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The Power of an Executor

How Much Power Does the Executor of a Trust Have?

An executor of a trust is a person who is in charge of administering the trust. The duties of an executor include settling the estate and distributing the assets to the beneficiaries.

Estate Lawyer

There are several reasons that an executor may be removed from his or her duties. One reason is if he or she did not act in the best interests of the estate. If you are considering serving as an executor, talk to an experienced Estate Lawyer before making any decisions.

Will

A testamentary will, also called a will, shows the executor that he or she has the authority to act on behalf of the estate. However, an unsigned will does not hold up in court because it is not signed. Typically, an executor of a trust is the same individual who will administer the estate.

Fiduciary

It is important to remember that an executor is a fiduciary. Fiduciaries are people who are held to a high standard and act in the best interest of the estate. This means that they have a duty to safeguard the assets of the deceased, manage the estate, and pay debts.

Estate

Although an executor is in charge of managing an estate, he or she cannot take action while the estate is in probate. Before the assets can be distributed, an executor must pay all estate debts and notify creditors of the probate.

The successor of the Executor

When an executor passes away, the successor is appointed by the probate court. He or she must act in accordance with state law and the will.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Lawyers.

Parklin Law - Estate Planning Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Creating a Legally Binding Will

How Can I Create a Legally Binding Will or Estate Plan?

Writing a will is one of the most important steps in preparing your estate. It allows you to choose who will receive your assets after you pass away. This can help minimize your probate expenses.

If you have minor children, a will can also name a guardian to take care of them until they reach adulthood. A will can also specify who will manage the distribution of your estate.

Seek help from a professional

Making a will requires the help of a knowledgeable attorney. Some attorneys have a specialty in creating wills. They can explain the different laws in your state and help you ensure your will is valid.

Assets

Before you begin, you should make a list of all your assets. Be sure to include things such as real property, intellectual property, and prized works of art. You should also have information on your debt standing and the beneficiaries of your estate.

Lockbox

Once you have made a will, you should keep it in a fireproof lockbox. You should also let family members know where your documents are.

Reviewing your Will

To avoid confusion, you should review your will yearly. If you have changes in your family or life, you should revise your will. Make sure all copies are signed by witnesses.

Writing a new Will

You can also write a new will if you want to change the name of a person who will manage your estate or name a new executor. When writing a new will, you must follow the same procedure as your first will.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Lawyers.

Parklin Law - Estate Planning Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Responsibilities of an Executor

Major Responsibilities of an Executor to an Estate

An executor of an estate is a person named by the court to administer the estate of a deceased person. This person is responsible for following the wishes of the deceased, paying taxes, and protecting the estate from loss. These duties are often complex and may require the help of a professional.

Managing the Estate

An executor must determine the value of the assets of the deceased. It is important to account for these assets and protect them for the benefit of the heirs. If an executor does not properly manage the estate, they could be liable for the loss of the assets.

Tax Returns

An executor is also responsible for the preparation of appropriate tax returns for the estate. This involves filing the proper forms and determining the appropriate amount of income taxes to be paid.

Hiring a professional

A good way to ensure that the estate's taxes are filed correctly is to hire an accountant or estate administration professional. There is a fee for this service.

The estate administrator should communicate with the beneficiaries of the estate. This can include contacting potential heirs. In some cases, an executor will need to notify businesses or organizations about the decedent's death.

Documentation

As an executor, it is important to keep all estate documentation and records organized. This includes an inventory of all the property in the estate. The executor must also maintain insurance and other necessary items for the protection of the estate.

In addition to handling the assets of the deceased, an executor is also responsible for ensuring the estate pays its debts. Credit card bills, personal loans, outstanding taxes, and other debts are considered debts of the estate.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Lawyers.

Parklin Law - Estate Planning Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Why do families fight over estates without a will?

How to Avoid Inheritance Disputes When You Pass Away Without a Will

When you pass away without a will, your family may not only face the stress of dealing with your passing, but also a host of problems, including inheritance disputes. Thankfully, there are steps you can take to avoid or minimize these complications.

The Executor of an Estate

One simple step you can take is to name a child as the executor of your estate. This choice is acceptable but be sure to have a reason for it. The reason can be anything from a legal background to living near the executor.

No Contest

Another simple step you can take is to include a "no contest" clause in your will. This is a legal provision that states that anyone who contests the will will forfeit their share of the estate. Having this in place can help prevent squabbling during the probate process.

Inheritance

A surprising number of inheritance disputes are based on resentment and pride. Siblings often fight over their inheritance because they feel deprived or unworthy.

One of the most effective ways to minimize these conflicts is to provide clear communication. If you are giving your adult children money, be sure to specify if it's a loan and what the repayment conditions are.

Will

Another good way to minimize disagreements is to give your offspring a nudge to get a will in place. This will help you avoid messy probate and make sure that your wishes are followed.

Leaving a family farm or other sentimental items out of your will is not a good idea. You should explain why you're leaving these things out to reduce the chance of future disputes.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Lawyers.

Parklin Law - Estate Planning Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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What are the benefits of writing a living trust instead of a will?

Whether you're trying to decide between a will and a living trust, or you're just curious what the benefits are, it's a good idea to know the differences. Having an understanding of both wills and trusts can help you decide which one is best for you and your family.

Trust

A trust may be a little more complex to set up than a will. It may also cost a lot more to set up. However, a trust can save you money in the long run.

Work with a professional

If you're considering creating a living trust, it's a good idea to work with a professional. For instance, a financial advisor or attorney can help you determine if you need a revocable living trust.

The main advantage of a trust is the ability to protect your assets from creditors. Trusts can also provide a level of privacy for your beneficiaries.

Will

Unlike a will, a living trust doesn't have to be probated. This can make the transfer of your assets easier, cheaper, and faster.

Living trust

Using a living trust to your advantage can make it easier to manage your estate after you're gone. You can name a successor trustee to oversee your trust's properties, and you won't have to deal with the headaches of working with a probate court.

You may also be able to use a trust to limit your beneficiaries' lawsuits and taxes. While this isn't a law in all states, it may be a good move for you.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Estate Lawyers.

Parklin Law - Estate Planning Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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When Can you Receive the Inheritance

How Long After Probate Is Granted Will I Get My Money?

A probate court is a court that deals with settling disputes between people who wish to claim the assets of a deceased person. The process can take months to years, depending on the size and complexity of the estate.

Expediting the process

There are a few things that you can do to expedite the process. First, you should contact all of the financial institutions that hold the assets of the deceased. If you fail to do so, they may refuse to release funds.

Hire an Attorney

Another thing to consider is to hire a good probate attorney. They can help you navigate through the process and ensure that your family's interests are protected.

Will

The best time to start is when you have a will in hand. This is when you can expect to get a letter of administration from the court.

For simple estates, this should be around seven months. However, if your estate is complex or if your loved one is a resident of a remote area, it could take longer.

While you should not expect to receive your inheritance immediately, you should plan for it. You may purchase a new car or house as a result of your inheritance.

Risk of losing inheritance

However, you should wait to make major decisions about your finances until after you have received your inheritance. Otherwise, you can run the risk of losing your inheritance to creditors.

Third-party assistance

The probate court may also appoint a third party to assist with the administration. These people can be your accountant, a public administrator, or a Guardian Ad Litem.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Probate Lawyers.

Parklin Law - Probate Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

Parklin Law

Estate Planning Attorney in West Jordan

Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Assets that Subject to Probate

What Assets Are Subject to Probate in My State?

If you are planning to transfer your assets to someone else, you should know which assets are subject to probate. The probate process is a legal process that ensures the proper distribution of your property according to state law.

Probate

Typically, your personal possessions, household items, and vehicles go through the probate process. However, there are certain assets that you can choose to skip the probate process. These include assets that are jointly owned, such as real estate. Other non-probate assets include life insurance policies and retirement accounts.

Probate does not apply to assets that have a named beneficiary, such as bank accounts. Assets that are titled in a trust name can also be excluded from the probate process.

Some states have simplified their probate procedures, especially for small estates. In such cases, the probate court will only oversee the assets that are subject to distribution in the will.

Consult an Attorney

In some states, a quit claim deed or another form of a testamentary instrument can be used to dispose of a deceased person's belongings. However, this form of inheritance is not without its risks. You should consult a lawyer before signing any document.

Going through probate

Real estate in joint tenancy with the right of survivorship is another type of property that must go through probate. This is most commonly seen in business partnerships. Once one of the owners passes away, the other owners continue to own their share of the property.

Lastly, your assets that are titled in a trust name or in your name only can be excluded from the probate process. These include retirement accounts, life insurance policies, and securities.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Probate Lawyers.

Parklin Law - Probate Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.

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Inheritance without a Will

How to Get Parent's House in My Name When There Was No Will

When you die without a will, your property will pass under state intestacy laws. These laws are used to divide and distribute your estate according to your relationships with your spouse, children, and other relatives.

Will

You should always update your will if there is a major change in your life. Having a will can ensure that your assets go to the people you want and the charities you support. However, the process can be confusing for your executor and beneficiaries. If you're looking for an attorney, consider asking friends or a local bar association for referrals.

Authority to handle assets

If your parents do not have a will, you will have to get the authority to handle their assets. Fortunately, you can avoid family arguments by selecting someone to take charge of your parent's affairs. Whether you choose a spouse, a friend, or a relative, it's important to make sure that they are a trustworthy and competent individual.

Personal representative

In addition to selecting an administrator, you will need to have a personal representative. A personal representative is a fiduciary who is in charge of paying off debts and handling the distribution of your estate. He or she must adhere to a high standard of care. Your personal representative should be named in your will.

Witnesses

To prove that your will is valid, you should submit a sworn statement of witnesses. Alternatively, you can provide other proof that is admissible in court. This is especially important if you are disinheriting children or if you are modifying a will.

Free consultation from one of the best Law Firms

If you have questions, you can get a free consultation with the Best Probate Lawyers.

Parklin Law - Probate Lawyer

5772 W 8030 S, # N206

West Jordan UT 84081

[phone]

Home

Planning Your Legacy? Do the right things in the right way. Find the support you need when fighting for your rights. Business Law Estate Pla

https://parkin-law.business.site/ Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.