personal representative named in a Last Testament is allowed to be an out of state resident only if that individual is a blood relative or a relative through an existing marriage. If a representative does not satisfy this criteria, a person is still able to use an alternative to estate administration in the form of a trust. There are several important things that a person should consider when determining who should act as their personal representative.

Tip # 1 – Trust the Person that Is Chosen

The person that is selected to act as a personal representative must have the ability to complete a task accurately and efficiently. This element is important because personal representatives are given the duty of financial responsibility over a person’s estate. As a result, the person chosen to act as personal representative should have displayed the ability to be trustworthy through other examples in their life.

Electronic wills have the option of providing a variety of important benefits to individuals who are interested in the estate planning process. Considering the tendency of many individuals to delay issues related to estate planning, electronic wills provide individuals with an opportunity to quickly create a legal document that decides how their assets should be divided following their death.

Weaknesses in Electronic Wills

There are some dangers that exist in using an electronic will, which must be addressed before these wills are capable of being used before individuals. A skilled estate planning attorney, however, is often able to help individuals navigate these various issues which include the following:

One of the most common myths that exists about trust asset protection is that it is something that only the very wealthy need to worry about. In reality, many different types of individuals should consider using trusts to protect a person’s assets. Asset protection trusts are one of the best ways that individuals can protect their assets from creditors in addition to many other advantages including tax benefits. This article will review some of the important advantages that are offered by trusts as part of estate planning in the state of New York.

The Basic Structure of Trusts

While there are some significant differences between types of trusts, each trust involves three parties: a beneficiary, a trustee, and a settlor. A beneficiary is the party that receives the assets or valuable items that are placed within the trust. A settlor is the person that is tasked with making periodic contributions into a trust. A trustee is the individual that is responsible with disbursing assets from, managing, or overseeing assets that are placed within a trust.

Since obtaining the right to marry, same-sex couples have experienced some significant advancements. There are some special considerations, however, that same sex couples must pay attention to when estate planning. For one, same-sex couples must often perform extra planning to fully address. As a result, the assistance of an estate planning attorney can be helpful for these couples. This article will review five important steps that same-sex couples should follow when involved in estate planning.

Tip # 1 – Properly Plan for Children

While there are laws in place to make sure that a parent’s assets pass to their children, same-sex parents must be careful to make sure that any adopted children are properly positioned to inherit an estate. If a same-sex couple’s children are not properly provided for, a same-sex couple’s assets might pass to other family members including aunts, uncles, or other family members.

Tax preparation is one of the most important considerations when creating an estate plan. Whenever a person or business creates an estate plan, there are multiple types of taxes to avoid – inheritance taxes, estate taxes, and income taxes, to name a few. Without a proper estate plan, these taxes can eat into a large portion of the estate.

Here are several common estate planning strategies that could reduce your tax liability:

  1. Marital Transfers. If both spouses in the marriage are American citizens, then lifetime gifts or bequests at death between them not be subject to estate taxes.

Unfortunately, brain injuries have the potential to challenge families in a number of ways and can create a unique set of obstacles. Due to the uncertain diagnosis, many families find themselves spending an uncertain amount of time on a loved one’s recovery from brain damage. One of the first steps that many people make when financial planning is involved is to take the steps necessary to make sure that assistance is allocated for the injured person. This article reviews some of the other important steps to consider when it comes to create an estate plan when a person with brain damage is involved.

Why Brain Injuries Are Often Challenging

One of the reasons why estate planning for brain injuries is particularly complicated is that many brain injuries are particularly complicated.  It is critical that our brains are responsible for handling a large number of decisions including everything from emotions to regulating body temperature. Because each part of a person’s brain has different responsibilities, a person who experiences brain damages in one region that another person with a brain injury does not. It is also important to understand that brain death is different from a vegetative state. While in a vegetative state, a person’s brain stops functioning while the lower half of the brain remains active. During a coma, however, a person’s brain enters an unconscious condition.

One of the most pressing questions asked by people that loved their pets is how they will respond if their pet dies. Some people assume that a relative or family member will happily take the pet, this is not always true. In reality, it is almost always a much better idea to create estate plans about how your pet will be taken care of following your demise. This article will reviews some of the critical things to think about when it comes to leaving a pet behind.

# 1 – Appreciate the Expenses Associated with your Pet

When deciding how much money to designate for the care of your pet in the future, it is critical to understand that the associated costs can vary greatly. Caring for a larger, recently born animal can be much different than the costs associated with an older, much smaller cat. To determine the amount that should be allocated, some people find it helpful to calculate the costs associated with several months of care for the animal.

It might be surprisingly to learn that a large number of people have estate plans that are not adequately updated. Fortunately, there is no better time to begin estate planning than the New Year. This article reviews some of the numerous estate planning that you should think twice about incorporating into your plans in the new year.

# 1 – Make Sure to Update Everyone about Estate Plan , Changes

You should make sure to inform anyone who will be affected by any changes to your estate plan. If you do not yet have an estate plan, now is the perfect time to create one and then inform your beneficiaries about the contents of your estate plan.

There are a number of common types of estate planning errors. One of the most widespread errors is the failure to update a person’s estate planning documents. As a result, even if you have written estate planning documents, there are numerous events that can arise that interrupt with your plans and require the revisions of these documents. This article reviews some of the most common signs about which people with estate plans should be aware.

# 1 – Executors Become Inappropriate

Executors refer to the individuals that are tasked with implementing an estate plan. Many people appoint executors without thinking carefully about whether the assigned person is able to perform successfully. Unfortunately, circumstances occur that make it no longer necessary to appoint a person as an executor. In these situations, it is critical to consider the individuals that are appointed in your estate plan and whether they are able to successfully carry your goals.

Beginning with a list of your assets can be a simple way to begin estate planning. Unfortunately, statistics compiled by Caring.com reveal that more than half of Americans do not have a will. This is despite the numerous advantages offered by having a will which include avoiding potentially high legal fees and tax consequences. If you do not yet have a will or estate planning documents in place, it can be tempting to use one of the numerous do it yourself forms that are available online. Before writing an estate planning document in this manner, however, it is important to understand the numerous complications that can arise from creating an estate planning document on your own rather than obtaining the help of an experienced estate planning lawyer. This article reviews some of the important things that you should consider when creating an estate planning document online.

# 1 – Recognize All of the Available Options

There are several options to create an estate planning documents: a do it yourself service, on your own, or with the help of an experienced attorney. If you decide to create state planning documents on your own, it is critical to have a firm understanding of various applicable estate planning issues. If you decide to use an online service, you will not have any legal advice to create these documents or to warn if you create any mistakes while engaged in the planning process. Obtaining the assistance of an estate planning lawyer helps to make sure that you fully address any issues that can arise in the estate planning process.

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