Estate Planning Essay

2263 WordsOct 10, 201210 Pages
EXTRA CREDIT 1) List the basic documents used in estate planning. --Wills -Side instruction letters -Durable powers of attorney for property -Durable powers of attorney for health care -Living wills or advanced medical directives -Do Not Resuscitate orders -Codicils 2) What problems arise for someone who dies intestate? “Dying intestate” means dying without a valid will. When somebody dies intestate, the laws of the state of their domicile control the distribution of their personal property. Real property located in another state is distributed based on the laws of that state. The Estate is represented by an administrator that is…show more content…
16) Define tenancy in common. Tenancy in common is joint ownership in property by two or more individuals called” tenants in common”. 17) Define joint tenancy. Joint tenancy is interest in property held by two or more individuals where each person has undivided and equal interest in the whole property, generally with right of survivorship. 18) Define right of survivorship. Right of survivorship means that upon the death of a tenant, the decedent’s interest in the property is transferred or distributed to the other tenants. 19) Can a joint tenancy be partitioned? Yes, a joint tenancy can be partitioned. This does not require the consent of the other tenants. 20) Define community property. Community property is a system of law wherein married individuals own an equal undivided interest in property accumulated during their marriage. The property can be obtained through the outlay of funds by either spouse. 21) List three common ways to own separate property in a community-property state. The property could be acquired prior to marriage or acquired by gift during marriage or acquired by inheritance during marriage. 22) Discuss the main differences between an executor and an administrator. The executor is chosen by the decedent while the administrator is chosen (appointed) by the probate court. Executors are
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