As parents you have probably created Wills that provide for the care of your minor children. Part of that provision should have been appointing a guardian who will provide a home for the child if both parents die while the child is still a minor (under age 18). Many people are unaware that a minor child cannot inherit financial assets outright. Any financial assets bequeathed directly to a minor child will be held by a court-appointed guardian of the child’s estate. [Read more…]
If you are under 35, chances are you have given very little thought to your own estate planning. Most people in the group known as “Millennials” are involved in work and volunteering. They’ve not had to think about the need for a Will. Sometimes it takes the unexpected death of a family member or friend to bring the reality of our mortality into sharp focus. The arrival of a baby can awaken us to the need to plan for the care of this new life if the unthinkable happens. [Read more…]
What does Estate Settlement Cost?
Unless you have observed an estate settlement close at hand, you may be unaware of the costs of settling an estate after someone’s death. Every estate is different in terms of the assets and financial obligations of the deceased, so the costs described below will not apply to everyone. The costs include paying debts incurred during the deceased person’s lifetime, as well as taxes and costs incurred as a result of the death. [Read more…]