Estate Planning Documentation
Now that you have your estate planning finalized, it is important to make your personal representative’s (also known as the executor) job as painless as possible. If your personal representative does not know what assets you have, what debts are outstanding, etc., the costs to your estate for determining the assets and liabilities could be significant. In addition, it also increases the possibility that an asset is missed and not discovered until years later, which even causes more hardship and frustration. Having a binder of information for your personal representative is essential. Updating that binder on a periodic basis is prudent. Your...
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