When someone dies owning an interest in real estate, the legal instrument used to convey the property is a Personal Representative’s Deed. In the deed, the Personal Representative (“PR”) of the estate transfers the deceased owner’s interest to either a third-party buyer or an estate beneficiary. Does a Personal Representative’s Deed Require a Probate Administration? … Continue Reading
Co-Author: Michael Smeenk, Esq. When Can an Attorney Testify in a Will Contest Proceeding? Many people have wills in place when they die to ensure there is a proper roadmap for distribution of their assets upon death, consistent with their intentions and wishes. Sometimes a person (the “testator”) wishes to change their will in the … Continue Reading
Many people understand that a will acts as the roadmap for distributing someone’s assets upon death. However, not everyone realizes that a will does much more than specifying who receives what. Some of the other important functions that a will can serve include the following: Nominate a Personal Representative. The PR collects the assets of … Continue Reading
Clearing Title to Real Estate When a Tenant-in-Common Owner Dies Q: How is title to real estate cleared when someone dies owning property as tenants in common with other owners? A: Through a probate proceeding. I frequently hear from sellers or real estate brokers when they discover the following closing Requirements on Schedule B-1 of their title … Continue Reading
What is a Professional Will, and why would I need one? Most people don’t like to think about the possibility of becoming incapacitated or about their inevitable deaths. Despite this reluctance, many people understand and value the importance of having a Last Will and Testament as a way to clarify their wishes and make it … Continue Reading
Farrah Soudani Irrevocable Special Needs Trust Press Release VOLUNTEER RAISES MORE THAN $150,000 FOR FRIEND’S DAUGHTER, CRITICALLY INJURED IN AURORA SHOOTING Money will help Farrah Soudani pay for her medical expenses and continued care WHAT: A press conference with Farrah’s mother, Heidi Soudani and Farrah’s father, Sam Soudani, to thank University of Colorado Hospital, doctors, … Continue Reading
I recently wrote a piece that discusses the probate administration process and explains why it’s necessary when someone dies. But an estate doesn’t need to be opened for every person who dies. This article examines those situations where a decedent’s property can be transferred to rightful beneficiaries without a probate proceeding. In order to determine … Continue Reading
What is Probate Administration and Why is it Necessary? In order for someone to give or sell something to someone else, they must have the legal authority to make the transfer. When a person is alive, they have the legal right to transfer something they own because they hold legal title to that property. But … Continue Reading
Federal Estate Tax and Carryover Basis in 2010 – The Unthinkable With its priorities elsewhere last year, the U.S. Congress failed to address a major problem with the 2001 federal estate tax law that may wreak havoc with estates of people who die in 2010. Under the 2001 law, the federal estate and generation-skipping taxes … Continue Reading
Joint Revocable Living Trusts: The Good, The Bad, and The Ugly A revocable living trust is an estate planning tool that basically serves as one’s “alter ego” during lifetime, holding legal title to assets but having no separate tax identity. The creator of the trust, known as the “grantor,” “settlor” or “trustor,” also typically serves … Continue Reading
