A life estate is a form of property ownership that splits control and ownership of a property. The person who creates the life estate for their home and assets is known as the life tenant. Though the tenant retains control of the property, they share ownership during their lifetime with the remainderman, a legal term referring to the estate’s heir.
There is a general consensus that having a last will and testament is important. However, few people realize the necessity of having medical documents in place.
One major misconception is we simply can tell loved ones what we want to happen for the purposes of health or property distribution and family members can ensure that those wishes are followed.
A power of attorney is a legal document that gives a person the authority to act on another’s behalf.
When someone passes away, it’s up to their executor to handle the probate process. However, what happens if the executor of a will dies?
Dying intestate can have unintended consequences for pretty much every family type. However, it is especially painful if there are unmarried partners or stepchildren, who are left out under the law in almost every scenario.
The conditions for amending a trust, including who has the authority, is usually set out in the document.
A power of attorney grants someone (the “agent”) authority to act on behalf of another party (the “principal”).
If you’re seeking guardianship or conservatorship for a relative who is unable to take care of their own personal or financial needs, get ready for the long haul.
It is commonly understood that upon death, our property will pass to someone else. However, the details of exactly how property passes often seem a bit more mysterious.
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