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Probate is the court procedure of proving a will after someone (the decedent) who has completed his or her last will and testament dies. If you have a will and pass away, you have passed away ...
Living trusts can act as probate-repellent, but some assets need to be kept out. If you want to help your kids bypass probate when you die, here are 5 assets to avoid putting in a living trust ...
Methods like revocable living trusts, joint ownership, payable-on-death accounts, beneficiary designations and transfer-on-death deeds offer practical ways to bypass probate.
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
At the settlor's death, the assets in the bypass trust are not included in the settlor's estate, effectively reducing the total value of the estate and therefore potentially limiting the estate taxes owed at the settlor's death. Bypass trusts are used in the United States as a legitimate tool to circumvent gift tax, and to minimize taxation of ...
Abatement of debts and legacies is a common law doctrine of wills that holds that when the equitable assets of a deceased person are not sufficient to satisfy fully all the creditors, their debts must abate proportionately, and they must accept a dividend.
If you will, allow us to present the hypothetical case of Pete Moneywise, a married, 78-year-old father of three who wants to get his financial affairs in order before his passing.
Probate is a legal process that verifies the validity of a deceased person’s will. This includes addressing debts and distributing remaining assets. If you die without a will or a living trust ...