real estate: from
Basically includes everything you have. This includes life insurance, business interests, personal property, real estate and retirement plans. The "value" of your estate depends on the "fair market value" of the asset.
will: from
Public, court-controlled legal procedures used to change the ownership of assets of a deceased person. Since persons with disabilities are legally unable to transfer property, the Probate Court provides procedures for transferring the property of the deceased. Having multiple states of property will require multiple probate certifications.
will: from
A legal document that advises the probate court on the will of the deceased to allocate his assets. The will only takes effect after the death of the person.
Will substitute: from
Some forms of ownership automatically transfer property when they die. The most common alternatives are beneficial design and joint leasing. Whether alternatives can lead to unforeseen consequences and consequences.
trust: from
A legal document that provides instructions to individual trustees on how to manage and distribute their estate. Life trusts are established throughout a person's life and are usually revocable and modifiable. A well-funded trust can avoid probate and can provide instructions for managing the estate in the event of death or incapacity. A will trust is established as part of a will, but like a will, it is only valid for death and must be tested. Special types of trusts can be used to provide for children with disabilities or grandchildren, called special needs trusts. In addition, certain irrevocable trusts can help protect assets from the cost of nursing homes.
When you create a trust, you Trustmaker Transfer your property to the name of the trust, managed by you or someone else of your choice [ trustee For the benefit of yourself or others [ Beneficiary ]. In life trust, you are usually Trustmaker , trustee with Beneficiary This way you can retain full management and control over your assets. However, when you die, if the trust is the owner of all the items in the estate, there is no need for probate and the process is avoided. Your successor trustee will only need to further manage and distribute your estate as directed. Revocable Living Trust does not require any special or additional tax returns and can usually be revoked or modified at any time.
Monitoring: from
Guardianship is a legal relationship in which a probate court gives a person [guardian] the power to make a personal decision [ie, a medical decision] for another person [a person who is incapacitated]. If the judge determines that the person is not mentally capable of taking care of his or her own needs, the judge will appoint a guardian. In the absence of court restrictions, guardians usually have the same rights, powers and obligations to parents who have children for their minors.
take over: from
A regulatory body is a legal relationship in which a probate court gives a person [protector] the power to make a financial decision for another person [the protected person]. In addition to the judge's determination of the individual's ability to manage his or her financial affairs, the court proceedings are similar to the guardian's proceedings. If it is determined that the individual does not have the necessary mental capacity, the court will appoint a protector to make financial decisions for the individual. Once an appointment is made, the protector must submit an accounting document each year that records all income and expenses generated by the protected person.
Orignal From: Heritage planning glossary
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