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- Leaving Your Things to Friends After Your Death
When considering your final affairs, you may find there are things that you would like to pass to people outside of your immediate family. In fact, maybe you want to leave everything to people outside of your family. Whatever the case, you will need to know how to direct the distribution of your assets in accordance with your wishes.
- What Are My Rights as an Executor and Beneficiary?
Executors and beneficiaries to a will each have rights and responsibilities as promulgated under state law. Both have important roles in the probate process and mechanisms to ensure that their rights are considered by the court.
- Creating a Living Will
Creating a living will can help bring peace of mind for you and your loved ones. It explains in writing what kind of medical care you want and when you want those efforts to cease during an event where you cannot speak for yourself. This can help to prevent disputes among family members, prevent unnecessary legal battles, and preserve your estate for the benefit of your beneficiaries (rather than spending it on your medical treatment).
- Four Ways to Protect Heirlooms from a Family Feud
The passing of family heirlooms from one generation to another should be a welcome tradition in most families, but unfortunately, this process can cause long-lasting family rifts if not done properly. There are many stories of families that have split over a silver tea service or a portrait of a long-dead ancestor.
- What Are the Grounds to Contest a Will?
Because wills provide the final word from a decedent, courts are hesitant to step into the decedentís shoes and attempt to speculate on his or her intentions. However, heirs may be unhappy with the terms of a will, especially if they are given a small portion of the estate or left out of the will completely. An individual may be able to contest a will if legal cause exists to do so.
- Do Children Have the Right to Inherit?
Whether a child has the right to inherit largely depends on whether the person who died has a valid will or not. With a will, the testator determines how he or she wants probate assets handled. Without a will, state laws of intestacy govern.
- Inheritance Laws
Inheritance laws are determined on the state level. These laws come into effect when the person who died left no will or his or her will is invalidated due to not following legal formalities, being the product of undue influence or duress, the testator lacking the requisite capacity or for other reasons as determined under state law. Additionally, some inheritance laws take effect even if a valid will was left and if the will says something that contradicts state law.
- What Is the Process of Probate?
The probate process is the legal process that is undertaken after a person dies. This process helps to identify the individualís rightful ownership interests, pay off remaining debts and distribute property in accordance with the will or the laws of intestacy. This process involves several stages.
- Components of a Good Estate Plan
A thorough estate plan should be designed to avoid probate, save on estate taxes, appoint someone to act for you if you become disabled, and protect assets if you need to move into a nursing home.
- Can I Avoid Probate?
Probate is a process in which a personís final affairs are wrapped up, debts are paid off and any remaining assets are distributed according to the terms of a will or the laws of intestacy if there is no valid will. During this time, assets are tied up as beneficiaries impatiently await their share. Probate can also be expensive and time-consuming. For these reasons, many individuals try to avoid probate through one or more of the following ways.