Why Is Considering The Needs Of Your Heirs Important In Inheritance Planning?
The purpose of inheritance planning is for an individual to use their estate to benefit their heirs in the most efficient way possible.
My Ex Has Died; Am I Entitled To Anything?
If someone’s deceased ex owed them child support, spousal support, or money from a property settlement agreement, then the deceased person’s estate would be liable to pay those amounts. Otherwise, an individual would have to have been named as a beneficiary in order to receive anything from their ex’s estate.
My Friend Left His Car To Me In His Will, But He Didn’t Have A Car When He Died; Am I Entitled To Anything Else?
There is typically no substitution for a personal property gift if the deceased no longer owned the gift at the time of their death. Some wills contain provisions for substitute gifts, in which case that substitution would be carried out.
My Father Left All Of His Assets To Be Shared Equally Among His Children, But We Can’t Decide Who Gets What; What Can We Do?
When assets have been left to be distributed equally among multiple children but the children cannot decide who will receive which assets, there are a couple of different approaches that can be taken. First, the assets could be valued by an appraiser or an agreement {this is confusing. Sounds as if the assets could be valued by an agreement. Perhaps “the assets could be valued at a pre-agreed amount”?}, and then each beneficiary could take turns selecting assets. Alternatively, the assets could be sold and the proceeds distributed evenly. If only a few items are in dispute, then the individuals who want those items could bid for them through an auction. If these approaches fail, then a mediator could be used to assist the beneficiaries in reaching a solution. The last option would be to take the matter to court and allow a judge to decide how the assets should be distributed. Taking these matters to court, however, is time-consuming, expensive, and requires the beneficiaries to relinquish all control over the outcome; we encourage families to do whatever they can to resolve the issues themselves rather than going to court and having someone else resolve them.
My Father Left Everything To Be Shared Between His Children, But His Wife Is Still Living In The House; Can We Get Her Out?
If a father left all of his assets to his children and nothing to his spouse, and if at the time of his death his spouse was still living in the house that he owned, then the children could initiate a formal eviction process. This process would allow the spouse enough time to make new living arrangements. If the father wanted his spouse to stay in the house, then he could have made a provision in the will or trust for that allowance, and there would be no dispute over the house.
My Mother Left Everything To Me And My Brother, But He Wants To Live In The House And I Want To Sell It; What Happens Now?
If a house is left to two heirs, one of whom wants to sell it and one of whom wants to live in it, then the heir who wants to live in it might be able to convince the other one to accept rent payments or buy their half of the interest in the home. If that is not something that can be agreed upon, then it would be the executor or trustee’s responsibility to sell the home and make the heir move out. If at that point the heir does not agree to move out of the house, then a court procedure may be required.
I Know My Mother Was Named In Her Friend’s Will But My Mother Died A Few Years Ago; Am I Entitled To Her Share?
Many wills are written so that if the beneficiary dies before the person making the will dies, their share will go to their children. However, that’s more common when the beneficiary is a family member. If the beneficiary is a friend of the decedent, then it’s more common for that beneficiary’s gift to go to the other beneficiaries in the will. Ultimately, the determination of who would receive assets would depend on the particular language used in the will.
My Son Has Inherited Some Money But The Executors Say They Can’t Hand It Over Until He Is 18; Is That Correct?
In the absence of a court order, a beneficiary will be disallowed from receiving an inheritance until they have reached the age of 18. A court will order the minor’s distribution to be made to a blocked account which will hold the money until the minor reaches the age of 18.
For more information on Needs Of Heirs In Inheritance Planning, a free assessment of your needs is your next best step. Get the information and legal answers you are seeking by calling (626) 385-6303 today.
