Download Alpha Teach Yourself Estate Planning in 24 Hours by Keith R Lyman PDF
By Keith R Lyman
Rearranging your monetary priorities as you close to retirement? Have resources you need to move to others? commencing to notice it is time to get your monetary affairs so as? no matter what your cause, Alpha educate your self property making plans in 24 Hours makes it uncomplicated to get via this complex yet crucial approach. The 24 classes during this step by step consultant maintain you on the right track as you examine the simplest how one can deal with your property — one hour at a time.
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Additional info for Alpha Teach Yourself Estate Planning in 24 Hours
However, most states do have agreements with other states for cases in which a will was prepared in another jurisdiction. STRICTLY DEFINED A will is a legal document made in anticipation of death in which a person directs the disposition of his or her property at death. It also contains instructions for payment of debts and taxes and nominates guardians for minor children and a personal representative for the estate. • Execution requirements for a trust Although a requirement of state law, most states have very lenient execution requirements for trusts.
What they all have in common is that you haven’t designated anyone to inherit the asset or designated a joint owner and thus you’ve left it to the probate process to determine ownership after your death. YOUR NON-PROBATE PROPERTY By contrast, non-probate property consists of everything else, including the following: • Assets held as joint tenancy with right of survivorship, which is a form of ownership in which, upon the death of one co-owner, the surviving named co-owner(s) shall become full owner(s) of the asset.
You also will learn … Sometimes a little history lesson can help put compli- • The historic importance of property ownership cated legal terminology into perspective. The history of intestate succession is interesting and helps to explain current statutory law. You will find many correlations to historical practices in current legislation. • The history of intestate succession, which is the process of determining who inherits when the decedent leaves no valid will or trust. THE NATURE OF PROPERTY OWNERSHIP As one looks back over the history of inheritance laws and practices, it becomes clear that the nature of property ownership has played an important role in the development of laws governing inheritance.