| Inheritance Without Planning Means No Changing the Default Plan |
| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under with his or her net estate is disposed. When a person dies intestate, there is no changing the default plan. The default plan's sequences for determining who inherits and how much can not be changed. This article discusses the disadvantages of descent and distribution related to that inability to change who inherits and how much.More... |
| Types of Property |
| Estate planning involves a person assessing his life, family, and assets. Before a person can prepare an estate plan, he must have a total understanding of the actual contents of his estate. The reason is that he cannot give away what he does not own. Title is the legal right to the possession of property. Title is almost the same as ownership. How a person holds title to property (owns property) determines what he can give away in a will or trust. If a person attempts to give property away and it is later discovered that title was held in a way that did allow such gifts, no gift is made and the bequest is disregarded.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... |
| What is a Will? |
| A simple definition of a will can be found in a paralegal textbook, Edward A. Nolfi's Basic Wills, Trusts, and Estates (Glencoe/McGraw-Hill 1995). Mr. Nolfi writes that: "A will is a formal letter to the probate court judge declaring what the maker wants after death." Let's look at each part of this intriguing definition.More... |
| Failing to Make and Leave a Will |
| Although estimates vary, it's pretty safe to say that more than 50 percent of the people who could make and leave a will fail to do so. More... |
Taylor Summers Rhodes Rasmussen Brooke & Woodard LLP
