Prince P. C.

When an individual dies, his or her estate has to be administered, debts settled and assets distributed. Often these duties fall to a fiduciary such as an attorney, a trustee, a personal representative, an administrator or an executor.

The federal estate tax is defined by the Internal Revenue Service as a tax on the right to transfer property at death. The tax is imposed on the taxable estate, which is the total fair market value of the property transferred at death (called the gross estate) minus allowable deductions. Deductions allowed under the Internal Revenue Code include administration expenses, funeral expenses, charitable transfers and property that will be passed on to a surviving spouse.

There are several key differences between wills and trusts as instruments created to transfer property, making each desirable for different reasons depending on an individual’s particular situation.

Undertaking legal action to contest a will or trust is a step most of us will never have to take. However, if you suspect that your loved one's will is not what he or she intended, there are several things that you can do legally to correct the situation.