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The modern view is that where a beneficiary was intended to inherit part of the residuary estate who predeceases the testator, and that beneficiary is not covered by the anti-lapse statute, then that beneficiary's inheritance will return to the residuary estate, to be inherited by the other beneficiaries to whom the residue has been willed.
The heir has several options, such as moving into the home and assuming the mortgage, buying out other heirs if they also inherited a portion of the property, or selling the house and using the ...
A lot of inherited property winds up in probate, which is a complex legal process that evaluates assets and outstanding debt. Probate can be an issue if the deceased doesn’t have a will, but it ...
Essentially, an irrevocable trust allows the grantor to still use their assets, while legally making them the property of the trust. For estate planning purposes, it can be beneficial to reduce ...
A will and testament is a legal document that expresses a person's wishes as to how their property is to be distributed after their death and as to which person is to manage the property until its final distribution. For the distribution (devolution) of property not determined by a will, see inheritance and intestacy.
After executing a trust agreement, the settlor should ensure that all assets are properly re-registered in the name of the living trust. If assets (especially higher value assets and real estate) remain outside of a trust, then a probate proceeding may be necessary to transfer the asset to the trust upon the death of the testator.
Image source: Getty Images. Avoiding probate is a major benefit. Of particular note is the ability of a living trust to avoid probate, the legal procedure that takes place to transfer an ...
The widow can gain no advantage from any advancement. No child can be forced to account for his or her advancement, but instead he will be excluded from a share in the intestate's estate. The usual judicial view was that any considerable sum of money paid to a child at that child's request is an advancement; thus payment of a son's debts of ...
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