The Law Dictionary for Everyone
Estate planning the process of deciding what should happen to your wealth and assets when you die or should you become incapacitated. Along with protecting your assets during your life and after your death, an estate plan will help your family avoid probate and minimize the tax owed by your estate. The plan involves a broad range of topics and […]
Read moreProbate is the legal process of transferring a person’s property to beneficiaries or heirs after death. The customs and laws concerning probate have changed significantly over time, but the intention remains the same: to identify, sort out, and distribute a deceased person’s property. To explore this concept, consider the following probate definition. Definition of Probate Noun The official proving of […]
Read moreA living trust is a legal document that spells out an individual’s wishes concerning his or her assets, dependents, and other affairs, which are to be handled by another person, called a “trustee.” A trust is created by the individual, called a “Trustor,” at any point during his life, appointing a trustee, and detailing what is to be dealt with, […]
Read moreA Last Will and Testament, now most commonly referred to simply as a “Will,” is a legal document in which an individual records his wishes as to how his possessions and affairs should be handled after his death. The individual making the Will may specify, for example, who should take custody of his children, and which heirs should be given […]
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