After someone dies, their estate needs to be dealt with. This includes paying their debts and taxes, and distributing their money and property to those who are entitled to it. If you owe money to someone who died, it’s best to contact the probate court in the county where she... Read...
When someone in your family dies, there is a good chance that he or she had real estate (either in the form of a personal residence or in investment properties) that will be subject to either probate, inheritance taxes, or both. In cases where the real estate value is high or completely...
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Probate avoidance: Probate is the legal process of settling an estate after someone dies. It can be a time-consuming and expensive process, but with proper estate planning, it may be possible to avoid probate altogether. Our attorneys can help you understand your options for avoiding probate and...
After someone dies, all of their belongings become part of their estate. Before the assets can be legally distributed to beneficiaries, the executor is required to do a few things. In addition to filing and executing the decedent’s will, they must make sure the debts to creditors and taxes...
In the real world, many people don’t even know that they’ve been named the executor of an estate until after a person dies and they’ve read the Last Will and Testament. Being named an executor for someone’s estate is both an honor and a burden, but that burden can be made infin...
the assets will usually pass to the decedent's closest living relatives. A durable power of attorney allows someone to act on your behalf and manage your financial affairs in the event of incapacity. Conversely, a healthcare power of attorney allows someone to make health-care decisions on your...
Estate Settlement 101You've probably heard the terms tossed about: probate, estate taxes, heirs, administrator, joint property, wills and trusts. After someone dies, the task of closing out the person's affairs falls on the individual named as the "exec...
5. For life. In this estate, someone has an interest in property that lasts only as long as some life named or described in the granting instrument. 6. For years. This is typically a lease. 7. In remainder. In this type of estate a person takes property after the death of a person...
Decedent is a legal term for someone who has died and is deceased.9It's often used in estate planning documents. But the individual's name lives on due to their financial obligations after death, such as paying taxes and debts and closing bank accounts. These responsibilities are typically ca...