Save legal fees by learning Basic Trusts Terminology Purposes of trusts Trusts are used to hold money and property for specific periods of time, and to pay out the money and property according to detailed written instructions. Trusts are used to safe-keep money and property and prevent it from being…
Probate is not needed to transfer ownership of joint tenancy property Generally, Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise EXCEPT for some narrow exceptions. A major exception is property held in…
High probate attorneys and administrators fees are mandatory Probate court is the legal way for ownership transfer on death Probate court is generally necessary to transfer ownership of property and accounts upon someone’s demise. Thus, if a person has not organized his/her ownership of assets, a Probate Court proceeding will…
A living trust is one of the key ingredients in most estate plans. The living trust is widely used because of its flexibility. When people but their money and property into a living trust probate can be avoided and estate taxes saved. Revocable Living Trusts – Creation and definition: A…
Estate Planning requires careful documentation which is custom prepared Purposes of Estate Planning People engage in estate planning to establish a comprehensive plan to cover what happens to their money and property in the event of disability or death. There are many variations to an estate plan and each one…
A living trust is one of the key ingredients in most estate plans. The living trust is widely used because of its flexibility. When people put their money and property into a living trust probate can be avoided and estate taxes saved. Creation and definition: A revocable intervivos trust (Revocable…
Purposes of Estate Planning Many Variations to an Estate Plan People engage in estate planning to establish a comprehensive plan to cover what happens to their money and property in the event of disability or death. There are many variations to an estate plan and each one is custom tailored…
Passing Without Any Will should be avoided at all costs Will Definition A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death. A valid will may either be typed…
Making Sense of Will Terminology Will Will – Definition: A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A Will is typically effective upon a person’s death. A valid will may either be typed or handwritten (holographic).…
What is a Will / How to Make a Will Definition. A Will is a written document which states to whom a person’s belongings, money and property are to be given upon death. A valid will may either be typed or handwritten (holographic). Testator The person who makes the will…