Estate planning is a way for someone to prepare for death by making arrangements for his or her estate. The “estate” in estate planning refers to the person’s collective assets, which may need to be transferred upon death. It is important for seniors to have the right estate planning information if they are planning to perform such actions as creating a will.
“What is estate planning?” “What does senior estate planning include?” These are common questions from seniors in particular. Many seniors seek estate planning guidance, and it can be difficult to know where to find such guidance. One recommendation is to speak to an estate planning attorney with experience in the field. An attorney can advise you on things such as drafting a will that will convey all of your wishes regarding your assets and the transfer of your estate. However, you may need other forms of estate planning guidance before visiting an attorney. You will find estate planning resources on this site that are written to help you learn more about wills, senior estate planning and life insurance policies.
You will also learn estate planning information about will executors. Planning your estate is often left up to the decisions of courts if you do not specify who you would like to handle your affairs after death. Will executors are trusted persons you can choose to take charge of managing the transfer of your assets when you are gone. Therefore, the estate planning guidance for seniors on this site includes information about exactly what a will executor is, how he or she is appointed and how you should make the decision on whom your will executor should be.
In the estate planning section of the site we will also be covering debt management. No estate planning resource is complete without guidance regarding how to manage or eliminate your date as you near the end of your life. You can learn more about debt management and many other estate planning topics in the sections provided below.
What is a Will Executor?
A will executor is someone who handles certain affairs, such as the division of an estate, after a person dies. Will executors have been appointed by the deceased person (“decedent”) before death in order to make clear who should handle these affairs. Will executor duties may be carried out during a probate proceeding or during other proceedings such as small estate proceedings. Will executors for seniors are specifically named in the decedent’s will. On this page, you will learn more about will executor duties and responsibilities.
How to Choose a Will Executor
It is important to choose the right will executor if you are planning to draft a will for your estate. Choosing a will executor is the responsibility of a person initiating a will (known as a testator). You can choose any person to be your will executor, as long as that person is not legally disqualified. You will want to choose the right senior will executor because that will be given the right to administer the affairs of your estate after your death, and this right will only be taken away in rare cases. In this section, you will learn how to choose a will executor as well as some information about professional executor services that can assist estate executors.
How to Manage Your Debts Before You Pass
It is important for anyone to manage debts when they have them, and seniors are no exception. To manage debts before death is something that all seniors must consider and know how to do. Therefore, in order to pay off debts before death, you should manage your debts no matter your current stage of life so that you will be as close to debt-free when you pass away as possible. There are also services that can help with debt management. In this section, you will learn how to manage debts before dying as well as what happens to your debts when you die.
How to Choose an Estate Planning Attorney
An estate planning attorney is a lawyer who can help you plan and construct your will. Knowing how to choose a estate planning attorney is important for anyone who wants his or her assets distributed properly after death. An estate planning lawyer can help you choose who will receive your assets, as well who will take guardianship of minor children you are responsible for. Selecting a good estate planning lawyer means finding an attorney with whom you are comfortable drafting your will. In this article, you will learn more about estate planning lawyers, including how to select one and what they can do to help settle your affairs.
How to Write a Last Will and Testament
There are many tips for writing a last will you can follow. A last will and testament form, typically referred to as a will, is a legal document that allows you to decide how to divide up your property and possessions after your death. A person who creates a will is called a “testator.” There are many steps to creating a will and you want to make sure you do not leave anything important out of it. Creating a list as you decide which assets and property to include can ensure your valuable property is included. The process of how to write a last will and testament is only slightly different than if you were to go through an estate attorney. However, it is important to note the laws pertaining to the creation and validity of a last will and testament will vary by state. Find tips for writing a last will and testament by reading the section provided.
Wills vs. Living Trusts
Understanding wills vs living trusts is an important part of growing older. Comparing wills and living trusts can be a tricky process, as the two are very similar. This can make it difficult to determine which of the two is the best option for you. Therefore, it is important to know what makes a will and a living trust different and similar and what the advantages and disadvantages are. Learn more about wills and trusts by reviewing the section provided.
Consequences of Dying Without a Will
The consequences of dying without a will may vary from state to state. Dying without a will leaves your family without the guidance to distribute your personal properties and assets. The homes, cars, accounts and other assets you own are collectively known as your intestate. If you are wondering, “What happens if you die without a will?” ultimately, your state will determine how your personal property and assets should be distributed and to which family members they should go. Intestacy laws will also take into consideration not only who you have to inherit your belongings, but also what you left behind, such as whether it the property you owned is legally considered separate property or community (sometimes called joint) property.
Probate Court Overview
If you are wondering, “What is probate court?” then it is a potentially time-consuming legal process that occurs when a decedent’s will is contested by a family member (whether included in the will or not) or by someone else. Sometimes, a will goes through the probate process because the will meets certain qualifications that require it to go through such as process, such as the monetary amount the property included in the will is worth. Wills and probate court can be a confusing process, so the following article will break down the probate process and when, why and how a will would need to be entered into it. For more information on probate court, continue reading the section provided.
How to Choose a Life Insurance Policy
A life insurance policy is an important part of financial preparation in adulthood. Choosing a life insurance policy can be an overwhelming task, as there are so many types of policies and different companies from which to choose. Tips on choosing a life insurance policy include researching potential companies, determining a company’s reputation and comparing life insurance policy prices. If you are a veteran, you may qualify to receive your life insurance policy from the government after having served or been honorably discharged from the military.
How to Transfer Vehicle Ownership From a Deceased Loved One
To transfer vehicle ownership once a loved one has passed, a legal process through a probate court or a non-probate title transfer is required. This process to transfer car title after a death of a loved one depends whether the deceased left a will, the statements in the will and/or the details of the car’s title including the terms of ownership of the vehicle. States have different rules regarding eligibility for transferring a vehicle ownership. The steps to transfer vehicle ownership from deceased person also vary on a state-by-state basis, although most states follow a similar process. This process may become complicated depending on the legal situation surrounding the death, so it is important to understand all of the steps required. Consulting your attorney and your local probate court during this process will be very helpful. Learn more about transferring a car title after death for seniors in the section provided.