Wills
Regardless of your age, financial situation or family structure, it is a good idea to have a valid will drawn up by a knowledgeable attorney. The cost to have your documents prepared in advance will be pennies on the dollar compared to the cost of settling your estate without them. For modest estates, it is even more important to have a valid Will in place. A will states who you wish to inheritant your assets and possessions. If you pass away intestate, or without a will, then your survivors will generally need to hire an attorney to help them navigate the legal process. Fees for legal and/or accounting professionals will be paid out of your estate and leave less for your heirs. If your pass away intestate (without a will) the courts will determine distribution of your assets. If you are not able to hire this type of professional, there are many resources at your local bookstore or online that can provide direction on how to prepare your own will.
An executor, who can also be called a personal representative, acts as the estate's business manager to conclude the decedent's personal and business affairs and determines the timing and amount of any distributions to the legal beneficiaries. Your executor must be a resident of the state in which you reside. They will also be responsible for filing any required probate court documents, state and/or federal tax returns, if applicable. Being an executor is a large responsibility both from a legal and time aspect. There are companies available who perform this service or can help to get all your affairs in order.
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