his or her limitations are: What Is an Executor? An executor is a person you choose to carry out or "execute" the distributions you outlined in your will. In other words, this person will read your will and ensure that all beneficiaries receive their allotments. He... View Article
Executors have a number of duties depending on the complexity of the deceased person’s financial and family circumstances. In the most straightforward of cases, as most are, the job of executor can be broken down into three major areas; personal affairs, will and distribution, and ongoing affairs. Personal Affairs There are many connections, obligations, responsibilities, and associations we develop throughout our lives. When those days are done, however, someone needs to inform any active links to people, businesses, and organizations. It is also important that any remaining balances, overages, or other account concerns get settled. Those responsibilities, of course, fall on... View Article
