Estate Planning

Navigating Finances After Death: A Guide to Handling Common Expenses and Accessing Funds

Dealing with finances after the loss of a loved one can feel overwhelming. Most estates take six to nine months to be fully settled, and some more complex estates can take even longer. A common question I receive is how to manage the immediate expenses like funeral costs, final medical bills, utilities, and ongoing obligations such as mortgages and credit card payments. This guide outlines the most common ways to handle these financial matters after a death, who is able to do what, and how quickly funds may be accessed to cover necessary expenses.Who This is For: Generally, if you are a surviving spouse,…
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Understanding Probate: What It Is, What Assets Go Through It, and How to Navigate It

Understanding probate is part of determining what estate planning strategies to put into place. Many people do not know what probate is other than that they should avoid it at all costs. Before diving into complex and expensive strategies, you should know what it actually is, what it means your for assets, and what it means for your heirs. Probate is a legal process that occurs after a person passes away. It involves validating the deceased person's will (if one exists), settling their debts, and distributing their remaining assets to beneficiaries. Depending on the complexity of the estate, probate can be…
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What is a Testamentary Trust?

A testamentary trust is a type of trust that is established upon the death of an individual, typically as part of a last will and testament. Unlike living trusts, which are created and become active during a person's lifetime, a testamentary trust is created by instructions left in a will, and only comes into effect after the testator's (the person who created the will) death. The assets that are to be transferred into the trust are usually part of the deceased’s estate, and the trust is governed by the terms specified in the will. A trustee is appointed to manage…
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What Estate Documents are Effective and When

When planning your estate documents, it's important to understand when each document is effective and used within your plan. In general, there are 5 life periods that determine when documents are effective or not:During Life, Capable: This period is likely where you are if you're reading this article. You're not dead yet, and you have the ability to made decisions.During Life, Incapacitated: This period describes when you are alive but unable to make decisions.During Life, End of Life: There is a special period when you are deciding end of life treatments. At Death Immediate Settlement: This is the period following death…
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Charitable Lead Trust Basics

Charitable Lead Trusts (CLTs) are sophisticated financial instruments that serve dual purposes: supporting philanthropic endeavors and managing estate or gift taxes. As an estate planning tool, CLTs are particularly appealing to financially affluent individuals who are also committed to making significant charitable contributions.This article reviews the common uses, considerations, and pros and cons of implementing Charitable Lead Trust strategies. CLT strategies are complex and should involve a trusted attorney, accountant, and financial advisor. What is a Charitable Lead Trust? A Charitable Lead Trust is an irrevocable trust where the grantor (the person or persons who created the trust) donates assets…
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What Happens if You Die Without a Will

So, you've decided to pass without a will. Yep, chosen, because anyone can make one, and if you haven't, it's a choice. It's like saying, "Surprise me with chaos!" Life's full of surprises, so why not add a twist after you're gone? While you've picked the unpredictability of not having a will, let's peek into the world of what happens next. Get ready for a wild ride of legal puzzles, family dramas, and 'who gets what' uncertainties! I'm afraid to tell you... you're intestate. When someone dies intestate, state laws, known as intestacy laws, come into play to determine how…
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When to Update Your Estate Plans

Estate planning is a critical aspect of financial and personal well-being. However, it's not a set-it-and-forget-it endeavor. The circumstances of your life, the laws, and your financial situation can change over time, necessitating periodic reviews and updates of your estate plans. In this article, we will explore the key factors that determine when and why you should update your estate plans. Regular Review After you have created estate plans, it is a good idea to review them at least every three to five years to ensure they still fit your situation. This review will remind you of what you included…
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You’ve created estate plans… now what?

Congratulations! You have taken an important step to take care of your financial affairs at death by creating your estate planning documents. Pat yourself on the back and feel the sense of accomplishment for a job well done.(applause)Now, that you have the documents written down, that's it right? Well, not really. There are some additional steps you should complete to really make the estate plans you worked so hard to put in place come to life. This article reviews the additional items you should consider. How do you know which of these apply to you?If you worked with an attorney, they…
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Navigating the Complex Web of Estate Settlement: Understanding the Key Actors and What They Do

Estate settlement, the process by which a deceased person's assets and liabilities are managed and distributed, can be a complex and multifaceted procedure. It involves a variety of key actors, each with specific roles and responsibilities. This article will provide a comprehensive overview of these actors, shedding light on their roles and how they interact in the estate settlement process. Every state has different rules surrounding estate settlements so this information may vary from state to state. Additionally, every estate settlement is different depending on the financial situation of the deceased. Who's Who in the Estate Settlement Process Executor (or…
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5 Methods of Estate Transfer

Estate transfer is the process of passing on your assets to your heirs or beneficiaries after your death. There are different methods of estate transfer, each with its own advantages and disadvantages. In this blog post, we will discuss five common methods of estate transfer and how they can affect your estate planning goals.
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