Many people overlook the importance of estate planning. According to a recent study from BMO Wealth management, 52 percent of American adults do not have a will, 40 percent have not discussed their estate with their family, and only 28 percent are aware of their parents' wishes regarding their estate.
If you are fortunate enough to be able to save money for your children's futures, money that will allow them to accomplish their goals and lead comfortable lives after you're gone, be mindful of the challenges that go along with that good fortune.
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In the administration of a person's estate, there are typically numerous details to address and resolve. This includes tax payments, asset location and management, heir identification, property distribution and account closures.
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If you are creating your estate plan, or if you have been appointed as the executor of an estate by someone close to you, you should be aware of the roles and responsibilities that an executor will take on. Having a general understanding of this can help you select an appropriate party if you are creating your estate plan, or prepare yourself for what you will need to do if you are the executor.