| Descent and Distribution, Generally |
| |
| Traditionally, a state statute of descent and distribution provides the order of preference for disposal of an intestate's net estate. As a general rule, the person or persons with the highest rank in the order of preference who survive the intestate take all of the intestate's net estate.More... |
| |
| Kinds of Powers of Attorney for Finances |
| |
| There are two kinds of durable powers of attorney for finances: those that take effect immediately and those that take effect only upon your incapacitation where one or two doctors declare that you can no longer manage your financial affairs.More... |
| |
| Executors -- Steps Prior to Opening the Estate |
| |
| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused.More... |
| |
| Per Capita and Per Stirpes |
| |
| Suppose that an intestate is survived by three children and no grandchildren. Who inherits the intestate's net estate? How much does each person get? For most people, the answer is easy and obvious. Each child takes one-third of the intestate's net estate.More... |
| |
| Trust Elements - Trustee |
| |
| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. This More... |
| |
