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Podcasts are a convenient way for savers to boost their personal finance knowledge.
Estate is a legal term that’s important to know. Bankrate explains what it means.
An estate is a person’s net worth in the eyes of the law. Anything the individual owns is part of his or her estate, including a home, car, bank accounts, stocks and bonds — even a coin collection. The estate also includes everything an individual owes, whether it is a mortgage or credit cards. When a person dies, those in charge of the estate may get the benefit of the assets, but they also will be responsible for paying off the debts.
Your estate is broken down into three parts:
For example, if someone owns a lawn care business and mails out quarterly invoices shortly before he dies, the money that comes in from those invoices becomes part of the residue estate. Anything not specifically given away to one party may go to another through the residue estate. It is not unusual to see a will that says something along the lines of, “I leave my vehicles to the Edgemont Children’s Home, and the residue of my estate to my children, in equal shares.”
Unless everything a person owns is in a trust, which can be a good idea, some of the estate will be required to pass through probate, and some will not.
A home and car are portions of an estate that would need to go through probate before an heir can actually own them. A will spells out a person’s wishes, but the legal process of probate is necessary before ownership is transferred to a beneficiary.
The same is true of any property someone owned as a “tenant in common.” For example, if a person went in with a friend to buy a commercial building, that property would have to pass through probate after either of them dies.
Some assets considered part of the gross estate that do not have to go through probate before beneficiaries can take ownership include:
In addition, depending on the state of residency, the following may bypass probate:
Use Bankrate’s calculator to figure out how long it will take you to pay off your credit cards.
Podcasts are a convenient way for savers to boost their personal finance knowledge.
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There are many ways scammers can steal identities and use them for gain, usually of a financial nature.
A significant portion of Americans experience financial worries.
Identity theft is a term that covers a variety of crimes in which someone steals another person’s personal information.
Look for a plan with a reputable provider that offers services that make you feel confident.
If you discover the breach early and act without delay, you could minimize the damage.
Here’s a breakdown of where identity theft occurs most often, according to FTC data.
Stay alert and don’t think identity theft can’t happen to you.