Yes, and one of them would be used in conjunction with a revocable living trust. If you were to create one of these trusts, you may have some assets in your direct personal possession at the time of your passing. A pour over will would allow these assets to be absorbed by the trust after you are gone. Another will that should be part of every estate plan is a living will. In this document, you state your preferences with regard to the utilization of artificial life-support measures. … [Read more...] about In addition to the standard last will that is used to transfer assets, are there any other types of wills?
Absolutely not, there are different types of trusts that can be a better choice when certain circumstances exist. The trust that is ideal for the widest range of people is the revocable living trust. These vehicles provide multiple different advantages. One of them is the fact that assets can be transferred outside of the time-consuming process of probate. Plus, if you establish a living trust, you can include spendthrift protections, and you can name a disability trustee to administer the … [Read more...] about Is a will always the best choice for people that are not wealthy?
Unfortunately, the answer to this question is a resounding no. If you execute a will, you would name an executor in the document to act as the estate administrator. After you die, the executor would admit the will to probate, and the court would provide supervision during the process. The exact duration will vary depending on the case in question, but it will typically take about eight months to a year if there are no major complications. No inheritances can be distributed while the estate is … [Read more...] about Are assets distributed shortly after you die if you have a will?
Yes, an interested party can contest the validity of a will during probate. Acceptable grounds include incapacity, fraud, coercion, intimidation, and improper execution. … [Read more...] about Can a will be challenged?
In order for a will to be valid, it must be executed by an adult that is of sound mind. One of our offices is in Vermont, and in this state, you must sign your will in front of two witnesses. The witnesses must also sign it in front of you, and in front of one another. In the Empire State, you have to sign or acknowledge the will in the presence of two witnesses. You are also required to declare to these witnesses that the document is in fact your last will. Finally, they must sign the will … [Read more...] about What are the legal requirements for a valid last will?
There are intestacy laws on the books that would hold sway if you were to pass away without a will or any other estate planning documents. Your final debts would be paid, and ultimately, the assets that remain would be distributed in accordance with the intestate laws of succession. Under these circumstances, it is very possible, if not likely, that your resources would not be passed along the way that you would have preferred. This is one major negative, but there are others, so the idea … [Read more...] about The state will step in to take care of everything if you die without a will, right?