Many times it is reasonable to feel overwhelmed with all the chaotic events occurring throughout our world today, and many people shuffle along amid the hustle without too much regard for the destination of their belongings and accrued wealth after they have passed on. Wills fulfill a necessary function, and creating a will can be as simple as it can be vital to the well-being and security of mind knowing where these things are going when the time comes.
Even those of modest incomes can benefit positively from creating a will, inheritance planning is a basic first step, and contacting a lawyer is always essential when beginning plans in this direction. Though there are web sites that can begin to provide information on these procedures, the role of the lawyer cannot be underestimated, and they will insure that the documentation will be thorough and specific to the needs of the client.
Some of the pieces to this puzzling dilemma are knowing a few of the terms that will help resolve any tepid feelings about creating a will, some of these are concepts are drafting a will, as well as what are the executor duties or what are inheritance taxes. First, drafting a will is rather routine work for a lawyer after collecting few facts and particulars about the person, but can get more complex as other factors come into light such as multiple children and multiple or mixed marriages.
The executor duties include but are not limited to the following; some general knowledge of probate laws, complying with the proper legal procedures, and also the appropriate accounting disclosures to the listed beneficiaries and courts. Many states require the executor, or personal representative of the decedent, to be further represented by a probate attorney or estate administration lawyer. The executor of the estate will have legal obligations to the decedent.
Although separate from estate taxes, inheritance taxes can be imposed on beneficiaries that receive property from the decedent, and are calculated separately for each beneficiary as each beneficiary is responsible for paying his or her own inheritance taxes. These taxes are assessed by states in place of or in addition to state and federal estate taxes, and when such a tax is applied, spouses and children of the decedent are often taxed at lower rates than other heirs.
- Estate Planning is Essential Whether You Are Married or Not - April 25, 2018
- Income Tax Basis in Estate Planning – Part 2 - April 23, 2018
- The Downsizing Generation: How to Handle a Surplus of Stuff When a Loved One Ages - April 18, 2018
Leave a Reply