| Probate -- Overview |
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| In a civilized society, a legal mechanism for dealing with a deceased person's property is essential. Think of the chaos that would result if, when someone died, the law allowed anyone free access to take all or any part of the deceased person's property on a "first come" basis. Instead, we have developed a system that protects and sometimes directs the distribution of property on a persons death. Our laws recognize that some order must be maintained in the situation and so they provide, among other things, for what is called the right of "freedom of testation" and a legal process to deal with those estates that have exercised that right, as well as those that have not.More... |
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| Trust Elements - Trust Property - I |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.More... |
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| Letters of Instruction |
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| Your will should not mention each one of your possessions because their value and nature change as time goes on. Revising your will upon every change would be both inconvenient and costly. Instead, your will should use general language in addressing the disposal of your possessions. However, it is important that you keep an updated record of all your possessions in order to assist your survivors.More... |
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| Handwritten and Oral Wills |
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| Today, the standard method of making a will is the formal witnessed written will, sometimes called an attested will. However, today's formal witnessed will has roots in other methods of making a will. The first wills in medieval England were the oral wills recognized by church-related courts. Some states permit one or more of the historic methods of making a will. This article discusses handwritten and orals wills. Contact your lawyer to learn if these methods of will making are permitted in your state.More... |
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| Spousal Election |
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| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses the protection of the testator's surviving spouse from complete disinheritance.More... |
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