Estate Planning
| Co-Ownership Myths - III |
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| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. More... |
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| Disposing Dead Bodies |
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| The dead bodies of human beings are not property. The dead bodies of human beings are not disposed of by a state's statute of descent and distribution. If a person does not leave directions in a will or other document for the disposition of his or her dead body, his or her dead body is usually disposed of as provided by local custom. More... |
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| Wills |
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| Basic Vocabulary More... |
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| Executors -- Steps Prior to Opening the Estate |
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| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused. More... |
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| Basic Vocabulary and Execution |
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| A will is a legal document that explains where a person wants or does not want his property to go after his death. A will becomes effective upon death and until then, it can be revoked or amended. If a person dies without a will, a court will determine where his property goes according to state law.
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