Who Holds The Deceased's Assets?

Many times when a person dies, their spouse or other relatives do not contest the will or execute their individual powers of attorney for their deceased loved one. In other words, the individuals who generally are called "joint executors" disagree with the will or testament passed away. This can be because of a number of different reasons. Often the dissimilarity in perspectives can be chalked up to inexperience in the area of estate law, a difference in business and family relationships or, more often than not, an inability to agree on certain legal procedures. A common example of where joint executors disagree regards the method by which a decedent's assets should be transferred after his death. Each spouse is entitled to one share of the decedent estate as provided by the applicable legal procedures. Although this is generally where differences in opinions usually originate, some spouses may also disagree about how the property should be distributed. If one spouse believes that the entire estate should be given to his or her spouse, while the other spouse would prefer some or all of the assets to be divided among his or her surviving dependents, these couples may have a problem at hand. If both joint executors believe they should have an equal opportunity to divide the deceased estate, then the probate court will order an estate division meeting to determine which assets each spouse is entitled to. Check out this article to hire a reliable testator today.

The primary concern regarding any testator/agent disagreement involves the competency of the testator or agent to administer his or her will. In the case of a living trust, it is imperative that the testator or agent be competent to administer the estate because the trust itself is the governing document. It is the testator's word, therefore, that governs the administration of the trust. In the case of a living trust, many courts have held that if the testator or agent is not a qualified person to administer the estate, then the trust itself becomes ineffective and no assets are entitled to pass down to the deceased estate. Many people have the wrong idea about what happens when there are two executors. When there are two or more, the basic concept is that the two can divide the assets, share the responsibility for the estate and choose who will administer the trust after their death. However, if there are irreconcilable differences between the two, then the testator must select two persons to act as "executive trustee" and "successor trustee." These two responsibilities then become the basis for the probate process. Each of the two names must be verified by the attorney for whom the testator appointed. This can prove difficult because in many cases, there are gaps in the knowledge of the attorney. View here for more details regarding probate attorneys near you.

There are many probate attorneys who can help you if you need to testify in probate proceedings if you or one of your co-executors die, are incapacitated or otherwise unable to perform the duties of the trust. Because of this, some individuals wonder whether it is worth the cost of hiring an attorney if they are sure one of their co-executors has a valid Will. While it is possible for a Will to be contested by one of the testators, the vast majority of Wills are considered to be legally binding. The reason for this is that a person cannot draft a Will without the express written approval of the person being named in the Will. If you need more information about the issue of the cost of appointing an attorney when you execute a Will, contact a probate attorney today. Most attorneys will offer free consultations so that you can determine if a Will is right for you. You should also consider hiring an estate planning attorney if you already have a lawyer. Estate plan commissions are based on the service that an attorney provides for their clients. If you have a strong case, you may want your attorney to review the document with other attorneys to make certain that it is properly drafted and will protect your interests in the years to come.

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