The major difference is that while a fee simple determinableautomatically ends if the grantee (the person who received the land) does not fulfill the condition, the grantee's interest in a fee simple subject to condition subsequent does not automatically end if the event or condition occurs. W...
A probate court usually requires access to your original will before it can process your estate. It's crucial, then, to keep the document safe and accessible. Avoid storing it in a bank safety deposit box or in any other location where your family may need a court order to gain access. ...
But upon their death, the revocable trust automatically becomes irrevocable. Finally, any assets or property transferred into a revocable trust are not protected from estate taxes or legal actions. Can an irrevocable trust be changed? It may sound like the terms of an irrevocable trust are ...
Even your spouse would have to produce a valid Power of Attorney Include a Power of Attorney, Living Will and Last will and be sure to appoint an executor when you do your estate planing. ENDURING POWER OF ATTORNEY HOW TO MAKE YOURS, WHAT & WHY YOU NEED ONE Please use this order form ...
If you hold title to property as joint tenants with rights of survivorship, you and your co-owner each have an undivided interest in the property. When one of you dies, full ownership shifts entirely and automatically to the survivor. This avoids probate – and, in fact, you have no right...
A beneficiary named in a will does not automatically get a copy of the will of a deceased personand there is no obligation on the executor to hold a “reading of the will” following the death of the deceased person. ... Do all wills go through probate?
A quitclaim deed with a right of survivorship is a legal deed that allows two people to co-own old real estate in such a manner that probate is not required to transfer title to the property after the death of one of the owners. Title passes automatically to the surviving owner upon the...
Remainder beneficiaries, who do not inherit until the current beneficiaries have passed away, may have to request the accounting instead of receiving it automatically. Trustee removal Current and remainder beneficiaries have the right to petition the probate court for a change of trustee if they ...
estate plan you thought you put into place. Some states provide that in the event of divorce, payable-on-death beneficiary designations naming your ex are automatically cancelled just as bequests you made in your will would be, but check with a local attorney to make sure. In other states...
Estate Tax Although ownership of a joint bank account passes to the surviving owner after one owner's death without having to go through probate, in most jurisdictions the contents of the joint account will still be subject to estate tax. For example, under Pennsylvania estate tax law, joint ...