One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. Moreover, people may define their own forms of co-ownership by contract. This article discusses some of the many myths about the co-ownership of property.
There are two kinds of durable powers of attorney for finances: those that take effect immediately and those that take effect only upon your incapacitation where one or two doctors declare that you can no longer manage your financial affairs.
Trusts are sometimes classified by the intent, if any, of the settlor to create a trust. This article discusses the kind of trust for which the settlor's intent is irrelevant: the constructive trust.
When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under with his or her net estate is disposed. When a person dies intestate, there is no adding to the default plan. The default plan is the only plan. This article discusses the disadvantages of descent and distribution related to the inability to add to the default plan.
State statutes of descent and distribution are usually supplemented by other statutes or court rulings that limit or prohibit inheritance in unusual circumstances. This article discusses some of those unusual circumstances.
