Wealth Strategies Journal

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Category: Probate

Revisiting the Revolution: Reintegrating the Wealth Transmission System, by Melanie B. Leslie and Stewart E. Sterk

Melanie B. Leslie and Stewart E. Sterk have published their article, “Revisiting the Revolution: Reintegrating the Wealth Transmission System,” in the Boston College Law Review.  The abstract reads as follows:

Thirty years ago, John Langbein published “The Nonprobate Revolution and the Future of Succession.” The article celebrated testators’ newfound ability

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Estate Planning Advice for Marrieds Without Child

For childless couples to plan their estate, there are two main tasks: disposition of property, and assignation of power-of-attorney. Generally if there are no wills or trusts, the estate is inherited by the living spouse, and then by the spouse’s relatives after his or her death, which leaves no interest … Continue reading

Florida Supreme Court to Take on Late Filling Creditors of Estate

Recently, Florida’s appellate courts have differed in deciding whether reasonably ascertainable creditors of an estate can file a belated claim when the personal representative of the estate did not give notice to the creditors within the claims period.

The Florida Probate Code requires an estate’s personal representative to notify the … Continue reading

Charles (Chuck) Rubin: Florida Homestead Status – Current Use Requirement and Marital Settlement Agreements

By: Charles (Chuck) Rubin

Summary: A recent Florida case discusses the need for current use of a residence for it to qualify as homestead property, and the interaction of homestead property and marital settlement agreement provisions.

Under Florida law, a decedent will be restricted in devising his or her … Continue reading

New Intestacy Laws in England May Affect U.S. Investors

England and Wales have changed intestacy laws which will be enacted this October. Now any testator without a will leaves all immovable assets in the country to their spouse if there is no issue. With issue, the spouse receives his or her share absolutely instead of as a life estate. … Continue reading

Delaware Law Gives Executors Access to Digital Assets

Delaware has enacted the “Fiduciary Access to Digital Assets and Digital Accounts Act” which is based off of the Uniform Fiduciary Access to Digital Assets Act (UFADAA). The law gives heirs and executors authority to control digital accounts and devices just like physical assets. As it stands, the law only … Continue reading

A Recurring Problem with Benefit Plan Administration

A recurring problem in the world of benefit plan administration is an incorrect or unrevised beneficiary designation form. Many participants complete their beneficiary designations incorrectly because they don’t read the instructions carefully or don’t understand the instructions. Beneficiary designation forms are often filed away without review, and mistakes surface after … Continue reading

Digital wills valid in court

Gerry Beyer reports on his Wills Trusts & Estates Prof Blog that courts are accepting wills composed on computers, smartphones and even webcams as valid legal documents.  Yet an increasing number of disputes are headed to court involving wills left on digital devices.

To read more, see  Wills, Trusts Continue reading

IRS cautions that Section 121(d)(11) of the Internal Revenue Code is not wholly repealed

Section 121(d)(11) generally provides that for property acquired from a decedent, or the decedent’s estate or trust, the taxpayer may take into account the ownership and use by the decedent for determining eligibility to exclude gain on the sale or exchange of the property.  Section 121(d)(11) was enacted in 2001 … Continue reading

Pre-Mortem Probate in NH

Professor Gerry Beyer, on his Wills, Trusts & Estates Prof Blog notes that:

New Hampshire has enacted a trust bill that includes a provision for pre-mortem probate proceedings. The proceedings can be brought by an individual during their life to have the judge rule on the validity of their will.

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