When does a Will go in to effect?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
When does a Will go in to effect?
If I have been given something in a Will when do I take ownership of the item, and when would I be able to sell it to someone else? A relative left me the use of a trademarked musical band name and I want to sell its use to someone else. Can I do it now or do I have to wait until his succession is done and the probate process is finished?
Asked on July 18, 2011 under Estate Planning, Louisiana
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
First, of course, a will creates no interests whatsoever until the person creating the will (the testator) passes.
Second, however, even after the testator's death, not until the probate process is finished does anyone receiving property under the will have ownership of that property. Prior to probate being concluded, the property is owned by the estate, not by the heirs or beneficiaries, albeit owned by the state subject to the instructions on disposition in the will (e.g. the estate can't sell the trademarked name, since it has been left to you). Only after probate will you have ownership and an interest that can be transfered, unfortunately, so you are going to need to have to wait.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.