You’ve Been Appointed as an Executor of an Estate? Do You Know What Your Duties Are?
I can’t foresee anyone really wanting to be the executor of an estate of a deceased person. It usually is not the type of work that a dis-organized individual should undertake. It helps if you are a detailed and well organized individual.
The term “executor” and “personal representative” are often used inter-changeably. The bottom line is that this individual has a legal responsibility to protect all of the assets of the estate until the probate process (if required), is completed and all assets are distributed.
You have no obligation to serve as an executor of an estate. If you feel that you don’t have the time for it, or you simply have no desire to deal with certain beneficiaries, then you can decline. If the will provided for a backup executor, then that individual can serve. If not, a probate judge will appoint someone.
If you decide to serve, setting up a detailed View full post…
It’s not just the 3 big credit bureaus that know everything about you
September 29, 2017
If it wasn’t before, Equifax now certainly is a household name.
Since the big Equifax data breach, many consumers have engaged — perhaps for the first time — with each of the three major U.S. credit bureaus, scrambling to secure their identities after hackers stole the personal information of 143 million Americans.
But these are not the only consumer reporting agencies that possess sensitive consumer information. And they’re not the only places you should look to lock down your personal information.
Much like Equifax, Experian and TransUnion, some of the smaller credit agencies will allow you to freeze your credit files, including ChexSystems, Innovis, Clarity Services and CoreLogic. None of these firms will charge you to place a security freeze on your file.
What’s on file
Just like the big View full post…
The following is a guideline of how long you should keep various types of tax and business records. We believe that most documents are listed, but they are not all inclusive.
Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This is called the “three-year law” and leads many people to believe they’re safe provided they retain their documents for this period of time.
However, if the IRS believes you have significantly under-reported your income (by 25 percent or more), or believes there may be indication of fraud, it may go back six years or more in an audit. To be safe, View full post…