| 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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| Probate -- Closing the Estate |
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| After all tax matters for the estate are settled and all bills and expenses paid or amounts set aside, the executor may then prepare to distribute what is left to the beneficiaries according to the terms of the deceased's will, or according to the laws of the state if the deceased left no will. If there was a contest and a negotiated settlement, the executor would prepare to make the full distributions required under the settlement. (If there are lawsuits still outstanding against the estate, it is unlikely that distributions will be made until these are settled.)More... |
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| Co-Ownership Myths - II |
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| 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. More... |
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| Descent and Distribution, Generally |
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| Traditionally, a state statute of descent and distribution provides the order of preference for disposal of an intestate's net estate. As a general rule, the person or persons with the highest rank in the order of preference who survive the intestate take all of the intestate's net estate.More... |
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| Executors |
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| The executor must state the name and domicile of the decedent, as well as the year that domicile was established. Also the executor must state the decedent's date of death and Social Security number and the name, address, and Social Security number of the estate's executor. Similar information must be given for the estate's attorney. Further general information is requested such as the decedent's business or occupation and marital status. It requires a breakdown of the estate to show how much of it was (or is to be) received by the spouse or other heirs. This is to ascertain the estate-tax marital deduction.More... |
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