Unscrupulous individuals scour social media posts and obituaries in their attempts to steal the identities of recently deceased individuals. As noted by Bankrate.com, to aid in their fraudulent activities, identity thieves search for information about a deceased individual and his or her relatives. The AARP notes that the personal information of more than 2 million deceased Americans ends up on loan and credit card applications each year. Identity thieves also apply for utility accounts or licenses using a deceased’s name. Family members may incur liability for fraudulent activity Identity the ..read more

Handling a loved one’s death is difficult and can present many practical and emotional challenges. When you suspect a will does not accurately reflect a person’s wishes, you have the right to challenge it in probate court. The mental capacity to sign a will You may choose to contest a will for various reasons, including the deceased’s mental competence at the time of the document’s creation. If someone understands the extent of their assets and knows that creating a will determines who gets their property, they likely have the testamentary capacity to do so. Regardless of mental health co ..read more

After the holidays, many Americans begin preparing for the upcoming year and the tax season that arrives with it. It could also serve as a good time to regularly review your estate planning strategy. A checklist provided by NerdWallet recommends taking an inventory of your tangible and intangible assets. If you need to add or remove an asset, doing so while you also review tax liabilities could help guide your estate plan decision-making. Differences between tangible and intangible assets Tangible assets include physical properties such as a new car, an antique or real estate. If you acquired ..read more

As you age, you could find it difficult to remember certain things. While infrequent and mild memory loss may not be of much of a concern to you, you might worry about developing dementia eventually. After all, the Centers for Disease Control and Prevention predicts roughly 14 million Americans will have dementia by 2060. Dementia is a catch-all term that describes cognitive decline. If memory problems are common in your family, you may want to use three specific estate planning tools to protect both yourself and your assets. 1. Health care advance directives If you develop dementia, you may b ..read more

Your own death is not something you want to think about, but it is necessary to consider what will happen to your estate after you pass. Your survivors will distribute your assets after your death, but you can control that disbursement with smart planning. Without proper estate planning, your assets may go through probate upon your death. You can help your family avoid the probate process by addressing potential issues now. Estate planning Estate planning goals include avoiding probate, controlling the distribution of your assets, minimizing taxes and protecting your assets if you become incap ..read more

If you are responsible for a loved one’s estate, you likely have a host of stressors to deal with. Aside from the immense emotional pain that comes with losing a loved one, many people in charge of their loved one’s estate struggle with tax issues and even disputes involving beneficiaries. Regrettably, some disagreements involving beneficiaries cause a rift within families, and it is crucial to handle these disputes cautiously. In some instances, beneficiaries falsely accuse those in charge of an estate of failing to distribute assets properly, undue influence or other types of wrongdoing. Som ..read more

Having a son or daughter who has a disability, special educational needs or a serious medical condition often requires careful parenting throughout the child’s life. To improve the quality of your child’s life after your death, though, you may be thinking about gifting money to him or her. There are some risks that often come with leaving money to a child who has special needs. Here are three potential ones. 1. Your child may not know how to manage money If your child’s special needs make future employability virtually impossible, leaving a large sum of money to him or her may seem generous an ..read more

When planning your estate, you want to select an executor or trustee to oversee matters once you pass. This person should be someone you trust will take responsibility for your estate’s affairs and act in the best interests of everyone involved. In turn, you want to ensure the estate administrator or trustee named in your last will and testament will not try to take advantage of their position and cheat your beneficiaries out of their inheritance. While this has happened in certain situations, there are steps you can take to avoid issues with your estate down the road. What is fiduciary duty ..read more

Probate is a process used by the state to manage a deceased person’s estate. When there is a dispute involving the probate process, probate litigation may occur. What are some circumstances that may lead to probate litigation? Circumstances that may lead to probate litigation There are multiple situations where probate litigation may be necessary to resolve an issue with the probate process. One of the most common is when a person contests a Will. This often happens when an interested party believes the Will does not represent the wishes of the deceased person due to fraud or some other issue ..read more

You might have a relative who claims to have a copy of your parent’s will. However, you know it is not the most current version. Since then, your parent has created a different will that makes changes from the older version. Your other relative may contest your claims of a new will, but replacing an old will with an updated one is possible. A last will and testament does not have to be set in stone. In some cases, people change their minds about their estate plans. When they do, they may write a new will that reflects their present desires. This is legal in the state of Massachusetts, so you s ..read more