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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.
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.
A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. You're able to maintain control over a trust and its assets as long as you're alive.
These specific legacies are viewed by courts as unique and not able to be replaced with a lifetime gift of money or other property. [ 2 ] When the probate court determines that the doctrine applies to a lifetime gift made to a will beneficiary, the amount beneficiary's gift under the will is reduced by the amount the beneficiary has already ...
Image source: Getty Images. 1. You don't have to go through the probate process. When it's time for a will to be executed, it goes through a process called "probate." During probate, a court ...
A living trust is a legal document that directs the transfer of ownership of your assets to a trust, from which a trustee distributes them according to your instructions after your death.
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 ...
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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