| Executors -- Steps Prior to Opening the Estate |
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| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused.More... |
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| Executors -- Notifying Creditors |
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| When an executor assembles and collects the deceased's assets and liabilities, he will become aware of the outstanding debts. Once he has obtained his letters of authority, his first formal step in settling debts is to notify all of the deceased's creditors who are known to him. But, because there may be creditors of whom he is not aware, he must publish in a newspaper a notice of the probate proceedings and a general invitation to creditors to submit their claims within the state-specified claims period. If he publishes this notice before receiving his letters of authority, it may be considered invalid and thus require republication.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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| Special Conditions in a Will |
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| As a general rule, a devise, a bequest, a legacy, or a trust in a will may benefit any person or legal entity. One major limitation is that is that a devise, a bequest, a legacy, or a trust in a will may not benefit a person or legal entity, if it does not meet a condition imposed by the testator. Most conditions are routine, such as rewarding a child with more money if he or she attends college. Some conditions are more unusual, and so, special.More... |
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| Probate --Beginning the Process |
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| When a person dies, the first thing that must be done concerning distribution of his property is to determine whether he left a will. In most cases, the spouse or children will know or have an idea that there was or was not a will. If not, a search of the deceased's papers and safe-deposit box may offer some leads. If the deceased had a lawyer or saw one before his death, the lawyer should be asked if he has any knowledge of a will.More... |
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