Tag Results
53 Tag Results
Pagination: 1 - 2 - 3 - 4 - 5 - 6
10 result(s) displayed (1 - 10):
January 11, 2010
Inheritance Law
In the United States, inheritance law is governed by the Uniform Probate Code. In place since 1969, UPC is a statute that outlines what happens to assets, debts, and financial affairs of a deceased person. Currently 18 states have adopted the Uniform Probate Code in its entirety, while the remaining 32 states have adopted parts of it.
Although inheritance law varies by state, the majority adhere to similar processes. First, an estate executor must be appointed. Oftentimes the executor is appointed through the decedent's last will. If no will exists, or the appointed estate executor does not want to accept responsibility, an Administrator will be appointed through probate court.
Real Estate Investing article on "Inheritance Law"
December 19, 2009
Heir
Heir is the term used to reference an individual entitled to inheritance property. Legal heirs can include surviving spouse, biological or adopted children, and direct lineage relatives such as mother, father, sister or brother.
Each heir should be listed within last will and testament along with specific inheritance property they will receive. When decedents elect to disinherit heirs they should include a disinheritance statement within their last will. This provides evidence to the probate court the decedent knew the heir was alive, but intentionally chose to leave them out of their Will.
Real Estate Investing article on "Heir"
November 16, 2009
Probate Money
Probate money refers to cash, coins, gold or currency gifted to beneficiaries through a decedent's last will and testament. Unless protected through a trust, inheritance money must be processed through probate before distribution can occur. Unfortunately, this process can extend for months or years.
Probate money can also refer to cash obtained through the sale of probated assets. Many aspects are involved with selling inheritance assets held in probate. Much depends on the type of asset and its value. Selling a business or piece of real estate requires considerably more effort than selling a valuable stamp or coin collection.
Real Estate Investing article on "Probate Money"
November 07, 2009
Estate
The word 'estate' refers to items owned by individuals who have died. An estate can consist of the decedent's home, car, personal belongings and valuable assets such as jewelry or collectable artwork.
When a person dies their estate must be settled through a process known as probate. The exception is when decedents establish a trust. Many types of trusts exist. Each has advantages and disadvantages. Trusts are generally reserved for estates valued over $100,000; however, strategies exist for smaller estates to avoid probate.
Real Estate Investing article on "Estate"
November 04, 2009
Wills Probate
Wills probate refers to a legal last will and testament executed by a person who had died. During probate, the last will must be validated and the estate settled before inheritance assets can be distributed to designated heirs.
An estate administrator is appointed in wills probate. This individual can be a spouse, family member, friend, attorney, estate planner or financial expert that specializes in handling probate cases.
Real Estate Investing article on "Wills Probate"
October 24, 2009
Trust
Trust refers to a vault which holds valuable assets, along with a person's Last Will and Testament. People use trusts to transfer inheritance assets upon their death. When a trust is used, inheritance assets do not have to pass through probate and generally are exempt from taxation.
Many people believe establishing a trust is complicated. While this can be true for exceptionally wealthy people, many types of trusts exist which are simple to establish. Some of the most common include living, revocable, irrevocable, testamentary, and irrevocable life insurance trusts.
Real Estate Investing article on "Trust "
October 14, 2009
Estate Administrator
Estate administrator refers to a person appointed to manage the estate of a person who has died. Administrators are generally family members, a professional estate planner or probate attorney. When a family member is appointed to this position, they typically require assistance from a professional to ensure legal documents are properly filed through probate court.
An estate administrator has multiple duties. It is important to appoint someone capable of handing financial matters and able to make difficult decisions under stress. Administrators must be at least 18 years of age and never convicted of a felony. It is best to appoint an estate executor who resides in the same state as the decedent. However, this is not a necessary requirement.
Real Estate Investing article on "Estate Administrator"
October 10, 2009
Decedents
'Decedents' is a term used in legal documents to reference persons who have died. It is most commonly used in last wills, revocable trusts and irrevocable life insurance trusts. Wills and trusts are used to bequeath inheritance assets to beneficiaries.
Decedents can give their personal belongings, financial assets and real estate holdings to whomever they wish. Most individuals gift assets to their spouse, children or direct lineage relatives such as sisters, brothers, mother, father, nieces and nephews.
Real Estate Investing article on "Decedents "
October 04, 2009
Probate Litigation
Probate litigation refers to obtaining legal assistance to resolve conflict surrounding inheritance assets. Heirs or beneficiaries must retain the services of a probate attorney in order to contest the decedent's last will. Probate litigation is oftentimes required when decedents die intestate (without a Will).
Probate litigation can prolong the probate process for months or years. I know a woman whose stepfather passed away without executing a Will. Although single at the time of his death, four of his six ex-wives came forward to lay claim to his estate.
Real Estate Investing article on "Probate Litigation"
September 14, 2009
Will
Executing a legal Will is one of the greatest gifts you can leave your loved ones. A Will is used to express burial preferences and name beneficiaries to receive property and personal belongings. The Last Will and Testament gives you the opportunity to have the final say in the event of your death.
A Will is also used to appoint an estate administrator. Most often this person is a family member or close personal friend. Depending on the size and complexity of the estate, some people retain a professional estate planner or probate attorney to manage their estate. It is a good idea to use the services of a neutral third party if family strife exists.
