Heirs

Don’t overlook memories as an important part of an Estate Plan

 in Estate Plan  tagged heirloom / Heirs / inheritance / memories / Personal Property Memorandum

When thinking about an Estate Plan most people think primarily about their large financial assets: Real property, bank accounts, investment accounts, family businesses, etc.

Often though, the most heart-wrenching family rifts and disputes are not over the money, but over the little things that have little or no monetary value.

Your parents’ wedding rings, grandma’s heirloom candlesticks, mirror, or locket… These are the items that end up costing families more in harsh words, hurt feelings, and legal fees than any expensive property or valuable bank account.

These are the items that have a high emotional value — but many parents or grandparents don’t consider this when making out their Wills or Trusts.

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Who Owns Credit Card Debt After the Death of a Parent?

 in Estate Plan / Wills  tagged Baby Boomers / Credit Card / debt / Heirs / inheritance

Administering the Estate of a deceased loved one can be complicated and emotional under the best of circumstances, but Executors who take on this overwhelming task may find themselves facing more than just the demands of relatives and heirs.

They may also find themselves facing the illegitimate demands of creditors. This article on The New Old Age New York Times Blog — Credit Card Debt That Outlives Mom — warns readers to “Be wary of collection agencies that try to convince you that you are responsible for payment on a card owned solely by a deceased parent.”

After the death of a parent, children and heirs often receive calls from debt collectors looking for someone — anyone! — to pay off the debts of the deceased, even if the heirs have no obligation to do so.

In most situations relatives are not required to pay the debts of the deceased from their own assets.

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