|
|
A Will Contest is a type of litigation that challenges the admission of a Will to probate. Issues that are likely to spur the contesting of a Will include:
- the testator lacked mental capacity, i.e. was senile, delusional or of unsound mind at the time the documents were created;
- the testator was subjected to fraud, coercion or undue influence during its creation and implementation;
- there are ambiguities in the document or
- the Will is a forgery or does not conform to legal requirements as to the number and nature of the witnesses.
If the Will is thrown out, the court, depending on state law and the specific facts and circumstances may disallow only the part of the Will that was challenged; throw out the entire Will, distributing the property as if the person died without a Will or use the last previous Will. |
|
|
Private Annuities & Charitable Trusts |
|
In a private annuity trust, an owner transfers property to an irrevocable trust in exchange for a promise to make prescribed payments to the owner for his or her lifetime. The trust then sells the property to a third party, the proceeds of which are invested to provide the payments promised to the owner. On death, the remainder of the trust estate typically passes to the heirs of the property owner. The trustee must be someone other than the property owner.
A charitable trust is somewhat similar to a private annuity trust, except that the owner transfers property to an irrevocable trust of which one or more charitable organizations will be beneficiaries. The type of charitable trust most likely to be used is a charitable remainder trust, in which the owner retains an income interest for his or her lifetime. The property can be sold by the trustee and the proceeds invested to provide the payments to the owner. On death or after a specified term of years, the remainder of the trust estate passes to one or more designated charitable organizations. Unlike a private annuity trust, the trustee can be the property owner. |
|
The money and property you own when you die (your estate) may be subject to federal estate tax. Most estates are not subject to the tax. Only about 2% of all estates are subject to the estate tax. An estate tax return generally will not be needed unless the estate is worth more than the applicable exclusion amount for the year of death. The estate tax is technically a tax on the transfer of property to others, generally to children of a decedent. Estate taxes are different from, and in addition to, probate expenses and final income taxes owed on income the decedent earned in the year of his or her death. They also are separate from inheritance taxes that are collected by some states. |
|
|
A guardianship is a legal relationship created by a court between a guardian and his ward, either a minor child or an incapacitated adult. The guardian has a legal right and duty to care for the ward. This may involve making personal decisions on his or her behalf, managing property or both. Usually, a person has the status of guardian because the ward is incapable of caring for his or her own interests due to infancy, incapacity or disability. Courts generally have the power to appoint a guardian for an individual in need of special protection.
There are different types of guardians that can be appointed. A guardian with responsibility for both the personal well-being and the financial interests of the ward is a general guardian. A person may also be appointed as a special guardian, having limited powers over the interests of the ward. A guardian appointed to represent the interests of a person with respect to a single action in litigation is a guardian ad litem. |
|
A conservatorship is a court order that a person deemed fully or partially incapable be subject to the legal control of another person. The conservator is responsible for the assets and finances of an incapacitated person. Many jurisdictions use the term "guardian of the person" to refer to the same legal principle. It may be necessary to petition a court to appoint a conservator for persons:
- Who have physical or mental problems that prevent them from managing their own financial affairs;
- Who have no person already legally authorized to assume responsibility for them; and
- Where other kinds of assistance with financial management will not adequately protect them.
|
|
|
|
|
<< Start < Prev 1 2 Next > End >>
|
|
Page 1 of 2 |
