| Descent and Distribution, Generally |
| 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... |
| State Death Taxes - General Issues |
| Almost every state levies a tax at death. Many states impose an inheritance tax, which is imposed on the right to inherit property. This should be compared with an estate tax, which is a tax imposed on the right to transfer property. The distinction is important because an inheritance tax is levied on the share of each beneficiary individually and not estate as a whole. The importance of this distinction is that the closer the relationship to the decedent, the greater the exemption (if there is one) and the lower the rate of tax. For instance, some states don't tax transfers to surviving spouses while others provide a lower rate of tax for transfers to children, parents, or surviving spouses.More... |
| The Natural Objects of One's Bounty - II |
| This article is the second part of a three-part series describing the traditional names for the various members of one's family.More... |
| Probate -- Inventory and Payment |
| 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... |
| Lapse and Mistake |
| 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 the will interpretation and construction issues of lapse and mistake.More... |
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