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According to estate planning experts, a few common mistakes repeatedly cause problems with transferring assets, from outdated beneficiary designations to improper account structures.
The year 2020 marks the centennial of the passage of the Nineteenth Amendment, as well as the 150th anniversary of the first women voting in Utah, which was the first state in the nation where women cast a ballot. [143] An annual celebration of the passage of the Nineteenth Amendment, known as Women's Equality Day, began on August 26, 1973. [144]
Wills and estate planning: Trusts frequently appear in wills (indeed, technically, the administration of every deceased's estate is a form of trust). Conventional wills typically leave assets to the deceased's spouse (if any), and then to the children equally.
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.
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You cannot name a legal minor as a beneficiary. This applies to almost all legal documents, most notably wills and life insurance policies. The significant exception to this rule is trusts.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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related to: 19th amendment beneficiaries of estate planning