Transfer on death accounts allow for the beneficiaries to receive assets at the time of owner’s death without going through probate. We won’t talk about setting up the account as we have done so in earlier posts. You can also talk to your “probate lawyer near me 11518” to get the procedure. Pros Of Using…
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The kind of business determines how it is to be handled basing on how it was owned and operated and the wishes of the deceased left in the will. The executor acquires a letter of administration to enable them govern business during probate. Business assets are dealt with differently basing on factors like if the…
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Every online entrepreneur needs a living trust. A living trust is an instrument that empowers entrepreneurs to decide how their investments will be distributed upon their passing. Among other benefits, a living trust protects the family of the business owner from being troubled with obligations including personal debts after they are gone. Setting up a…
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One of the best options for avoiding probate on cars in New York is to make use of Transfer on death (TOD) accounts. This is an arrangement whereby when you, unfortunately, pass on, the ownership of the vehicle is passed onto the named potential heir without passing through probate. If cars stay without being used…
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When it comes to avoiding probate, you have two tools that make things easier for you – the will and RLT. These two tools are effective estate planning documents that help you direct the management and distribution of assets after you pass on. So, how do you know which tool to use? Read on to…
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Joint tenancy is a situation where two or more people own a property or assets. The two are bound together by a legal agreement that they sign, that has recommendations and directives that dictate the partnership. Each partner has an obligation to meet, for the benefit of the property ownership. They each have a responsibility…
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People who own business assets with others can easily facilitate inheritance of their shares outside probate after death. As a business owner, you may consider titling your assets jointly depending on your state’s laws. By definition, joint ownership refers to the possession of the same asset by more than one person. These assets not only…
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Apart from writing a will, you may also decide to put your business assets into a trust. This is a legal platform that facilitates the distribution of any assets you possess to your beneficiaries without probate. The business owner or grantor dictates the conditions of the trust. Such terms include naming the beneficiaries, and listing…
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The probate process can seem endless for many people. Going through the paces of this process while you grieve can be a tough task. Therefore, it is just natural to wish to know the duration of the process when you have business assets locked in a succession battle. Business assets make the probate process longer…
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A living trust is a lawful element that empowers entrepreneurs to decide and appropriate how their investments will be appropriated upon their passing. Among other benefits, a living trust protects the family of the business owner from being troubled with business obligations including debts after they are gone. Placing your business into a trust means…
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