As the Baby Boomers grow older and older, it is important for their children to help them with their financial matters. As a person grows older, seemingly everyday activities can be harder and harder to navigate. This includes financial matters. Because of that, it is particularly important to make sure that an elderly parent's finances are well-managed. Estate administration is critical for older parents.
Kent-area residents know how important it is to support their favorite charities and to give to others. For many people it is important to continue this giving into their estate administration. Many people wonder how they can incorporate important faith and values into an estate plan?
Estate planning in the Kent area frequently involves tax implications of the estate administration. Each year tax laws surrounding estates change. 2015 will be no exception.
Although many people may think that the majority of Americans are married, the truth is that for women over the age of 65, more than 53 percent were not married and 26 percent of men were single. These statistics show that there are millions of single Americans who may need to think about what will happen to their assets when they die. Estate administration for singles is important in making sure that the assets are passed down to their intended heirs.
It can be hard to stay on top of all of the changing media, electronic devices and social media websites. The majority of Americans have at least one kind of digital account like e-mail, Facebook or Twitter. But, what happens to these accounts when you die? It is important for people to know how to incorporate social media into an estate plan as part of their estate administration.
Preparing for the future it common for Washington State residents and those across the nation. Whether it is for the short-term or the long-term, taking steps to protect the future and finances of an individual and their family is important. When a will is constructed during a person's lifetime, the details of the document could unexpectedly created issues during the estate administration. The probate process could be complicated if estate planning is not done properly, so it is crucial an individual carefully and adequately drafts the document.
When Washington residents execute their wills, they appoint an executor to wrap up their affairs. The executor pays off debts and taxes and pays out the inheritance to the heirs according to the will. After a few months, the executor's work is typically done and the estate is settled. However, there are types of estate plans that call for much longer term estate administration.
Washington's many music fans may remember Bill Graham as one of the most powerful concert promoters of the rock era. With his Fillmore Auditorium in San Francisco, Graham had a front-row seat to the flowering of the music business on the West Coast from the Summer of Love until the early 1990s. When he died in a helicopter crash in 1991, Graham left behind an estate worth at least $36 million. However, the precise value of that estate has been the source of litigation for years.
By now, regular Kent area readers may have picked up on the importance of certain essential estate planning documents and taken steps to prepare and execute those documents. The most fundamental estate document is the traditional will. Once a will has been drawn up, Kent residents may next wonder where their wills should be kept for safekeeping.
As area families prepare for holiday get-togethers, it may be a good time for every Kent resident to think about giving the gift of advance consideration to matters that loved ones will need to deal with after your death. The relatively easy task of tidying up some personal details can help simplify estate administration and reduce the complexity of probate proceedings.