The presidential line of succession ensures that the US always has a leader, even in a crisis. The Vice-President is first in line, followed by the President of the Chamber of Deputies and the President Pro Tempore of the Senate. The line then runs through the Presidential Cabinet. Officials who could succeed to the position […]
Avoiding probate is a common concern in estate planning. Dying without a will is not recommended, as it can lead to higher taxes and legal disputes. Distributing assets while alive or placing them in a co-ownership trust are better options to avoid probate. Understanding gift tax laws is important when giving away assets. If you […]
Probate is the legal process of distributing a deceased person’s assets without a valid will. The probate court appoints an executor, who notifies creditors and relatives. Taxes and debts are paid first, then the heirs receive the balance of the estate. Intestate laws determine how property is allocated based on the relationship of the heir […]
Informal probate allows for the liquidation of a deceased person’s estate without court involvement, but laws vary by jurisdiction. If all heirs agree, an informal succession is permitted, but disputes may require a formal succession. The executor must seek approval and comply with applicable laws. It is less expensive than a formal probate but still […]
Probate guardianship is when a court-appointed adult cares for a child and their property. The adult may not be the child’s parent, and the guardianship can be for the person or estate. It is often initiated when the biological or adoptive parent is unable or unwilling to parent. The court may appoint the same person […]
Probate bonds ensure that an executor fulfills their duties according to a deceased person’s will. They are purchased through bond companies and must cover the value of the assets listed in the will. Probate courts also handle wills, guardianships, and financial management for incompetent individuals. Trustees may be appointed to coordinate asset transfers, and inheritance […]
Probate bonds ensure that an executor fulfills their duties according to the deceased’s will, covering the value of the property and protecting heirs from theft, mistake, or negligence. They are purchased through bond companies and must be obtained before property distribution can begin. Probate courts also handle wills, guardianships, and financial management for incompetent individuals. […]
Ancillary probate is a second probate conducted when a deceased person owns property in a state other than their state of residence. This can also apply to property in other countries or provinces. Property types subject to ancillary probate include real estate and vehicles registered in a different state. It is possible to avoid ancillary […]
Probate is the process of settling a deceased person’s obligations. It involves determining the assets of the deceased, paying taxes and debts, and distributing property according to the will. Probate rules vary by jurisdiction and complexity of the will. When someone dies in a will, the act of settling the person’s obligations is called the […]
Probate property is owned by the estate of the deceased and subject to probate proceedings. Not all assets owned by the deceased are probate property. Probate proceedings occur when the person dies without a will or without a valid will. Some properties are not subject to probate, and individuals often use various pre-death legal methods […]
Intestate succession is when someone dies without a valid will, and their property is transferred to heirs according to regional law. The government appoints an executor to distribute assets appropriately. Writing a will can avoid this and ensure special bequests are honored. Intestate succession is a process through which the property of one who died […]
