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In terms of executor vs. beneficiary rights, there are several differences with regard to what type of authority each one has.
Having the right legacy plans and documents in place is one of the most important steps aging individuals can take, both to give themselves peace of mind and to avoid the possibility that confusion will make an already challenging situation even worse.
Trusts are widely used in estate planning, so estates can avoid going through probate and maintain privacy. The terms of the trust ensure the wishes of the property owner are adhered to and their property gets distributed to the proper beneficiaries.
While more than half of Americans believe estate planning is essential, a mere 33% actually have a living trust or will. And one out of three respondents who don’t have a will reason that they don’t think they have sufficient assets to warrant estate planning.
Memorabilia collections, by their nature, are specialized and unique. When considering your estate planning, it’s important to think about what you require of your beneficiaries — if you’re not planning on selling your collection — and how you can make that process as easy as possible for your family. What will your spouse or children have to deal with as they dispose of the items?
Estate planning is crucial to leaving your beneficiaries with your possessions as you intend.