By Keith R Lyman
Rearranging your monetary priorities as you close to retirement? Have resources you need to move to others? commencing to notice it is time to get your monetary affairs so as? no matter what your cause, Alpha train your self property making plans in 24 Hours makes it basic to get via this advanced yet crucial procedure. The 24 classes during this step by step consultant hold you on course as you study the simplest how you 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
03 4197-3 CH02 6/28/01 24 1:51 PM Page 24 Hour 2 2. Intestate succession refers to: a. The plan of distribution contained in your will b. The plan of distribution contained in state law c. The transfer of property to an incapacitated individual d. The repeated taxation of property at death 3. The Uniform Probate Code is … a. The law in all 50 states b. A federal law c. A proposed model law d. The law used in ancient Rome 4. When a decedent intends for property to pass equally to all living chil- dren who survive the decedent, it is said to pass: a.
Execution requirements for a will The way you create and administer a legal and binding will are matters of state law. If you don’t comply with the law, your will can be declared void. However, most states do have agreements with other states for cases in which a will was prepared in another jurisdiction. STRICTLY DEFINED A will is a legal document made in anticipation of death in which a person directs the disposition of his or her property at death. It also contains instructions for payment of debts and taxes and nominates guardians for minor children and a personal representative for the estate.
When people purchase an empty lot, they are purchasing the land. They will obtain a deed showing that they are the owners of the land. If they eventually build a house on the land, they do not get a new deed. The law considers the house to be part of the land itself and therefore real property. Farmland also falls into the category of real property. And, just like in the case of a house, any outbuildings or fencing constructed on the land is considered part of the land; thus, real property. Apartment buildings, office buildings, shopping malls, or similar income-producing structures built on land also are considered to be real property.
Alpha Teach Yourself Estate Planning in 24 Hours by Keith R Lyman