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The holder of a general power of appointment is treated for estate tax purposes as if he or she is the owner of the property subject to the power, regardless of whether or not the power is exercised. Thus, the property that is subject to the power is includable in the power holder's estate for estate tax purposes.
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.
For many families, a living trust can streamline the process of transferring wealth after you die by eliminating probate and minimizing estate taxes. Check Out: The 50 Happiest States in America ...
Intestacy, Wills, and Donative Transfers Intestate succession of property; procedures for making, interpretation, and revocation of wills (includes Statutory rule against perpetuities and Uniform Simultaneous Death Act )
A testamentary trust provides a way for assets devolving to minor children to be protected until the children are capable of fending for themselves; [3] A testamentary trust has low upfront costs, usually only the cost of preparing the will in such a way as to address the trust, and the fees involved in dealing with the judicial system during probate.
New Hampshire Probate Court in the U.S. state of New Hampshire, is the court which has jurisdiction over trusts, wills, and estates, adoptions, termination of parental rights, name changes, guardianship of incapacitated persons, guardianship of minors, partition of property and involuntary admissions. Each of the ten counties has a probate court.
In trust law, a constructive trust is an equitable remedy imposed by a court to benefit a party that has been wrongfully deprived of its rights due to either a person obtaining or holding a legal property right which they should not possess due to unjust enrichment or interference, or due to a breach of fiduciary duty, which is intercausative with unjust enrichment and/or property interference.
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.
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