Miscellaneous

Who is responsible for carrying out an estate plan?

Who is responsible for carrying out an estate plan?

As part of the estate planning process, your parents will name an executor to their estate. This person is responsible for carrying out their wishes as set forth in their will. Often, parents will name a family member (usually an adult child) as the executor of their estate.

What do I need to know about my parents estate plan?

Ask your parents to make a list of their financial accounts (you don’t need to know amounts if that is a concern) including account number, financial institution, and log in information. Go through it with them, and confirm that their beneficiary designations are still current

Do you split your estate equally between your children?

The standard advice among experts is to divide your estate equally between your children. But there are many reasons why parents consider another option. In the Merrill Lynch Bank of America/Age Wave study, nearly one in four of those surveyed said a child who has children of his or her own deserves more money than a child who does not have kids.

Why do parents put their children in a trust?

Typically, this stems from the parents’ desire to protect the child, not to punish them, he says. If a child struggles with addiction or overspending, a trust assures that the child has access to the money, but the trustee has say over cutting the checks.

As part of the estate planning process, your parents will name an executor to their estate. This person is responsible for carrying out their wishes as set forth in their will. Often, parents will name a family member (usually an adult child) as the executor of their estate.

Who is entitled to the estate if there are no children?

If the deceased person was married, the surviving spouse usually gets the largest share. If there are no children, the surviving spouse often receives all the property. More distant relatives inherit only if there is no surviving spouse and if there are no children.

Who is entitled to half of a deceased parent’s estate?

By contrast, in common law states—states where each spouse owns their own property—the surviving spouse and the children generally inherit an equal share of the deceased parent’s property. For example, if there is only one child, then the surviving spouse is entitled to half of the estate and the child is entitled to the other half.

How are assets distributed after the death of parents?

Christopher Gerhart, LLC suggests writing into your will that all your assets be auctioned off upon the death of both parents. Then all proceeds are distributed equally among the children. If particular items are important to an individual, they can purchase them at the sale.