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estate administration & probate Archives

A decedent's debts are paid by the estate, not family members

When a person passes away, there is a good chance that they have outstanding bills. It is up to the person who is handling the person's estate to determine if there are any that need to be paid. One thing for people who lose a loved one need to remember is that they aren't responsible for paying those bills except for very specific instances.

Challenging a will is sometimes necessary, but can be difficult

Some individuals opt to create an estate plan before they pass away. There are times when the people who are left behind might have reason to think that the will has something wrong with it. When this is the case, the person might challenge the will. Very specific criteria must be present for this to happen.

Carefully consider the person you choose as executor

When you are creating an estate plan, you need to name an executor over the estate. This is the person who will handle your affairs when you pass away. This is a position that requires a person to have financial understanding and a willingness to get the job done in the best way possible.

Administering an estate can be complex

The weeks and months after the death of a loved one are filled with emotions. When your loved one died with an estate plan in place, you might be able to rest a little easier because you won't have to try to figure out how to divvy up the estate. Instead, you will have a plan to follow.

Debts in an estate are typically the estate's responsibility

The debts of an estate have to be dealt with by the estate administrator. There is a specific order that these must be handled in. All debts have a priority level for these cases. Knowing what should be paid first is important since the estate might not be large enough to pay off all the debts.

How can your estate avoid the probate process?

When creating an estate plan, you're sure to think long and hard about what will happen to your assets upon your death. Like many, you'll want to do whatever it takes to avoid the probate process. This goes a long way in cutting back on the amount of time it takes your loved ones to receive your property. Furthermore, avoiding probate is a great way to save money.

Don’t forget about these estate planning documents

When creating an estate plan, the first thing you may think about is a will or trust. While there is nothing wrong with this, you need to realize one thing to be true: There are many other estate planning documents that can give you peace of mind, both now and in the future.

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