Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property but also the outstanding debt. They may have the right to take over the mortgage and keep the home, or they may choose to sell it and keep the proceeds. A few different scenarios can unfold, however, depending on the mortgage terms and the estate plan instructions. 

When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary or group of beneficiaries. 

Creating or revising an estate plan can feel overwhelming, causing many people to procrastinate. But the longer you put it off, the more potential there is to be caught unprepared in an emergency. So how can you motivate yourself and your loved ones to begin the process? Here are some strategies to help you overcome some of the negative feelings associated with this process and meet the challenge head-on.

Trust protectors are commonly used in the United States. Essentially, a trust protector is someone who serves as an appointed authority over a trust that will be in effect for a long period of time. Trust protectors ensure that trustees maintain the integrity of the trust, make solid distribution and investment decisions, and adapt the trust to changes in law and circumstance.  

Personal property can be an important part of many people’s lives. Whether it is something that has monetary value or something that you have collected for many years, certain items hold a significant place in your heart. Figuring out what to do with these items when you are no longer around to enjoy them can be quite the task. This is especially true if you have multiple loved ones who you would like to receive your personal property. Without your instructions, this situation might turn into a disaster. People may start fighting or hiring lawyers to sue each other to determine what is rightfully theirs. You can help prevent this from happening by providing your loved ones with instructions. The following are some ways you can divide your personal property to help maintain harmony among your loved ones.