| Limited Inheritance in Unusual Circumstances |
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| State statutes of descent and distribution are usually supplemented by other statutes or court rulings that limit or prohibit inheritance in unusual circumstances. This article discusses some of those unusual circumstances.More... |
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| Will Substitutes |
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| In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death.More... |
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| Conservatorship Proceedings |
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| A durable power of attorney for finances is an inexpensive legal document that allows you to name someone to make your financial decisions if you become unable to do so yourself. The main reason to make a durable power of attorney for finances is to avoid court proceedings if you become incapacitated. If you do not have a durable power of attorney, your loved ones will have to ask a court to give them authority over your financial affairs. This procedure is usually called a conservatorship proceeding. Different states have different terms for the person appointed to manage your finances, including conservator, guardian of the estate, committee, and curator.More... |
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| State Death Taxes |
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| Almost every estate incurs some state death tax. In some cases the state death tax equals or exceeds the federal death tax. The amount of these taxes should be "guesstimated" by the estate's attorney or accountant so that you can begin to assemble enough cash to meet the demands. If you must sell estate assets to raise cash, your goal must be to obtain the highest price and best terms possible. The sooner you begin the process of analyzing liquidity needs, the less likely it is that this forced sale will turn into a fire sale.More... |
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| Inheritance Without Planning Means No Provisions Beyond the Default Plan |
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| 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... |
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