Guide to Community Property With Right of Survivorship - Werner

How Community Property With Right of Survivorship Avoids Probate

Everything we own in life must be distributed among the living in death. There’s very little you can take with you into the afterlife, by law – and multiple unique processes are in place for supervising the accumulation, valuation, and eventual distribution of a person’s belongings or estate after death. One of these properties in …

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What Are the Different Types of Nonprobate Assets - Werner Law

What Are the Different Types of Nonprobate Assets?  

The probate process begins after a person dies when a probate court must track, value, and distribute their assets and the contents of their estate. Meanwhile, probate courts also oversee the fulfillment of a decedent’s final obligations, such as their last tax return, the resolution of outstanding debts, and ancillary processes for out-of-state assets. However, …

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Guidelines for Estate Trustees - Werner Law Firm

Guidelines for Estate Trustees

Estate trustees are individuals in charge of managing a trust after the trust’s creator (the grantor) has died. In most cases, these trustees are successor trustees because the living trust tends to be structured, so the grantor is also the first managing trustee. Estate trustees are part of the crucial trinity of individuals that make …

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7 Golden Rules of Asset Protection Planning - Werner Law Firm

The Golden Rules of Asset Protection Planning

Asset protection planning is not just a tool for the exceptionally wealthy to minimize tax liability or avoid losing a specific asset. You can also use asset protection to protect individual properties and assets from potential litigation, which can be especially concerning for professionals in certain high-risk occupations. Think doctors, property developers, accountants, lawyers, and …

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Conservatorship vs Guardianship What's the Difference? - Werner Law Firm

Conservatorship vs Guardianship: What’s the Difference?

The similarities between conservatorship vs guardianship are in both description and definition. Conservatorships are generally applied to adults, while guardianships typically involve minors. Guardianships and conservatorships center around managing a single person’s affairs and financials. In guardianships, the person managed is known as the ward, while in conservatorships, they are known as the conservatee. Depending …

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What Is a Contingent Beneficiary and How Do You Choose One? - Werner Law Firm

What Is a Contingent Beneficiary and How Do You Choose One?

A contingent beneficiary is a secondary beneficiary who only inherits if the first or primary beneficiary refuses their inheritance or cannot inherit. A contingent beneficiary is not a second or third beneficiary who will inherit in addition to your first heir. If everything goes “well,” the contingent beneficiary may not inherit anything. One of the …

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