No one wants their heirs to go through the probate process. This is because it is lengthy and because a lot of the money to be inherited needs to fund the expensive probate process. Therefore, many people in their lifetime decide to do what they can to ensure that as many of their assets as possible can avoid going through the probate process.
Those with a high assets may have more power to invest and build businesses that can propel their wealth even further, but as a high-asset individual, they also have more to lose. Therefore, it's even more important that they protect their wealth and their portfolio of assets both from the economic climate and from those who may want a piece of it. The following are some tips on how you can strategically protect your wealth.
Those who sit down and draft wills often do so because they want to dictate what happens with their assets once they pass on instead of letting Arizona's intestate succession laws do that for them. Wills, however, are not always as airtight as they may seem. Certain circumstances must be met for a will to be considered valid.
It is unlawful for a person to enter a private property without explicit or implicit permission from the land or property owner. However, there are some rules that mean if a person commits the act of trespassing many times, or stays at a property or on a piece of land that they are trespassing on for an extended period of time, they have some rights to do so. This is known colloquially as "squatters' rights."
The death of a family member or close friend is always a difficult thing to come to terms with. The emotional aspect alone is something that many suffer with, however on top of this emotional burden is also the practical matters associated with such an event. If the deceased loved one has debts that need to be settled, you may be confused as to how you should deal with this.
When planning your estate, of course it is important to consider strategies and techniques to both preserve wealth and cut unnecessary administration costs. Taking full utilization of strategies and techniques can help preserve a vast amount of money further down the line.
Creating an effective estate plan in 2017 means making sure that you account for your digital assets as well as your other, more tangible assets. This means making sure that your executor and the administrator of your estate plan have access to your online accounts and have the authority to make decisions about them in accordance with your wishes.
When you name an executor to your estate, you are shouldering an individual, or possibly several individuals, with a number of very serious responsibilities. No one should take the position of an executor lightly, and anyone creating an estate plan should provide reasonable resources and assistance to their executor to ensure that all the relevant duties can actually be carried out.
Handling the estate of a loved one as an executor is a great privilege and responsibility, but that doesn't mean that it will be easy. The process can become exceptionally difficult if the estate in question has a significant amount of credit card debt. When it comes to credit card debt, the law actually provides survivors of a debtor some surprising options.
When planning your estate, there are number of elements that can provide a surprising amount of complexity. One common issue that arises when creating a comprehensive estate plan is the matter of owning real estate in more than one state. This can lead to a number of issues, especially if you have already established a will and other real estate when you purchase the property.