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Apr 15, 2024 · An irrevocable trust created during your lifetime can reduce certain tax liabilities, protect assets from future creditors, leave assets in further trusts for a surviving spouse, children and/or charities, or other estate planning goals you may have.
Apr 12, 2023 · Explore the basics of estate planning, outlining the set of documents suggested for you to make your intentions clear. Source: Morgan Stanley. 1. Draft a list of your assets. A good place to begin is compiling an overview of all of your assets.
- Communicate. When you’ve been named an executor, the most important first step is to have a discussion with your parent (while you still can) to ensure you fully understand their expectations.
- Locate the Will and other important documents. As executor, it is your responsibility to locate the original will and submit it for probate. It is a good idea to get it now and make sure you are keeping it in a safe place.
- Obtain copies of the death certificate. You need to purchase multiple copies of the certified death certificate—for banks, insurance companies, credit providers and others.
- Determine whether the estate must go to probate. If your mother or father set up a living trust or certain other trusts and transferred all of their assets to that trust, you may be able to avoid probate—the court process of proving the Will’s legitimacy and then dispersing the estate’s assets according to the terms spelled out in the Will.
Dec 3, 2020 · Morgan Stanley is expanding its recently introduced Estate and Inheritor Services team, according to Lisa Golia, head of Field Strategic Services at Morgan Stanley Wealth Management.
An estate plan also encompasses your wishes in the face of unexpected events, such as impaired mental capacity. Even if you don’t have many assets, documenting your wishes can ease the strain on your loved ones should they have to make decisions on your behalf. Below are some of the main components of an estate plan.
DEATH OF A LOVED ONE CHECKLIST. Work with funeral home on obituary, services and specific arrangements. Notify the deceased’s employer (if applicable) and request information on: Unpaid vacation. Unpaid salary. Unpaid sick leave. Health Savings account (HSA) balance. Unpaid bonuses and/or commissions. Deferred compensation plans.
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The Wealth and Estate Planning Strategists look at all aspects of an individual’s estate to understand the potential income tax and estate planning attributes of the vehicles. The goal is for the client and his or her investment professionals to make more informed investment decisions looking at
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related to: what does morgan stanley do for a living estateWe Can Help Your Estate Planning With Guidance and Resources From Our Specialists. Our Experienced Team Can Help You Create and Navigate the Complexities of a Trust.
