Being named as the executor of someone’s estate is a significant responsibility. An executor is responsible for managing the deceased person’s assets, including distributing them to the beneficiaries according to the will. One important aspect of this role is dealing with the insurance company. The executor must gather all necessary information and documents to ensure a smooth and efficient claims process. In this blog post, we will discuss what the executor of an estate needs when dealing with the insurance company. 1. Death Certificate: The first document that the executor of an estate needs to obtain is the death certificate.... View Article
When someone passes away and leaves behind an estate, the beneficiaries usually receive some form of financial benefit. This benefit can come in the form of cash, property, or other assets. Many beneficiaries wonder whether they are required to pay taxes on these estate benefits. In this blog post, we will explore the concept of estate taxes and whether beneficiaries are indeed responsible for paying any taxes. What is an Estate? Before delving into the tax implications for beneficiaries, it is essential to understand what an estate is. In simple terms, an estate refers to the net worth of an... View Article
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
