estate planning definition
Estate Planning 07 – What is an Executor in the Will
Estate planning is the process of accumulating and disposing of wealth before death of individual or a group of owner known as estate owner including married couple. It aims is to maximize the wealth of the estate owner. The most important goal of estate planning is to make sure that the greatest amount of the estate passes to the estate owner’s intended beneficiaries while paying the least amount of taxes. Choosing an executor is importance to ensure that someone who you trust will carry your will intention after your death.
I. Definition
An executor in the will, normally is the lawyer or someone you trust who will carry your intention in the will.
II. What is executor responsibility
Since you have named someone as your will executor, in general, the executor will gather up all your assets and after paying all your debts, she or he will distribute the remaining assets to the beneficiary.
1. Paying funeral expense
The funeral expense usually paid out from the assets of the decreased, although sometime the executor consider the wishes of the deceased person and their relatives.
2. Paying all other debts
The executor is also responsible to pay off all the debts of the decreased person including all credit cards and charge cards, personal loan and other debts through decreased assets.
3. Notify all beneficiaries who are named in the will.
4. Submit the necessary probate documents to the court to get probate before an executor can handle the deceased’s estate.
5. Notify the government pension office, if the decreased person receiving pension payment before his or her death.
6. File the income tax for the decreased person and pay all income tax if owed by decreased person and get a tax clearance.
7. Distribute remaining assets to estate beneficiary.
Remember certain assets do not need to probate such as RRSP and insurance paid out from life insurance policy and beware of 6 months deadline of variation act that allows decreased child and spouse applying to court to change the term of the will.
I hope this information will help. If you need more information or insurance advices, please follow my article series of the above subject at my home page at:
http://medicaladvisorjournals.blogspot.com
http://estateplanningarticles.blogspot.com/
About the Author
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“Let Take Care Your Health, Your Health Will Take Care You” Kyle J. Norton
I have been studying natural remedies for disease prevention for over 20 years and working as a financial consultant since 1990. Master degree in Mathematics, teaching and tutoring math at colleges and universities before joining insurance industries.
What is wholesale real estate?
I went to the Rich Dad training for real estate investors and am planning to start out with whole-sale deals. Can someone please explain to me what exactly a wholesale property is? Im having a hard time wrapping my mind around the definition and the process of making the deal.
Thank you for your response.
Ah, Robert Kiyosaki. Rich Dad Poor Dad.
Wholesaling is, essentially, buying low and either selling higher or assigning the deal to someone for a mark-up.
For instance: You find a fixer upper in a neighborhood where houses typically sell for $300,000. The owner is willing to sell to you for $200,000 (why would they? Many reasons- they are under duress, or don’t want to sit on the market for a year, or are in a hurry to move to Florida). Instead of buying the property yourself and making the reapirs, carrying the house, and sweating out selling and closing it 6 months later, you simply find another investor who is willing to pay $215,000 and you assign the deal to them. At closing, the seller gets 200k and you pocket the $15,000 difference without having to close on it yourself.
You just wholesaled a house.
Easier said than done, by the way – first, you have to find the deal and then you’ll have to find the investor or your tail is hanging out the window for 200k.
Estate Planning : Definition of an Estate Executor
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