What Is Probate and When Is It Required?
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A resettlement occurs whena new 'trust estate' is created 'out of an old trust'. When that happens, the trustee will be considered to have disposed of the assets of the 'old' trust and in turn, there is a variation in the interests of the trust's beneficiaries. Can a trust forgive ...
A designated beneficiary is an individual named by the deceased who will receive the funds in the account upon the original owner’s death. These types of accounts, often known as a payable-on-death (POD),bypass the probate process, which is desirable for some individuals as it saves on le...
Pet Trust Laws vary by state and not all states have laws to cover this type of legal arrangement. Be sure you understand what is required for your specific state. Trusts involve three parties: The grantor, who gives funds to a trustee; the trustee who distributes the designated amount of...
Trusts can also be written as part of a will and come to life when a person dies. These trusts are called testamentary trusts. A trust that is written and funded during a lifetime (called a “living trust”) is generally not subject to probate following the death of the trust creator....
Intestacy rules may also come into play if a will is deemed invalid for whatever reason and there is no former or pre-dated will to take its place. Depending on whether probate is required, there could be subsequent state filing requirements such as the filing of an estate inventory and/or...
It is still possible to have the account set up as a JTWROS, with one person reporting all the income, for estate planning purposes to avoid probate costs and ease of transition to the surviving spouse. We have had situations where couples have more than one JTWROS. This can be as...
What makes a document a deed? In order to be valid, a power of attorney needs to be executed as a deed as required by section 1 of the Powers of Attorney Act 1971. What makes a document a deed is laid down by section 1(2) of the Law of Property (Miscellaneous Provisions) Act 19...