On the bright side, though, some states do have(those with a value below a certain amount), which can shorten the length of the probate process considerably. New York, for example, uses the Small Estates Affidavit to allow assets of an estate to be distributed without getting the probate ...
1. What is the purpose of probate? 2. Who files for probate and where does it happen? 3. When is probate mandatory? Table of contents Probate is the legal process of administering a deceased person’s estate— the collection of everything they owned when they died — which eventually en...
The primary benefit of a revocable trust is that the assets avoid probate after the grantor's death. This leads to the quick distribution of assets to the named beneficiaries. The terms of a revocable trust aren't made public like those of a last will so an estate can be distributed with...
Without a Power of Attorney, POA, if you become incapacitated, injured or unable to act for yourself, your spouse or family members cannot access your bank accounts or other financial assets. They will be frozen unless someone has your power of attorney. All of your cash, bank accounts and ...
What you should know about how your complaint against a lawyer or paralegal will be treated by the law societies in Canada
How long does a life insurance pay-out usually take? We aim to pay all life insurance claims as soon as possible, but the exact time it takes can vary. We often have to ask other parties for information to help us consider your claim. We'll do all we can to get everything we need...
Living trusts allow you to bypass probate court processes associated with wills or intestate estates, which can save you time, stress, and money spent on legal fees. How does a living trust work? Living trusts can be an essential part of a robust estate plan. They allow you to safeguard ...
Irrevocable trusts can also avoid probate and are private, meaning the public is not privy to their terms or to the assets held within them. Types of irrevocable trusts Irrevocable trusts come in two forms: a living trust, which is established while the grantor is alive, or a testamentary ...
Suspected foul play.An insurance company may delay processing in cases of foul play while they wait for the police to determine that the beneficiary wasn’t involved. Payout Once the insurance company has determined the claim to be valid, they will pay out according to the preferences submitted...
Suppose that in this example, Chen does, in fact, leave a will. In the will, Chen leaves a New York City apartment to a child when they turn 21 years old. There is also an added incentive in the will for the child: If they get into an Ivy League school, they can inherit an add...