Another option for protecting your assets is to pull theequityout of them and put that cash into assets that your state protects. Suppose, for example, that you own an apartment building and are concerned about potential lawsuits. If you took out a loan against the building's equity, you c...
A will is a legal document that contains your distribution plans for your assets: essentially, which person is getting what. After you die, this document will go through a process called probate. Through this system, the court will determine whether your will is valid and whether you had the...
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Once you pass away, your will enters probate, which is simply the formal name for the distribution of your assets to your beneficiaries. How to get help making a will Because creating a will can be an intricate process, you may want to enlist some help to make sure you do it correctly...
Probate is the legal process for distributing the assets and property of someone who died. If the deceased (called the “decedent” in legal settings) left a will, the probate court will validate the document and appoint an executor to distribute the decedent’s property to beneficiaries and pa...
One of the first steps in building your foundation is setting up aLimited Liability Company (LLC). Wholesaling is a business; just like any other business, you want to protect yourself from legal risks. An LLC separates your personal assets from your business liabilities, which is crucial if ...
If the deceased policyholder had made a will, the executor will apply for a Grant of Probate. This is a legal document which confirms that the executor has the authority to deal with the deceased person's assets. If the deceased policyholder died without the will then they are deemed to ha...
For some people,trustsare another popular estate planning tool because they allow assets tobypass probate, keep financial matters private and potentially reduce taxes. However, trusts are more complicated and expensive to establish since they require the expertise of an estate planning attorney. ...
Generally, theexecutor of the estateis the person who files the application for probate. The executor is the person named in the will as the person to distribute the assets of the estate. The assets of the estate may be distributed to a single loved one or to multiple named beneficiaries,...
As the executor of an estate, it's your job to properly dispose of the deceased individual's estate. You'll need to file a petition of probate before distributing assets as specified in the will. Once that is done, you can sell the remaining assets and t