| Executors -- Managing the Assets |
| |
| The best way to consolidate the decedent's liquid probate assets, to pay the decedent's taxes and debts, and to pay and keep track of your administrative expenses as the executor is to open a bank checking account under the title of executor of the decedent's estate.More... |
| |
| When to Revoke a Power of Attorney for Finances |
| |
| If you execute a power of attorney for finances document, you can revoke or cancel it at any time as long as you are mentally competent to do so. This means that you must understand the consequences of signing the revocation. You probably will not encounter any problems if you revoke a power of attorney that has not been given effect. However, a court proceeding may be necessary if you revoke a springing power of attorney that has been given effect (i.e., doctors have declared you to be incapacitated) and your attorney-in-fact refuses to accept that the revocation is valid.More... |
| |
| Duties and Powers of a Trustee |
| |
| 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... |
| |
| Probate --Beginning the Process |
| |
| When a person dies, the first thing that must be done concerning distribution of his property is to determine whether he left a will. In most cases, the spouse or children will know or have an idea that there was or was not a will. If not, a search of the deceased's papers and safe-deposit box may offer some leads. If the deceased had a lawyer or saw one before his death, the lawyer should be asked if he has any knowledge of a will.More... |
| |
| Inheritance Issues -- Children |
| |
| Most people are under the impression that they must leave their children something in their estates, since if they don't, an omitted child has the right to contest the will and take a share of the estate. In fact, in every state, with the limited exception of Louisiana, a parent has the power to disinherit a child simply by leaving his estate to someone else. And whether the child is left one dollar or nothing at all, she may contest the will.More... |
| |
