Steps to Take When a Loved One Dies
When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.
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When a member of your family dies, you could be left to pick up the financial pieces. Finding all the information you need can be challenging.
Most consumers are familiar with the beneficiary designation form they complete when opening an IRA or 401(k). The form designates who receives the asset if the account owner dies. However, these forms can create confusion, unintended bequests, and family turmoil if not adequately monitored.
The COVID-19 crisis isn’t just costing Americans their freedom and jobs; it’s also forcing millions to contemplate their own mortality.
Aretha Franklin’s niece, Sabrina Owens, has resigned as executor of the late soul singer’s estate amid mounting family tensions, the Detroit Free Press reports.
It’s never too early to start estate planning. If you already have a family, getting your personal affairs in order is a must. The sooner you start planning, the more prepared you will be for life’s unexpected twists and turns.
Sometimes, despite best intentions and best efforts, an estate plan leaves unintended problems for heirs, trustees, and others to solve. For example, a trust may have become outdated because of changes in tax laws, the birth or death of family members, or special circumstances, like an heir’s disability.
Receiving an inheritance can be a double-edged sword. On the one hand, it’s overwhelming, thanks to the intense emotions associated with losing a loved one combined with the confusion about what to do with the newly acquired assets. On the other, an inheritance can re-invigorate your finances and create new opportunities for you and your family.
Contesting a will simply means that you formally object to the terms and validity of the will.
This time of the year is a great time to revisit your estate plan so you can ensure your legacy is protected for years to come.
Estate planning is a systematic process, which involves getting your personal and financial goals for the time you pass away or become mentally incapacitated. It is also known as a last will, and almost everyone does this planning for their family.