When you’re preparing to attend an estate reading, there are a few key financial questions you should ask in order to ensure that you’re getting the most out of the experience. Here are a few to keep in mind:
1. What is the total value of the estate?
2. How will the estate be divided among the heirs?
3. How will the estate taxes be paid?
4. What are the expenses associated with the estate?
5. What are the income and capital gains taxes that will be owed on the estate?
By asking these questions, you can get a better understanding of the financial situation of the estate and how it will be divided among the heirs. This information can help you make decisions about how to best manage your own finances.
Other related questions:
How long after someone dies is a will read?
There is no set timeframe in which a will must be read after someone dies. However, it is typically advisable to read a will as soon as possible after the person’s death, so that beneficiaries can be notified of their inheritance and the estate can begin to be administered.
What are the most important elements of a will?
1. The names of the people who will receive your property (your “beneficiaries”), and what property each will receive;
2. The name of the person you appoint to carry out the terms of your will, known as the “executor”;
3. Any specific bequests, such as gifts of money or personal items;
4. Any instructions on how you want your property to be used or distributed; and
5. Your signature, along with the signatures of two witnesses.
Bibliography
- Dealing with a deceased person’s money and property
- Questions to Ask Your Estate-Planning Attorney – Investopedia
- Estate Planning Questions To Ask – The Balance
- Estate Planning: Financial Advisor Questions – Trust & Will
- 12 Estate Planning Questions That Might Make You Squirm
- Everything you need to know about wills in 5 minutes – Irish Life