In cases where more than one family member is interested in the same item, the best-case scenario is that they can reach a peaceful resolution, perhaps involving trading other sought-after items. If there is an impasse, beneficiaries could sell the item in question and divide the proceeds equally. Another option is for one beneficiary to buy out the other beneficiary’s interest in the item. They could also draw straws or flip a coin. The solution may depend on whether the dispute is over a single item, like a ring, or over multiple items, resulting in a breakdown in the peaceful division of items.
Category Archives: Heirs
20
Sep
Sep
Generally, a more complicated estate plan (for example, a plan that includes continuing trusts, tax planning, or asset protection planning) will cost more, as it requires more time to prepare and a more experienced attorney. We caution you, however, from creating an estate plan that is overly simplistic and does not fully align with your goals just to save money on legal fees. A good estate planning attorney can recommend the “just right” estate plan to fit your needs without overcomplicating things and charging unnecessary fees for tools and features you do not need.
13
Sep
Sep
Another issue with relying on state law is that none of the transfers to your loved ones happen automatically. Your family must open a probate estate with the court and go through the process specified in state law before your property can transfer out of your name and into theirs. This process can be long and costly. It is also public. Many people prefer that an inventory of their property and the details of their family stay out of the public eye. Perhaps the best way to keep your matters private is by creating and funding a revocable living trust while you are alive and have the legal capacity to do so.
09
Aug
Aug
When raising children, most parents hope to shape their children’s behaviors, provide them with specific values, and help them become productive members of society. Parents often use a “carrot and stick” approach to get the desired outcomes, incentivizing approved actions with rewards and discouraging unapproved actions with punishments.
12
Jul
Jul
Estate planning often involves dealing with difficult situations. Putting off thinking about these decisions is not the solution. By delaying making plans for how best to care for an addicted loved one when you are no longer around, you risk losing an opportunity and control that can further complicate matters.
03
May
May
The Centers for Disease Control and Prevention (CDC), reports one in four US adults have some type of disability. Frustratingly, disability may render you unable to manage your own affairs. This is also known as being incapacitated. In this case, you will not be able to turn back the clock. So, make plans that will make your transition into a possible incapacity as smooth as possible. You can take meaningful actions prior to an incapacity. This protects your money, property, and legacy in the wake of any newfound limitations:
26
Apr
Apr
How you give or loan money to family members has potential tax implications. The right method depends on your family circumstances.
Assets, Estate Administration, Estate Planning, Guardianship, Heirs
Conservatorship: Michael Oher Controversy Explained
24
Nov
Nov
A conservatorship is a court-ordered arrangement that gives one person (or multiple people), called a conservator, legal authority to manage the affairs of another person, known as a conservatee or ward. Conservatees are often children. Incapacitated adults and those with developmental or age-related disabilities often enter conservatorship.
27
Oct
Oct
To mix things up to distribute assets, once everyone has had an opportunity to make their first selection, the person who drew the largest number can start the second round, continuing in reverse sequential order. For the third round, the person who drew number 1 can start, and the selections continue in sequential order.
13
Oct
Oct
When to start planning for your estate depends on your goals and the size and complexity of your estate. If your estate involves business interests, multiple properties, significant investments, or complex family dynamics, creating a comprehensive plan may require more time.