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In the case of joint tenants with rights of survivorship, all assets go to the surviving spouse." Joint accounts work differently in community property states than in common law states.
Wills are an essential part of estate planning, leaving instructions for how to distribute your assets and possessions after you die. Trusts are a common tool in estate planning as well, serving ...
A special power of appointment allows the recipient to distribute the designated property among a specified group or class of people, not including donee, donee's estate, creditors of donee, or creditors of donee's estate. [2] For example, a testator might grant his brother the special power to distribute property among the testator's three ...
the income from property transferred is paid to one person, "the life tenant" (e.g. a widow/er), during their lifetime and thereafter is transferred to another person (who may take absolutely or a second life interest according to the terms of the trust, in the second case a third beneficiary would come into play).
The administrator of an estate is a legal term referring to a person appointed by a court to administer the estate of a deceased person who left no will. [1] Where a person dies intestate, i.e., without a will, the court may appoint a person to settle their debts, pay any necessary taxes and funeral expenses, and distribute the remainder according to the procedure set down by law.
A transfer-on-death account is an arrangement that allows the assets held within a brokerage account to pass directly to a named beneficiary upon the account holder’s death, thus avoiding probate.
“When the account holder passes away, the beneficiary must provide evidence to the bank of the account holder’s death, namely a death certificate, and then the bank will distribute the ...
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 .