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Kiplinger’s “8 Urban Myths of Personal Finance” unravels several urban legends of personal finance that Reference: Kiplinger (May 2016) “8 Urban Myths of Personal Finance” #AssetProtection #Guardianship #401k

But what is the best trust for a disabled person? How does it work? Understanding Trusts for Persons With A Disability A trust for a person with a disability is a legal Here are some key points about trusts for person with a disability: They protect the person with a disability's They ensure the person with disability needs are met. Setting Up a Trust for a Disabled Person Setting up a trust for a person with a disability involves several

In Texas, a person can be appointed as a guardian under two circumstances. If the incapacitated person does not have family or family that sees them regularly, there is potentially In Texas, a person becomes a guardian in probate court. Having said that, a person could be the conservator of a child, like a parent, but that person may also Sometimes, a person may serve in both roles, but most of the time, the roles are separate.

be sure the money in your accounts or the death benefit on a life insurance policy goes to the right person The executor or the personal representative is the person who will be responsible for carrying out the

Gathering your personal possessions and deciding who to distribute them to can be one of the most difficult Utilize the Memorandum Regarding Personal Property. This document allows you to direct which personal belongings are to be distributed to a specific person To initiate the process, the personal representative should create a list of the most valuable items, If that is not possible, the personal representative can add pictures to the list to help identify the

A will tells the decedent’s executor or personal representative how his or her assets should be distributed

However, probate is necessary to handle a deceased person’s estate assets. An executor of an estate—or a personal representative—is the person who carries out a person’s will and Typically, a person will appoint an executor in their will. Passes Away This may be self-explanatory, but you cannot carry out the will before the testator—the person that you cannot make financial decisions for the testator. #2 Sign an Unsigned Will for the Deceased Person

As a personal representative of the deceased, you owe it to them to handle their affairs with fidelity You will want to speak with an estate attorney to better understand your duties as a representative of

Whom should you appoint in various roles—as agent under powers of attorneys, as trustees, as personal representatives? important to review your plan every couple of years due to the possibility of changes in state laws and personal

Probate is the court-supervised process for administering a deceased person’s estate. Claims against the estate filing fee Letters of testamentary issuance fee Executor Fees The executor or personal representative of the estate is entitled to compensation for their administration duties.

First of all, probate is the name of the legal process that takes place to distribute a person’s estate This person will work closely with the probate lawyer throughout the process.  Based on debts and assets, the personal representative will have to determine whether or not assets will The representative is also required to have all the assets appraised for value.  A good Harris County probate lawyer will be able to guide the representative when it comes to how to

Having a medical power of attorney will allow the person to designate a representative to make medical A statutory durable power of attorney, on the other hand, gives a representative the opportunity to manage supplemental (special) needs trust allows family members to use their assets to fund a trust for the person Your Legacy Legal Care has personal experience in planning for loved ones with disabilities and will