Downs Law Firm, P.C.
There are many stories of strange conditions in wills and trusts over time. For example, the German poet Heinrich ‘Henry’ Heine died in 1856 and left his estate to his wife, Matilda, on the condition that she remarry, so that ‘there will be at least one man to regret my death’.
Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be carrying out a person’s final wishes.
In fact, many couples with no children mistakenly believe that they are less likely to need a last will and testament than couples with children.
Estate planning is a cornerstone of any healthy financial plan, but it can be difficult to discuss.
When someone passes away, their tax headaches don’t die with them. In fact, those obligations can further complicate the lives of survivors: Federal estate taxes may be due and state inheritance taxes could also come into play.
Per stirpes in a will means that a deceased’s child’s share will pass to the deceased’s child’s children in equal shares, if any.
Especially with the average U.S. household having $7,027 in revolving credit card debt and Americans owing a total of $416.1 billion in credit card debt, according to a recent Nerdwallet study, some Americans will have credit card debt for the rest of their lives. However, what happens to credit card debt when you die?
An unmarried couple needs to create an appropriate estate plan. If they truly want inheritance rights, they need to execute testamentary documents, such as wills.
How can we see if there was a will and if it’s worth pursuing?
Your legacy is what you leave behind: What people will remember about you and receive from your life? Legacy planning is about fostering your relationships and passing on what is most important to you for your loved ones.
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