While there are several factors to consider when choosing what type of entity to form, the primary function of an entity is asset protection. Business owners want to protect their personal assets from the liabilities of the business operations. But there is another form of liability that business owners should be aware of that could have an even more devastating effect if not protected against.
People often put off their estate planning because they think that it is expensive. But there is a simple strategy that costs nothing and can save you thousands of dollars. It supersedes all other estate planning and even avoids probate. Failure to implement this strategy correctly, however, could end up costing you thousands.
When people think of estate planning, they typically think of who is going to get their stuff when they're gone. While the transfer of assets at death is an important concern, the essence of estate planning about preserving your right to make decisions regarding your care, your children, and your assets, when you can't.
The term administrator is used to describe the person who will oversee an estate after a person’s death when there is not an executor. There can various reasons the estate does not have an executor including the deceased did not name an executor in the will, the court found the will to be invalid or the deceased did not leave a will.