Probate Court
A probate court is a specific kind of court that specializes in the administration and distribution of property. Such courts are in charge of checking the legitimacy of Wills and making sure the Will Executors are faithful to their duties. The involvement of the probate court during the probate process may heavily vary. It might […]
Estate Administration (Types)
There are generally two kinds of administration regarding your estate, independent and dependent administration. In independent administration the executor manages your estate in an informal manner. For instance, they may require no court supervision while they are distributing your estate. This means that independent administration avoids any unnecessary interventions by the probate court. On the […]
Fiduciary
Fiduciary is a general legal term, mainly present in the expression fiduciary duty. An individual having a fiduciary duty essentially acts in the best interest of someone else – in most cases financially speaking. The individual charged with a fiduciary duty is simply a fiduciary. Correspondingly, the other person that benefits from that duty is […]
Provision
A provision is a clause or paragraph in a legal document or contract. In simple words, a provision in the context of your Last Will is a statement. Specifically, it often clarifies whether something has to take place or has to not take place. A good example might be a no-contest provision: it is a […]
Guardian (Types)
There can be many kinds of Guardians. A sole Guardian is a person who you nominate in your Last Will to take care of your minor children until they legally become adults. Co-Guardians refers to nominating two individuals instead. Note also that co-Guardians need to almost always live in the same city or town. Additionally, […]
Guardian (Definition)
A Guardian is a person that you have nominated in your Last Will. Essentially, they have full custody – or guardianship of your minor children. In other words, they take care of your children that have not yet reached adulthood. Usually this refers to children below 18 years but this might depend on state or […]
Executor (Types)
There are many kinds of executors. A sole executor is someone who you nominate to carry out the terms of your Last Will alone. Co-Executors refers to two individuals who you nominate to carry out the terms of your Will together. The co-executors will have to work together so you may have to take that […]
Executor (Definition)
An executor is the person that carries out the terms that you have set up in your Will. In other words, you nominate an executor that will follow the instructions of your Last Will. Note that depending on your country, state or province, you may use the term personal representative instead. Certain countries or states […]
Right of Representation
Also known as per stirpes, the right of representation refers to the premature death of a beneficiary. Specifically it describes what happens with their share if they have passed away before the distribution of their share. The descendants, then, of this beneficiary have the right to receive the asset or share. For instance, let’s assume […]
Heirs-at-law
These are the people that would automatically receive your property after your passing. Who are these exactly, and how they will receive your property may vary depending on National or State laws. In other words, your heirs-at-law are the people who automatically inherit your estate, even if there is no Last Will. Additionally, if there […]