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Jan. 3—Two types of legal documents can outline your wishes for after you die, yet few people understand the pros and cons of either a revocable living trust or a will. Generally, a revocable ...
Probate can stretch anywhere from 3 to 24 months or longer as the court oversees the distribution of your assets. During this time, creditors can make claims against the account, and the court ...
The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets. Thus this kind of trust fulfills the goal of asset protection planning, i.e. to insulate assets from claims of creditors without concealment or tax evasion.
The generic term "beneficiary" under the Uniform Trust Code is defined as a person that (A) has a present or future beneficial interest in a trust, vested or contingent; or (B) in a capacity other than that of trustee, holds a power of appointment over trust property. [69] Beneficiaries are the holders of "equitable title" of trust assets and ...
When your deceased relative created the trust, they set distribution guidelines for the time of distributions or … Continue reading → The post How Does a Beneficiary Get Money From a Trust ...
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
The good news is there are several strategies to prevent your investment assets from going into probate, including joint ownership, transfer on death (TOD) designations, beneficiary designations ...
Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees .