Options for Distribution of Assets in Your Estate
There are four basic options to distribute your assets, such as gifting, intervivos trusts, distribution on death through your will and distribution outside your will.
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Choosing a Property Guardian for Your Minor Children
The law does not permit minors to assume legal control over property left to them in a Will. This means that you need to be sure that a responsible adult will handle the money and property you leave your children.
→ Read MoreIs it possible to remove an executor from an estate?
When an individual, known as a testator, writes a will, he or she will generally appoint an executor. The executor of a will has a duty to the testator to carry out the terms and conditions of the will upon the testator’s death. During life, the testator can easily remove the executor from the will and replace him with another. After the testator’s death, it becomes more difficult to remove an executor from the estate. However, it is not impossible.
→ Read MoreFairness in Division of Family Assets
The easiest way to avoid conflicts and hurt feelings in distributing your assets in a will is to give an equal amount to each child; but this does not necessarily mean fairness.
→ Read MoreHow to Revoke a Will
As long as you are still alive and considered mentally competent, you are as free to change your will as you were to make it. There are certain procedures to changing a will that must be followed if you want to accurately and successfully revoke a will in favor of a new one. In order to change your will you must make your new wishes clear in a new document, and properly revoke a will that does not reflect your intentions.
→ Read MoreWho is entitled to a copy of a will?
During the process of distributing an estate’s assets according to the will, it is not uncommon for interested parties to request to view copies of the will. Whether or not a party requesting an opportunity to view and receive a copy depends on who they are, their role in creating or managing the will, and their relationship with the deceased.
→ Read MoreDoes marriage affect my will?
Marriage is a life-altering event that dictates the need to make some changes, among the most important, you and your new spouse should create new Wills.
→ Read MoreWhen do I need to update my will, and how do I do it?
Any time you or your any family members experience a major life change, you should consider updating your will. A “major life change” can include…
→ Read MoreWho gets my property if there is no will?
When there is no will, the probate court appoints an administrator or executor (also called personal representative) to inventory assets, pay bills, and generally manage the estate.
→ Read MoreDividing Your Assets in a Will
Dividing your assets in your will, such as your home, car, furniture, bank accounts, stock, insurance policies, will minimize family meltdowns over distributions, especially if you are precise in your wording of your intentions.
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