Equally sharing the wealth among the children isn’t always fair, such as when one sibling is the primary caretaker, or another is already wealthy.
A last will and testament is essential for every adult. It establishes one’s wishes for distributing their property, whether real or personal, after death.
The main responsibility of an executor of a will is to carry out the final wishes of the person who bestowed that position of trust.
What Is a Beneficiary and How Do I Name One?
The contents of a person’s will and related revocable trust cannot be challenged in court until he or she has died, Maryland’s second highest court ruled last week in rejecting a daughter’s bid to revive an undue-influence challenge to her estranged and ailing mother’s decision to write her out of her will.
In simple terms, a residuary estate is any part of your estate that hasn’t been distributed to your heirs through a last will and testament.
It may be better to give than to receive. However, it may be even better to give and see your generosity rewarded.
Will there be changes in your circumstances or your family that should lead to a review of your plan? Could some events cause you to need to revise or update the plan?
Without a power of attorney, your spouse, children or friends will probably have to petition the court to step in on your behalf.
Adult children may anticipate, but are not legally entitled, to an inheritance.
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