Russ Cook & Associates, PC
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Trust And Estate Administration Archives

3 things to consider when leaving your kids a sizable inheritance

Parents work their entire adult lives to provide for their kids and ensure their needs are met. If this work pays off in the form of substantial earnings and property, then you can have a considerable estate that can provide for your kids long after you are gone.

Estate administration tricky if digital assets aren't included

Careful preparation of digital assets is becoming an important part of estate planning. Digital assets may include sentimental items, like pictures and posts on social media, or assets with financial value, such as artistic photography, electronic currency, or revenue-generating blogs or websites. If people in Tennessee manage online stores on eBay, Etsy or other sites, they may have digital assets to consider. Preparing those assets can assist one's heirs and representatives during estate administration.

Estate administration includes dealing with debt

In many circumstances, when people die, they intend for their children to inherit their belongings. In fact, they may believe this happens automatically and that the children can simply move into their homes and take possession of their belongings. This rarely happens unless an estate has been carefully and legally prepared before someone's death. The deceased's property must pass through estate administration before heirs can claim it, and if the deceased left behind any debt, those creditors get first consideration.

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