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  • Disclaimer of Interest - Disclaimer of Interest Law Resources - LawInfo
    How to Disclaim an Interest State laws differ on specifics but in general for a disclaimer to be effective the person disclaiming must Refuse the property in writing within a reasonable time after learning of his or her interest in the property Take no proceeds from the property Not have any say or influence over who receives the disclaimed property General Timeframe to Disclaim an Interest The length of time during which a person can disclaim an interest varies by law but in general the following guidelines are considered reasonable Nine months after learning of the interest Nine months after the death of the decedent Twelve months after a living grantor creates a trust Some states have laws that prohibit a person from disclaiming when the person is receiving public financial assistance or is destitute Also some states may require that the person sign an affidavit stating that he or she was not paid to disclaim the interest Share this information Search LawInfo s Disclaimer of Interest Resources Still have questions Contact experienced Disclaimer of Interest Attorneys on LawInfo com or learn more about Trust Estate Administration Find an Attorney in Your Area Legal Issue e g Personal Injury Location

    Original URL path: http://www.lawinfo.com/disclaimer-of-interest.html (2016-02-15)
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  • Laughing Heir - Laughing Heir Law Resources - LawInfo
    A laughing heir can be said to be laughing all the way to the bank because he or she inherits property without the emotional attachment of being close to the deceased or in some cases without even knowing the deceased Several states have laughing heir statutes that limit how remote the relationship can be If no relative falls within the statutory limit then the property goes to the state Under section 2 103 of the Uniform Probate Code which some states have adopted the limit of the right to inherit only includes grandparents aunts and uncles and first cousins Share this information Search LawInfo s Laughing Heir Resources Still have questions Contact experienced Laughing Heir Attorneys on LawInfo com or learn more about Trust Estate Administration Find an Attorney in Your Area Legal Issue e g Personal Injury Location Area Code OR City State Advanced Search Options Popular Searches Wills Trusts Health Care Power of Attorney Advertisements Find An Attorney By Practice Area By Location By Name Resources Hot Legal Issues Legal Forms Legal Library Law Videos Consumer Blog Forums For Attorneys Legal Marketing LawInfo About Us Jobs Partners Contact Us Authors Español Legal Copyright Notice Privacy Policy Terms Conditions

    Original URL path: http://www.lawinfo.com/laughing-heir.html (2016-02-15)
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  • Power of Appointment - Power of Appointment Law Resources - LawInfo
    or will Clearly indicate the intent to create the power Identify the person to hold the power State the circumstances under which the power can be exercised and Specify the property subject to the power A beneficiary given power of appointment differs from an executor of a will or trustee of a trust in that the person with power of appointment is not required or expected to manage the estate for probate or generate income in a trust General and Special Powers of Appointment General There is a general power of appointment and a special power of appointment With general powers the designated beneficiary has the power to distribute the property in any way he or she chooses including to herself or himself or to his or her estate or creditors Property left to a person with general power is considered the owner of the property for tax purposes since he or she has been granted the right to the use and enjoyment of the property specified in the power of appointment Special With special power the designated beneficiary can transfer property to a specified group of beneficiaries For example a mother may designate her eldest daughter to distribute her jewelry among her other children The beneficiary given the power of appointment cannot distribute any of the specified property to herself or himself or to his or her estate or creditors The special power can be exclusive or nonexclusive Exclusive power allows the appointed beneficiary to distribute all the designated property to one or more beneficiaries and exclude the others With nonexclusive power the appointed beneficiary must distribute some of the property to each beneficiary Share this information Search LawInfo s Power of Appointment Resources Still have questions Contact experienced Power of Appointment Attorneys on LawInfo com or learn more

    Original URL path: http://www.lawinfo.com/power-of-appointment.html (2016-02-15)
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  • Simultaneous Death - Simultaneous Death Law Resources - LawInfo
    conflicting provisions States vary on what constitutes a simultaneous death how to determine whether the deaths were simultaneous and where that cannot be determined which of the decedents is presumed to have died before the other The Uniform Simultaneous Death Act specifies that if two or more people die within 120 hours of one another each is considered to have predeceased the other if there is no will or other document that expressly addresses this situation A clause in the act says if application of the rule results in the estate reverting to the state the 120 hour rule will not be applied Will and probate laws have a similar rule called the 30 day survivorship rule This rule is usually included among the terms of a will It provides that an heir must survive the decedent by 30 days or the heir will be treated under the law as if he or she died before the decedent Honoring the Decedent s Intentions The purpose of these rules is to try to better honor the decedent s intentions For example a husband and wife are killed in a car accident They have no children but the wife has a son from a previous marriage who is her heir If the husband is presumed to have died before the wife she would inherit his entire estate which would immediately pass to her son because she too is dead The husband was not very fond of his stepson and would not have wanted the stepson who is an adult to inherit his property In this case applying the rule of simultaneous death the husband and wife would each be treated as each had died before the other and their estates would be distributed accordingly The husband s property would go to his

    Original URL path: http://www.lawinfo.com/simultaneous-death.html (2016-02-15)
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  • Slayer Rules - Slayer Rules Law Resources - LawInfo
    murder case This can mean that a killer acquitted in criminal court can still be stripped of the inheritance by a civil probate court States Specify Whether Slayer Has to Be Convicted of Crime Most U S states have enacted slayer statutes and the specific terms of each statute should be consulted since states may impose different limitations Limitations on the application of the statute may require that the heir be convicted the crime and not merely be known or believed to have committed the homicide Also the conviction may have to be of a specific crime some states require the conviction be for first degree murder other states may accept conviction for manslaughter to be enough to keep a slaying heir from inheriting Issue of whether state slayer statutes apply arises in trust cases Under trusts and estates law the slayer rule allows courts to treat the murderer as though the murderer predeceased the victim which disqualifies the murderer from receiving property from the estate of the victim The rule only applies when the killing was felonious and intentional The murderer does not have to be convicted of the crime However if the killer is convicted of murder the conviction serves as a conclusive presumption that the killer did kill the victim with felonious intent With retirement insurance cases under ERISA the Employee Retirement Income Security Act whether a beneficiary who kills the insured may not be allowed to receive the decedent s retirement benefits is often called into question Share this information Search LawInfo s Slayer Rules Resources Still have questions Contact experienced Slayer Rules Attorneys on LawInfo com or learn more about Trust Estate Administration Find an Attorney in Your Area Legal Issue e g Personal Injury Location Area Code OR City State Advanced Search Options Popular

    Original URL path: http://www.lawinfo.com/slayer-rules.html (2016-02-15)
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  • Testator - Testator Law Resources - LawInfo
    without speaking To be a legally recognized testator a person must have mental capacity which is why many wills start off with the familiar phrase Being of sound mind and body Further a testator must Know that he or she is making a will Know the contents and value of his or her estate Understand that through the will he or she is providing for the disposition of estate assets after death Most states require that the testator be 18 years or older for his or her will to be valid If a minor has been legally emancipated or is married and is a testator the will may be found to be valid The testator s testamentary intent is lacking if he acted under fraud undue influence insanity or made a mistake Share this information Search LawInfo s Testator Resources Still have questions Contact experienced Testator Attorneys on LawInfo com or learn more about Trust Estate Administration Find an Attorney in Your Area Legal Issue e g Personal Injury Location Area Code OR City State Advanced Search Options Popular Searches Wills Trusts Health Care Power of Attorney Advertisements Find An Attorney By Practice Area By Location By Name Resources Hot

    Original URL path: http://www.lawinfo.com/testator.html (2016-02-15)
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  • Asset Protection Trust - Asset Protection Trust Law Resources - LawInfo
    from one party to another to be held for the benefit of a third party The funds of an asset protection trusts are held on a discretionary basis Purpose of Asset Protection Trusts Generally these trusts are created for the purpose of mitigating any effects of taxation divorce or bankruptcy on the beneficiaries of the trust Asset protection trusts are not generally found in the United States but are normally found offshore Asset protection trusts are an effective way to protect assets from creditors or other interested parties The information on this page is meant to provide a general overview of the law The laws in your state and or city may deviate significantly from those described here If you have specific questions related to your situation you should speak with a local attorney or find qualified local Asset Protection Trust Attorneys on LawInfo Or click to find Asset Protection Trust Attorneys in a specific location Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Share this information Search LawInfo s Asset Protection Trust Resources Still have questions Contact experienced Asset Protection Trust Attorneys on LawInfo com or learn more about Trusts Find an Attorney in Your Area Legal Issue e g Personal Injury Location Area Code OR City State Advanced Search Options Popular Searches Wills Trusts Health Care Power of Attorney Asset Protection Trust Videos Asset Protection Asset Protection What Is Asset Protection Advertisements Find An Attorney By Practice Area By Location By Name Resources

    Original URL path: http://www.lawinfo.com/asset-protection-trust.html (2016-02-15)
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  • Bare Trust - Bare Trust Law Resources - LawInfo
    States a bare trust is also known as a simple trust and has two definitions The characteristic of a trust that makes it a bare trust is that the trustee has no active duty beyond distributing the assets held by the trust to the trustee when a particular event occurs or on a predetermined date For tax purposes a trust is classified as a bare trust by the IRS if by the terms of the trust document all net income must be distributed each year The creation of a trust can protect your assets and also can insure that your assets end up with the party or parties you intend The information on this page is meant to provide a general overview of the law The laws in your state and or city may deviate significantly from those described here If you have specific questions related to your situation you should speak with a local attorney or find qualified local Bare Trust Attorneys on LawInfo Or click to find Bare Trust Attorneys in a specific location Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Share this information Search LawInfo s Bare Trust Resources Still have questions Contact experienced Bare Trust Attorneys on LawInfo com or learn more about Trusts Find an Attorney in Your Area Legal Issue e g Personal Injury Location Area Code OR City State Advanced Search Options Popular Searches Wills Trusts Health Care Power of Attorney Advertisements Find An Attorney By Practice

    Original URL path: http://www.lawinfo.com/bare-trust.html (2016-02-15)
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