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Posts tagged "Heirs & Beneficiaries"

Aretha Franklin's death reminds us all to draft a will

The singer, Aretha Franklin, did not leave a will behind as a guide to distribute her estate assets. The singer's $80 million estate, which will probably be divided among her four sons will need to be probated according to intestate laws of her home state of Michigan. Her four sons have already filed the appropriate legal paperwork to lay claim to their late mother's estate.

Tennessee judge permits country singer's children to contest will

Three children of deceased country music legend Glen Campbell are pursuing legal action to contest two of the singer's wills. The children, who were excluded from two wills, may have the right to receive inheritances if their attempts to invalidate the wills are honored.

Could a spendthrift trust assist my child?

Imagine you have an 18-year-old child, and you have $3 million in your retirement account. You know that your 18-year-old isn't ready to handle this amount of assets, but you also want your child to receive the money if you unexpectedly pass away. One way to handle this issue allows you to safeguard your assets from being spent irresponsibly while still permitting your son or daughter to benefit from them. The strategy involves the use of a spendthrift trust.

What happens if I die without a will?

The idea that someone would pass away without a will is not very far-fetched. In some cases, especially when the decedent's estate doesn't have a lot of personal assets or only has one or two potential heirs, legal proceedings for an estate without a will concludes without a hitch. In other cases, when the decedent's estate is large and includes many potential creditors and heirs, the estate can be complicated and time-consuming to resolve.

Avoid these 2 estate planning mistakes

Everyone needs an estate plan – even people who don't have any personal assets. This is because estate plans cover more than just financial concerns. An estate plan will designate who will care for your children in the event of your incapacitation or death. For that matter, an estate plan will also establish who will care for you – with regard to your medical and financial decisions – if you're too ill or injured to make such decisions for yourself.

A few ways you might be able to contest a will

If you're not happy with the way you were treated in your loved one's will, don't feel guilty or bad. It could be that the will was not legally valid. It could be that the will was not what your loved one actually wanted. It could be that you have a viable will contest claim to make that would allow you to receive your just inheritance.

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