These trusts provide a host of benefits. You can act as the trustee while you are living when you create a living trust, and you name a successor trustee to handle the business of the estate after you are gone. This trustee would be able to distribute assets among the beneficiaries outside of probate. The avoidance of probate is a benefit, but there are others. You could include a spendthrift provision to protect the beneficiaries who will be receiving distributions from the trust after you are gone.
Plus, you can instruct the trustee to spread out distributions over an extended period of time to prevent inheritance squandering. A revocable living trust is one option that is available to you, but there are other types of trusts that are also used in the field of inheritance law. For example, there are irrevocable trusts that are used by high net worth individuals who are exposed to the federal estate tax.
There are special needs trusts that can be created to provide resources for a loved one who is relying on Medicaid coverage. Speaking of Medicaid, many elders who were qualified for Medicare ultimately seek Medicaid eligibility late in their lives. This is because of the fact that Medicaid will pay for long-term care, and Medicare will not pay for living assistance. The Alaska State Legislature.
Community Property Act. Tennessee Bar Association. Kentucky General Assembly. Estate Planning. Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile.
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List of Partners vendors. This document is called a deed of estate inventory. By law, the deed of estate inventory must be made within three months of the death. In exceptional cases, it is possible for the Finnish Tax Administration to grant an extension to this period.
It is possible to make a deed of estate inventory also through procedures undertaken between the parties to the estate, and this may not necessarily require external legal assistance.
In most situations, however, it is preferable in the legal interests of all concerned for the deed of estate inventory to be drawn up by an external person, someone with specialist legal training. In every situation in which a deed of estate inventory is being made, there must be present, in addition to the parties to the estate, two external persons, called trustees, whose responsibility it is to impartially list and assess the stated items of the property of the deceased for the purposes of creating the deed of estate inventory.
In addition to listing the property and the heirs, the deed of estate inventory must also include a statement of the burial and other expenses incurred by and related to the death of the deceased. A deed of estate inventory does not as such have any actual legal effects, and does not e. The primary purpose of a deed of estate inventory is to provide the tax authorities with the necessary information on estate tax-payers and on the taxable amount of an estate , and to act as the primary inventory of the shares and property for the purposes of distributing the estate.
The deed of estate inventory must be sent to the tax office of the last place of domicile of the deceased, within one month of the deed of estate inventory having been prepared. After the deed of estate inventory has been prepared, the estate must be administered, i. Administration of an estate is the general term referring to the clarification of the assets and debts; before this is done, the estate cannot be distributed.
The debts of an estate must always be paid before the estate can be distributed. If the debts of the deceased are left unpaid, the parties to the estate may become liable for paying the debts of the deceased. The fundamental rule is that debts are not inherited. An administrator is appointed to an estate of the deceased, on the strength of even a single application to this effect from a party to the estate, by the court of the last place of domicile of the deceased.
Our lawyers will help you in making an application for the appointment of an administrator to the estate. In most cases, the administrator is a lawyer. The administrator appointed to an estate must be impartial with respect to that estate — that is, he or she must be an outsider, and cannot have been involved in assisting any party to the estate in any matter related to distribution of the estate. If the estate in question is excessively indebted, then the task of the administrator is to try to persuade all the creditors in question to agree to write off part of the debt; or, failing this, to drive the estate to bankruptcy.
The administrator is also liable and responsible on behalf of the estate for matters in which the estate is an interested party. Our lawyers are experienced estate administrators and distributors. Finding an estate administrator may also be advisable if there is distrust between the parties to the estate, and if they are unable to reach agreement on handling the practical matters relating to the estate.
The administrator, in the name of the estate, manages the day-to-day business concerning the estate, such as paying out of the estate the invoices and debts, ensuring that property that is part of the estate is properly stored, and so on.
The estate administrator has the right to be paid for this task, and this compensation must be taken from the estate before it is distributed.
If all the parties to the estate are in unanimous agreement and they are all of full age, then the estate can be distributed by mutual agreement or compromise. In other cases, estate distribution requires the appointment of an executor.
Overview and international legal instruments International policy instruments Regional instruments. General principles for legislation on harmful practices. Elements to increase effectiveness of draft legislation on harmful practices. Legislation to mandate adoption of national plan and strategy to eliminate harmful practices Ratify international and regional human rights instruments Ensure Constitutional Protection Provisions Harmonization of new legislation with existing law formal and customary.
Considerations for drafting provisions criminalizing harmful practices. Overview General considerations for imposing penalties or sanctions Clear definitions of harmful practices and broad liability Extraterritoriality and extradition Mitigation Consent. Other legal protections and considerations. Overview and protection orders Civil lawsuits Prohibition on the use of harmful traditional dispute resolution mechanisms Compensation Child protection provisions Immigration and asylum laws.
Drafting legislation on specific harmful practices. Forced and Child Marriage. Definitions and forms of forced and child marriage. Definition of forced and child marriage Defining and establishing consent Establishing a minimum age for marriage Development of a national action plan on forced marriages Defining other forms of forced marriage: human trafficking Defining other forms of forced marriage: international marriage brokering Defining other forms of forced marriage: slavery, sexual slavery, forced labor and debt bondage Defining other forms of forced marriage: wife inheritance, levirate and sororate marriages Defining other forms of forced marriage: bride kidnapping Defining other forms of forced marriage: bounty hunting Defining other forms of forced marriage: forced and child marriage as settlement Polygamous marriages Premarital, post-nuptial and other forms of marriage contract Inheritance laws Addressing customary laws and practices that conflict with formal laws.
Civil Laws. Registration of marriages and births Civil remedy for victims of forced marriage. Criminal Laws. Criminalization of forced and child marriage Other related offences: criminalization of marital rape Other related offences: acts of retribution and intimidation. Overview Rights of victims Addressing forced marriages involving immigrant women and girls Addressing extraterritorial jurisdiction Addressing forced marriages involving victims outside their country-of-residence Annulment of a forced marriage and divorce.
Roles and Responsibilities. Duties of police Duties of prosecutors Role of other Helping Professions and Stakeholders Prevention of forced and child marriages Public awareness Statistics gathering Trainings. General principles for legislation on Female Genital Mutilation. Overview Clear definition of crime and liability Sentencing provisions Enhanced penalties Prohibition of medicalization Criminalization of aiding and abetting the performance of FGM Duty to report Mitigation Consent Extraterritoriality.
Child protection provisions. Overview Core elements in child protection laws and systems to protect against FMG Protection orders Hearing by court Other provisions. Rights of survivors Restitution and compensation for survivors Civil lawsuits Immigration and asylum. Roles and responsibilities.
Police protocols Prosecutor protocols Regulations and administrative provisions. Broader coordinated policies. Training of professionals Regional, national and international cooperation protocols Coordinated Community Response Public Education. Honour Crimes. General principles for laws on honour crimes and killings.
Legal reform in civil, customary, criminal and asylum laws. Roles and responsibilities of police Roles and responsibilities of courts and judiciary Roles and responsibilities of prosecutors Data collection and information gathering Public education. Victim protection. Rights of victims Child protection Order for protection Hearing by court. Maltreatment of Widows. Civil laws. Family law and marriage laws Marriages Equal rights and responsibilities in marriage Inheritance laws Land and property reform Land and tenure reform Promoting security of tenure for women Joint tenure and titling for spouses Ensuring effective implementation Domestic violence civil remedies Civil claim for compensation.
Criminal laws. Overview Sexual assault Other forms of violence Offenses involving property. Dowry-related Violence.
Main strategies for drafting legislation on dowry-related violence. Overview Core elements of legislation on dowry-related violence Sources of international law. Objectives, definitions and scope of legislation. Drafting the legislative preamble and contents Definition of dowry-related violence Scope of persons protected by law and culpable persons. Coordinated community response and implementation of laws. Criminal justice system response to dowry-related and domestic violence.
Duties of police officers Determining the predominant aggressor Probable cause standard of arrest Duties of prosecutors Pro-prosecution policy Absent victim prosecution Duties of judiciary Mediation or assisted alternative dispute resolution provisions Timely and expedited proceedings.
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