By Keith R Lyman
Rearranging your monetary priorities as you close to retirement? Have resources you need to move to others? beginning to observe it is time to get your monetary affairs so as? no matter what your cause, Alpha educate your self property making plans in 24 Hours makes it uncomplicated to get via this complex yet crucial method. The 24 classes during this step by step consultant preserve you heading in the right direction as you study the easiest how one can deal with your property — one hour at a time.
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Additional info for Alpha Teach Yourself Estate Planning in 24 Hours
An estate will escheat to the state only if there are no living beneficiaries of a will or a trust, or if there are no living heirs at law according to state law. To avoid this result, governments have developed laws that allow for the transfer of property from decedents to descendants in cases where there is no testament. Modern inheritance law has developed from these principles. STRICTLY DEFINED Don’t confuse the terms decedent and descendant. The term “descendant” refers to a child, grandchild, or great grandchild or further down the ancestral line.
An example of a revocable transfer is … a. A transfer of property by gift to another b. A completed transfer to a charity c. A transfer of property to an irrevocable trust d. A transfer of property to a revocable trust QUIZ b. A power to give away another’s assets to yourself 04 4197-3 CH03 6/28/01 1:49 PM Page 38 05 4197-3 CH04 6/28/01 1:46 PM Page 39 HOUR 4 Defining Types of Assets There are several different ways individuals can own property. The following sections describe each category of property ownership, along with their identifying characteristics, functional characteristics, and risks of ownership.
In the event of incapacity, there are only a few designated people who CHAPTER SUMMARY LESSON PLAN: In this hour, you’ll learn about the different ways people own property. As discussed in the last hour, the determination of who owns the title to a piece of property is the most important consideration when planning your estate. You also learned how important it is to properly classify the type of property you own. Indeed, even the most sophisticated planning documents will fail if the titles to your assets are not consistent with how you list them in those documents.
Alpha Teach Yourself Estate Planning in 24 Hours by Keith R Lyman