| 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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| Inheritance Without Planning Means No Adding to the Default Plan |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under with his or her net estate is disposed. When a person dies intestate, there is no adding to the default plan. The default plan is the only plan. This article discusses the disadvantages of descent and distribution related to the inability to add to the default plan.More... |
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| Duties and Powers of a Trustee |
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| A trustee has the duty to take possession of and preserve the trust property, and he must exercise reasonable care and skill in dealing with it.More... |
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| Probate -- Overview |
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| In a civilized society, a legal mechanism for dealing with a deceased person's property is essential. Think of the chaos that would result if, when someone died, the law allowed anyone free access to take all or any part of the deceased person's property on a "first come" basis. Instead, we have developed a system that protects and sometimes directs the distribution of property on a persons death. Our laws recognize that some order must be maintained in the situation and so they provide, among other things, for what is called the right of "freedom of testation" and a legal process to deal with those estates that have exercised that right, as well as those that have not.More... |
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| Resulting Trusts |
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| Trusts are sometimes classified by the intent, if any, of the settlor to create a trust. This article discusses the kind of trust for which the settlor's intent is implied: the resulting trust.More... |
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