| State Death Taxes - Returns and Allocation |
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| Each state usually has its own forms for inheritance-tax or other death-tax returns. Obtain these forms at the earliest possible date so that you will be aware in advance of your responsibilities and can accumulate the necessary information during the administration of the estate. As soon as reasonably possible, become familiar with the time requirements for filing the state death-tax returns. Some states give a discount for early payment, and this early payment can be due several months after death. The tax return often is due in less than a year, with penalties for late payment. More... |
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| Protection of the Immediate Family |
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| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses will interpretation doctrines designed to protect the testator's immediate family from mistakes, or apparent mistakes, by the testator.More... |
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| Descent and Distribution, Generally |
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| Traditionally, a state statute of descent and distribution provides the order of preference for disposal of an intestate's net estate. As a general rule, the person or persons with the highest rank in the order of preference who survive the intestate take all of the intestate's net estate.More... |
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| Choosing a Financial Power of Attorney |
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| You can create a valid power of attorney if you are at least 18 years old and mentally competent. Generally, you must understand what a durable power of attorney for finances does and that you are executing such a document.More... |
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| Probate -- Inventory and Payment |
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| Within one to three months (depending on the particular state) after the executor has been appointed, he is required by law to file a "complete" inventory of the estate's assets. The inventory is submitted to the court and, like all other papers submitted to the court, becomes a matter of "public record" (available to anyone who wants to look at it). Briefly, there are two reasons for the filing of the inventory. First, to indicate to the court the items of property for which the executor will later "account" to the court (tell the court in detail what he did with all these items when the estate is settled), and to let the beneficiaries, creditors, and all other interested parties know just what is included in the deceased's probate estate. If the executor delays or refuses to file an inventory, any interested party may ask the court to order him to file one, although if there are no disputes or contests, executors often file their inventories late.More... |
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