A Will outlines the distribution of assets of a person’s estate to named beneficiaries.
But what about the assets of that estate that already name a specific beneficiary in advance — like a life insurance policy, a 401(k), or an IRA? Continue reading Does a Will Override the Named Beneficiary of Life Insurance or 401(k)?
While it is legally possible, Standard Legal believes that a Last Will & Testament is most appropriate for designating beneficiaries and for outlining the desired methods of distribution of property upon death, but not for creating a Trust. Continue reading Can a Last Will Be Used to Set Up a Trust?
It’s a common question: can my Last Will and Testament be set up to pass everything to my Spouse when I die, then later distribute our assets as I direct after my spouse dies? Continue reading Can My Will Pass Everything to My Spouse, Then As I Direct After My Spouse Dies?
Exactly what steps can a married couple take to avoid Probate on their real estate property when creating their Last Will and Testament? And does living in a Community Property state affect those steps? Continue reading Can a Married Couple Avoid Probate in a Community Property State?
Beneficiaries who are named in a Last Will and Testament may bring an action against the Executor of the Will if the Executor engaged in conduct contrary to the provisions of the Will.
How long the Beneficiary has to bring such an action depends upon the laws of the state where the Will is being executed. Continue reading If an Executor Does Not Follow a Will, What Can a Beneficiary Do and for How Long?
Providing mortgage payments on a property is not the same as revising the Deed for a property, and it is a Deed that designates ownership. Continue reading If I Made Mortgage Payments on My Parents’ House, Does a Will Still Divide Ownership Equally Among All Siblings?
A Last Will and Testament does not transfer property or assets until after the death of the maker of that Will.
But a person who is named Attorney-in-Fact by a Power of Attorney document can manage the assets of a Principal, so long as ‘best interest’ is applied. Continue reading Can the Executor of a Will with Power of Attorney Distribute Assets Before the Death of the Maker?
Many states have laws that prevent one spouse from disinheriting another spouse within a Last Will and Testament. As such, it may be wise to wait until the Divorce proceedings are finalized to create a new Last Will and Testament. Continue reading If I am Divorcing My Spouse, Can I Create a New Will To Exclude That Spouse?
Typically, the words ‘per stirpes’ or ‘per capita’ are used directly within the language of a well-written Last Will & Testament document. Continue reading How Do I Know if Distribution of my Family’s Will is to be Per Stirpes or Per Capita?
In most states, upon Divorce the law treats a former spouse as if he or she died before the Testator, i.e. the person making the Will.
But typically the remainder of the Will continues to be effective.
So generally, a former spouse of a Joint Will is treated as deceased and the children named in the Will remain as beneficiaries.
But not always. Continue reading How is a Joint Will with an Ex-Spouse and Children Handled if Other Ex-Spouses and Children Exist?