Alabama's highest court finds that an attorney who prepared a trust for an uncle-by-marriage that named himself as a beneficiary did not violate professional rules prohibiting non-relatives from preparing an instrument that names the attorney as beneficiary. Cooner v. Alabama State Bar (Ala., No. 1090944, Oct. 8, 2010).
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If you were named as a Beneficiary in a Will, you are considered an “interested person” and are entitled to a copy of the Will for your review. You also have the right to contest the Will or the appointment of the “Personal Representative.”. It is important to recognize that the Probate process takes time.
Will Which Names Him as a Beneficiary Attorneys may at times be asked to draft wills which name the attorney or his family as a beneficiary.' Such an instrument may in- ' volve serious ethical problems. If the testator is not related to the drafting attorney, a serious conflict of interest problem is practically unavoidable.
Use caution when naming a trust as beneficiary. Consult your attorney or CPA before naming a trust as beneficiary for IRAs, qualified retirement plans or annuities. In many cases, the governing document (the plan document or annuity contract) or tax law (the RMD rules) may require accelerated taxable distributions when a trust is beneficiary.
Simply being named as a beneficiary under a Will or Trust does not mean you have to hire a lawyer to represent you. However, there are several instances when seeking the professional advice of a probate lawyer can help you understand and assert your rights as a beneficiary.
Greg DePersio has 13+ years of professional experience in sales and SEO and 3+ years as a freelance writer and editor. Anthony Battle is a financial planning expert, entrepreneur, dedicated life long learner and a recovering Wall Street professional.
Anthony Battle is a financial planning expert, entrepreneur, dedicated life long learner and a recovering Wall Street professional. He has been working in the finance industry for 15+ years and is a fierce advocate for including financial literacy as a basic educational requirement in public education.
Wills usually go to a probate court to prove their validity. This is a routine process and isn't usually onerous unless the person was extremely wealthy or the relatives are extremely quarrelsome.
A probate court reviews the distribution of assets of deceased persons in most cases. Probated wills are a matter of public record and can be reviewed in the Register of Wills office. The assets of a person of very modest means do not have to go to probate. State laws set the amount exempted.
Wills usually go to a probate court to prove their validity. This is a routine process and isn't usually onerous unless the person was extremely wealthy or the relatives are extremely quarrelsome. There are exceptions to the requirement for probate if the assets of the deceased are below a set dollar amount.
A probate is a legal process that establishes the validity of a will. After examining the will, the probate court collects the assets of the deceased and distributes them to the heirs as named in the will.
Probate is not required in all circumstances. If the deceased has assets below a certain threshold (determined by each state), probate may not be necessary, and the settlement may be handled privately.
If there is no estate planning document (s). If you believe you are a beneficiary or heir to someone who has died, but your loved one did not have a Will, Trust, or any writing designating beneficiaries, then the Court may need to be involved to determine who should inherit from your loved one. This process is often known as a Determination ...
An informal accounting would be a list of property and debts and a status ...
If you have a question as to what you should be receiving or what your share should be made up of under the Will or Trust, you may want to hire an attorney to explain the terms of the Will or Trust to you. In addition, that attorney can explain the laws in the state and the characteristics of the different types of property ...
Court Invalidates Will and Trust Naming Lawyer as Beneficiary. One principle governing lawyers is obviously and intuitively correct: A lawyer may not prepare a will or trust (or, for that matter, any other document or arrangement) by which a client makes any substantial gift to the lawyer.
For purposes of this paragraph, related persons include a spouse, child, grandchild, parent, grandparent or other relative or individual with whom the lawyer or the client maintains a close, familial relationship. ”. That rule has been adopted in 49 states, the District of Columbia and the U.S. Virgin Islands.
However, a court will only remove an executor if it determines that their removal is justified.
When an executor does not fulfill his or her obligations, beneficiaries have certain rights to force an executor to comply. This usually means getting the court involved.
The length of time it takes to administer an estate will depend on its nature and complexity. It is quite normal for an estate to take a year to be administered. However, a wise executor may want to keep the beneficiaries informed of any expected delays.