| Bank
Account Co-Ownership Myths |
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| One confusing aspect of estate
planning is the numerous myths about the co-ownership of bank
accounts. The different types of bank accounts are often confused
with the standard forms of property co-ownership. This article
discusses some of the myths about the co-ownership of bank
accounts. |
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| Inheritance
Issues -- Spouses |
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| When the deceased leaves a
will disinheriting a spouse, most states allow the surviving
spouse to ignore (or waive) the will and take what is called
a forced share. The laws of those states that allow a surviving
spouse to take a forced share are very specific in the amount
that the spouse may take, but this does not mean that questions
do not arise. |
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| Inheritance
Without Planning Means No Changing 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 changing the default plan. The
default plan's sequences for determining who inherits and how
much can not be changed. This article discusses the disadvantages
of descent and distribution related to that inability to change
who inherits and how much. |
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| Lapse
and Mistake |
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| One of the main purposes for
making and leaving a will is to guide the administration of
the estate of the testator--the person who made the will. A
will should be written in language that is clear and indisputable.
Alas, the language in a will may be unclear or vague. This
article discusses the will interpretation and construction
issues of lapse and mistake. |
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| Executors
-- Wrongful Death Claims |
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| If the decedent died intestate
(without a will), you have absolute freedom to select an attorney
to help administer the estate. If the decedent died testate
{with a valid will), you typically have the same flexibility,
even if the testator specifically mentioned in the will that
she wanted you to employ a particular attorney; this, under
the law of most states, usually is considered merely a suggestion
and is not binding. Since the attorney is an essential part
of the estate administrative team, many executors prefer to
have an individual with whom they can work effectively. Whether
the attorney is the one selected by the decedent or one selected
by you, his services are vital to the successful handling of
many estates. |
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