Daniel E. DeKoter

Just as much as one devote so much time on investing and securing one’s finances, it makes sense to take time deciding who will inherit one’s estate. All good estate plans cover key life decisions, whether it’s about what will happen to one’s properties or who will manage one’s finances and health care choices when one is unable to do so for themselves.  Image source: Pixabay.com A proper estate plan is not as difficult or costly to create. In creating it, one needs to ask a number of questions, including “What are my assets and what is their approximate value? Whom do I want to receive those assets and when? Who should manage those assets if I cannot while I live and after I die? Who should make decisions on my behalf or take care of my minor children if I am unable to?” Once one has the answers to these questions, it’s time to seek the services of a qualified lawyer who can advise on matters such as taxes, title to assets, as well as estate management.  ...

Pre-planning lies at the heart of hassle-free estate administration. Prior estate planning can assure individuals that their survivors would not have to fight uphill legal battles to claim what is rightfully theirs.  Image source: thebalance.com The many tasks at this point include drafting a will, collecting and updating the pertinent documents, and assigning an executor. With the advent of the digital age comes the need to store passwords and other online accounts where they could be found by survivors.  In the absence of a will, state law would determine and decide how one’s estate would be divided. Because state law does not always line up to the wishes of an individual, it is recommended that a will be drafted. Wills would need to be updated at key points in a person’s life.  At times, a will would need to be administered in more than one state. Although most probate cases are held at the state where the death has occurred, individual state la...