When dealing with estate planning or the administration of a deceased person’s assets, one crucial step is to identify and locate the beneficiaries or heirs. However, this task can sometimes be challenging, especially when there is limited information or when individuals are difficult to find. In this blog post, we will explore the question of how long you should wait when searching for beneficiaries or heirs. 1. Start the Search Immediately Upon the passing of an individual, it is essential to begin the search for beneficiaries or heirs as soon as possible. Acting promptly ensures that the probate process moves... View Article
The beneficiaries of a trust are people or entities that the grantor (the person who created the trust) wants to support. The grantor usually indicates what the beneficiaries are supposed to receive and when, in a written document. The trustee manages the assets of the trust until the trust is distributed to the beneficiaries. The Beneficiaries Are The Ones Due To Receive The Trust Assets Trustees are supposed to treat trust beneficiaries fairly and take actions that benefit the Trust rather than themselves. Despite this, some Trustees are guilty of taking Trust assets to themselves or using them for personal... View Article
When a person dies, their last will and testament is the document that determines how their estate will be distributed to the people they choose. Occasionally, family members challenge a last will because they suspect it might be fraudulent. Fraudulent wills can be difficult to identify. However, there are a few red flags that can point to potential fraud in an estate plan, at which point, you’ll want to contact a legal attorney immediately. Signing A Will Signing a will is a vital part of ensuring that your wishes are recorded properly and legally. One of the main ways a will... View Article
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
