| The Natural Objects of One's Bounty - I |
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| One advantage of making and leaving a will is that you can specify to whom you want your property to go after you die. Whether or not you make and leave will, it is useful to know the traditional names for the various members of one's family.
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| Inheritance Issues -- Widow's Allowances |
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| Every state has laws that offer some protection for the welfare of a surviving spouse and, to a lesser extent, minor children of the deceased in cases where the deceased did not provide for them in his or her will or where the family requires financial assistance while the estate is being settled. For the most part, these provisions favor the surviving spouse, and amounts allowed for the care of minor children, surprising as it may seem, are usually quite limited. A minor child has no right to sue the estate of a parent for support, despite the fact that the parent had the legal obligation to support the child while the parent was alive. Most states, however, do provide shelter, at least, for the minor child for a period after the parent's death.More... |
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| Basic Trust Types and Formation |
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| An express trust can be either private or charitable. The main difference is that the beneficiaries in a private trust are identifiable persons while a charitable trust cannot be for the benefit of identifiable persons. A charitable trust must be for religious, charitable, educational, or benevolent purposes, and cannot name only a few individuals to receive the benefit. If a charitable trust fails to name a specific charity, a court will redirect the trust property to a recipient that most closely appears capable of carrying out the charitable purpose. More... |
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| Executors - Family Business Issues |
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| The most difficult asset to administer in any estate is a family business. There are at least four major problems: (1) lack of liquidity - not enough cash to pay administration expenses, death taxes, and specific bequests; (2) lack of investment diversification - often all or most of a decedent's wealth is in one business; (3) non-marketability - it is hard, and sometimes impossible, to sell a minority interest in a family-owned business; and (4) the family's emotional involvement and company-employee relationships.More... |
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| Limited Inheritance in Unusual Circumstances |
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| State statutes of descent and distribution are usually supplemented by other statutes or court rulings that limit or prohibit inheritance in unusual circumstances. This article discusses some of those unusual circumstances.More... |
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