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As the assets aren't considered a part of your estate, they sidestep the probate process. It also lets you continue to use assets transferred into the trust: for example, a house or money from ...
Living trusts can act as probate-repellent, but some assets need to be kept out. If you want to help your kids bypass probate when you die, here are 5 assets to avoid putting in a living trust ...
Community property issues often arise in divorce proceedings and disputes after the death of one spouse. These disputes can often be avoided by proper estate planning during the spouses' joint lifetime. This may or may not involve probate proceedings. Property acquired before marriage is separate and belongs to the spouse who acquired it.
Here are the main reasons people try to avoid probate court: It saves time: Probate can take several months or even years to complete, during which time assets are off-limits to beneficiaries ...
The family court division of Circuit Court has original jurisdiction in cases involving dissolution of marriage (divorce), child custody, visitation, maintenance and support (alimony and child support), equitable distribution of property in dissolution cases; adoption, and termination of parental rights.
An example of such an asset is the US$15 billion that United Airlines' frequent flyer program, MileagePlus, was estimated to be worth when it filed for Chapter 11 bankruptcy. [2] In divorce cases, a hidden asset is a property that is hidden by one spouse from the other and, as a result, is more difficult to discover during divorce proceedings. [3]
In common law jurisdictions, probate is the judicial process whereby a will is "proved" in a court of law and accepted as a valid public document that is the true last testament of the deceased; or whereby, in the absence of a legal will, the estate is settled according to the laws of intestacy that apply in the jurisdiction where the deceased resided at the time of their death.
Post-divorce, an advisor can help you create a new financial plan, establish a budget as a single person, help you understand the tax implications of selling assets and provide guidance on how to ...
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