For those who have been named the executor of an estate, various responsibilities may be on their plate. Sometimes, people are unsure of what they are required to do, while others have anxiety about a particular aspect of the process, such as distributing assets among beneficiaries. In some cases, an executor is accused of breaching his or her fiduciary duties, which is not to be taken lightly. There are different reasons these cases arise, including some which may not even be valid. As an executor, it is important for you to know your responsibilities and carefully address any issues that arise with beneficiaries or others interconnected with the estate.
From beneficiaries to naming an executor, there are many different questions that arise during estate planning. However, you should not overlook the potential tax consequences of your estate. When creating an estate plan, you want to make sure that your assets are handled properly once you pass away. Unfortunately, estate taxes can create stress and confusion for family members and beneficiaries, or even have a significant impact on the assets they are able to receive. During estate planning, it may be very helpful to look into different ways that you might be able to reduce estate-related taxes.
Distributing the assets of an estate can bring up many issues for those creating or managing estate plans, executors, and beneficiaries alike. Sometimes, people are unsure of what they should include in their will and in the digital age, there are even more questions to ask. For example, with cryptocurrency, some people are not sure whether they should include this asset in their estate plan or how to distribute their funds among beneficiaries.
If your spouse recently passed away, your life may be different in many ways and you could be dealing with unimaginable emotional pain. Whether you have decided to move, are struggling with day-to-day aspects of your life, or feel depressed, this can be an incredibly hard time. Worse, you might be stressed out or unsure of how to handle legal matters related to your spouse's estate. Often, those who were married to a person when they passed away will have a great deal of involvement in probate proceedings, due to their intimate financial and emotional connection. In cities throughout New York, it is critical for surviving spouses in this position to handle probate matters correctly.