Trust and Estates Newsletters
One confusing aspect of estate planning is the numerous myths about the co-ownership of bank accounts. The different types of bank accounts are often confused with the standard forms of property co-ownership. This article discusses some of the myths about the co-ownership of bank accounts.
One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was.
When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. When a person dies intestate, there is no adding of provisions beyond the default plan. The default plan is only the default plan and nothing more. This article discusses the disadvantages of descent and distribution related to the inability to add provisions beyond the default plan.
There are two kinds of durable powers of attorney for finances: those that take effect immediately and those that take effect only upon your incapacitation where one or two doctors declare that you can no longer manage your financial affairs.
This article is the second part of a three-part series describing the traditional names for the various members of one's family.