When a person dies without a will, he is said to have died intestate. Anintestate estateis also one where the will presented to the court has been deemed to be invalid. The probate process for an intestate estate includes distributing the decedent’s assets according to state laws. If a d...
Trustee: If the bank account holder established a trust in addition to a will, this could save heirs the time and trouble of going through probate court when it comes to the bank account and other assets. A trustee is named in the trust, and this person manages and distributes the ...
Estate planning allows for trust property to pass directly to the designated beneficiaries upon the trustor's death without probate. Understanding Trust Property Thetrusteeis required to manage the trust property in accordance with thetrustor's wishes and in thebeneficiary's best interests. A trustee ...
Aliving trustcan be used to transfer property and assets to beneficiaries without going through the probate process. This can save months of time and thousands in fees, depending on your state and some other factors. Also, it keeps your estate private, whereas a last will, once probated, wi...
Estate probate — the process through which assets such as cash, investments and real estate are sold or divided among heirs— prioritizes creditors. Unlike secured debt, such as a mortgage secured by property or a car secured by a vehicle, credit card debt is unsecured. Therefore, it’s ...
In cases where it isn't clear which document takes precedence and the terms of a prenuptial agreement conflict with a last will and testament, a probate court carefully examines the terms of the prenup. Generally speaking, a court is much more likely to favor the terms of a prenuptial agreem...
Trusts and distributions to beneficiaries are also taxed, but the trust and distributions can be structured to spread the tax burden in a way that is tax effective for all parties. Succession planning The trust assets will not be subject to lengthy probate proceedings when the settlor passes away...
My situation is that my dad was a resident of Washington at his time of death. He had been given a farmhouse with a piece of land in Michigan, but my grandfather had lifetime lease.(Grandpa was still alive). After my father died with no will, I had to probate the will, as I am...
Failure to name beneficiaries in a will can tie up your property in probate, potentially for years. It can leave the decision about how to distribute your assets up to the state in which you live. In such a case, the people for whom you wanted to provide financial support after your dea...
children and what is best will be different for every family. One good way is to leave the inheritance in a trust. The trust can be set up with some provisions, such as making distributions over time.A trust can also remove the issue of probate, allowing the inheritance to pass without...