| Inheritance Without Planning Means No Provisions Beyond 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 adding of provisions beyond the default plan. The default plan is only the default plan and nothing more. This article discusses the disadvantages of descent and distribution related to the inability to add provisions beyond the default plan.More... |
| |
| Powers and Duties of an Attorney-in-Fact |
| |
| Your attorney-in-fact only has the financial authority you grant him in the document creating a durable power of attorney for finances. More... |
| |
| Inheritance Without Planning Means No Person Is In Control |
| |
| 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. Under the default plan, no person is put in control of the disposition. The disposition must go according to the defaul plan. This article discusses the disadvantages of descent and distribution related to that inability to have a person put in control of the disposition.More... |
| |
| Tax Elections - Deferral and Disclaimer |
| |
| A remainder interest is a future interest in property that comes into existence after a prior interest terminates. For example, a decedent may have set up a trust under her will and provided in the trust that her husband is to receive the income from the property in the trust for his lifetime, and that the principal at his death is to go to their children. The children receive what is left (the remainder) when the husband's interest terminates. More... |
| |
| Co-Ownership Myths - I |
| |
| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. Moreover, people may define their own forms of co-ownership by contract. This article discusses some of the many myths about the co-ownership of property.More... |
| |
