I was poking around the internet and found a good synopsis of how beneficiary deeds operate. Although this is not a comprehensive summary, it gives the gist of how these deeds work. Please note that I am not the author of this passage, but am merely using it because I think it is a succinct…
Legal Articles
Durable Powers of Attorney
A power of attorney is a document where one person or entity (a principal) grants consent authorizing another person or entity (agent) to act on his or her behalf. Essentially, under this arrangement, the agent has consent to act on behalf of the principal in certain situations and is authorized to make decisions which will…
Funding Trusts
A trust is like a fancy gift. More technically, it is a situation in which one person or entity — the trustee(s) — holds the legal title to identifiable property at the request of another — the settlor — for the benefit of a third party — the beneficiary. To give an example, say I…
Will Requirements
Clients often request information regarding a “simple will.” They see commercials for places like legalzoom.com and conclude that such a rudimentary instrument is all that is needed. However, while a “simple will” is sufficient for some clients, more often than not clients want more detailed distributions in their estate and do not simply wish to…
Probate: Intestacy
Most people are unaware of what happens to their estate (all the property they own) if they are to pass away without a will, trust, etc. There are a few reasons for this. People generally do not like to discuss what happens with their property after they die. Few want to come to grips with…