Anna Nicole Smith Dies Without a Will - What's a Will? What's a Trust?

Attorney General Texas - Anna Nicole Smith Dies Without a Will - What's a Will? What's a Trust?

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Subsequent to the death of Anna Nicole Smith, it's been reported that she may not have left a will, giving rise to further turbulent legal blurring for years to come. Without a will, Anna Nicole potentially may be leaving her baby daughter with nothing. Among other celebrities dying without a will, comprise Abraham Lincoln, Howard Hughes, Martin Luther King, Buddy Holly, Marvin Gaye, Sonny Bono, Tiny Tim, and others.

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If Anna Nicole died without a will she also died leaving behind many unsettled legal issues, the paternity issue and final custody of her daughter, the unsettled case against her late husband's estate J. Howard Marshall Ii (oil tycoon), and ultimately the country/state of court jurisdiction, Bahamas, Florida, Texas, or California.

What'S A Will? Why Is A Will Important?

Per consumer Reports magazine, more than 2/3 of Americans die without a will. So what's a Will? Why is it important? And, how do you get one?

A will is your last written list of wishes productive after your death for the purpose of distributing your wealth and the conditions of which such distribution can occur. The most foremost part of the will is the designation of custody of minor children; (this issue alone, - the custody of Anna Nicole's daughter would have greatly simplified at least one foremost piece of the legal quagmire left behind for lawyers to have a field day and perhaps eat/consume a good part of her estate).

Without a will, the courts will have to determine who gets what! And, if you have property in many states, each state will determine the results separately through a process knows as probate.

The probate process is when the state courts will list the deceased person's assets (the willed assets must be titled in the maker's name and belong solely to the maker, or have an interest); it will secure facts about claims made against the estate, investigate all claims for their validity, pay off outstanding debts, make decisions as to who gets what based on state laws where the property is located.

What Happens To Assets With Co-Ownerships And Joint Tenants?

Property that's titled in "co-ownership or as joint tenants with right of survivorship" such as husband and wife, automatically goes to the co-owner's or spouse. Similarly property that's titled as "tenants by the entirety" immediately becomes the property of the other tenant. property that's owned with someone else as "tenants in common" becomes a probate asset and is distributed according to the terms of the will.

Who May create A Will?

Any someone over the age of 18 may draft his own will with or without an attorney. The originator of the will is required to clearly identify himself/herself as the maker of the will, must revoke all prior wills, must state that he/she is of sound mind, must identify each item of property or personal effects, and must clearly identify each someone to receive such property. If there are minor children the originator must clearly identify the someone or persons to take custody of the minor children, and the originator must identify who will come to be the executor of his/her will after the creator's death.

The will must be signed in front of a notary public, or in front of two "disinterested parties over the age of 18" (not family members). It's best that the will be notarized, signed in front of a notary collective which the notary will append their notary stamp on the primary signature.

The most base mistake is that a will is signed by family members, an additional one base mistake is to disinherit a family member or close friend. It's best to mention the individual by name and to give them a small number rather than to intentionally leave them out of the will. The excluded member may sue the estate, and therefore cause unpleasant and unwanted delays.

What Happens After The Will originator Dies?

After the date of death of the maker of the will, all in his/her name will have to go to probate. No matter how well drafted, the will becomes the jurisdiction of the local state probate court where it becomes a "public document" whereby the will becomes available to all interested parties and creditors.

A will does not avoid the probate process. The court will determine the validity of the will instrument for such reasons as undue influence, or incapacity of the originator at the time the will was drafted, appoint an executor if one is not named, and the court will determine who is eligible to receive the property according to the state's intestacy laws in order of blood kinship to the originator of the will.

As mentioned before, no matter how well drafted, a will must go to probate where it becomes a collective document for every interested party to view and review. The only formula of avoiding the probate process is to have your possessions and requisite assets titled to a Trust.

- All Trusts, revocable or irrevocable, grantor or non grantor -avoid Probate. - A will does Not avoid Probate. - A will does Not avoid Estate Taxes. - Only an "Irrevocable Trust" avoids Estate Taxes.

On The Date Of Death, Two Things Happen:

1. All assets in the decedent's name, belonging solely to the decedent, or where the decedent had an interest, go to probate to determine who gets what. This is the Probate Process. 2. Once all assets are probated, all assets in the name of the decedent is appraised for it's "fair cash value" on the date of death, not when the assets were purchased, to determine if there's an estate tax up to 55%. The estate must pay the tax. The someone receiving the asset receives the asset tax-free.

What'S An Estate Tax?

Generally the estate tax is an advalorem (value) tax based on the "fair cash value" of the assets titled in the decedent's name or where the decedent had an interest. property of anyone kind or character, whether real estate, personal property, or bank accounts, cash or near cash investments, interest whether as a joint tenant with right to survivorship or a tenant by the entirety is branch to the estate tax.

There are exclusions, such as unlimited spousal deduction that which you leave to the spouse and some other exemptions reportable on form 706 United States (and Generation-Skipping Transfer) Tax Return. The form is highly complicated and is beyond the scope of this article. Please consult with a mighty professional.

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property amelioration - What's an Entitlement and Why Do I Need it to Build?

Attorney General Texas - property amelioration - What's an Entitlement and Why Do I Need it to Build?

Good evening. Now, I learned all about Attorney General Texas - property amelioration - What's an Entitlement and Why Do I Need it to Build?. Which may be very helpful if you ask me so you. property amelioration - What's an Entitlement and Why Do I Need it to Build?

What is An Entitlement?

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The definition of entitlement with regard to land improvement is the legal method of obtaining approvals for the right to fabricate asset for a single use. The entitlement process is complicated, time enthralling and can be costly, but know what you can and can't do with a piece of asset is vital to determining the real estate feasibility of your project. Some examples of entitlements are as follows:

Entitlement Examples:

1. Zoning and zoning variances for building heights, whole of parking spaces, setbacks. Your land use attorneys and zoning experts come into play here. My guidance is to heavily rely on their expertise and supervene their directions to avoid unnecessary delays in your approval process.

2. Rezoning. Depending on the current use allowed for the property, you might need to have the site rezoned which is a complicated process and sometimes cannot be done.

3 Use Permits. You may need to obtain conditional use permits and this goes hand in hand with zoning and zoning variances.

4. Road approvals. Do you need to put in existing roads? Who maintains the roads? Are there shared roads via easements? These are all questions that you need to have the answers to and be ready to comply with in the regulatory process.

5 Utility approvals. Are utilities available to the site? Do you need to donate land to the city in replacement for utility entitlements? Again, you will need to comply with the municipality regulations and standards.

6. Landscaping approvals. The city planning and improvement agencies must also approve your fabricate and landscaping. Your architect and engineers will be most helpful in this area.

Hire an Experienced improvement Team:

The best recommend is to hire an experienced improvement team of architects, developers, lawyers, task consultants, civil, soil, landscape and structural engineers and consultants at the onset to help you analyze, review, justify and recommend you about fabricate studies, applicable zoning and code requirements, and maximum improvement inherent of the property. Without an experienced team, it is extremely difficult and a lot of time will be wasted in trying to unblemished the regulatory process because the very nature of the regulatory process is so complicated.

Here is how the process works. First, remember to keep in mind that the process is very slow and frustrating and can take roughly 3 to 12 months or sometimes years depending on how complicated the task is. Part of the reckon is that each city planner has different interpretations of their local rules. Today, approvals involve jurisdictions overlapping such as city, county and state and these jurisdictions do not narrate with each other. It is extremely crucial that you fabricate good working relationships with these planners to obtain your approvals. Again, this is why you need to work with a improvement team that has already built these relationships with local staff of the local jurisdiction where your asset will be developed. These relationships will streamline and help to expedite your approval process. Your experienced team of experts will be able to negotiate issues for you and eliminate added requests by the local jurisdiction to avoid added delays in obtaining your approvals.

Regulatory Process:

Majority of improvement projects must go through unavoidable aspects of the entitlement process and some projects will be required to go through some public hearing processes for approval depending on each jurisdiction's rules. To begin, market improvement of land requires a narrate and approval from the local improvement narrate Board or Planning branch narrate Division. Each municipality has a different name but the functions are similar.

The process starts with obtaining site approval from the local Planning and improvement Department. By contacting the local Planning and improvement branch narrate Division, your devotee team will then put together a land use pre-application which complies with the codes of that single jurisdiction. By complying with the codes, this will eliminate added requests by the jurisdiction, added narrate and prolongation and unnecessary delays of the approval process. Next a meeting date will be set. You and/or your representatives will meet with the Planning branch to discuss the proposed task and narrate process. The process includes approval of your site plan, elevations, colors, landscaping, vicinity map, etc. Environmental information will need to be submitted also. There is commonly a fee that accompanies the application. The fees vary from jurisdiction to jurisdiction. If for some reckon your site plan is denied, you can petition to the City Council. The petition process varies from each jurisdiction. Once you obtain site approval, then you will need fabricate approval, devotee use permits. The fabricate approval process is where your architect will fabricate the building shell, core layout, covering appearance, building height, site layout, landscaping concepts, traffic impact, site access and utility layouts and submit them for approval. Neighborhood hearings are generally required for all general plan conditional use permits. You may be required to send out written notice or post information on the site. commonly the City will send notices to the neighbors also. Signs should be located on the property, and an open house meeting is generally held. Your improvement team will be instrumental in advising and assisting you so that you have a higher probability of achieving success in obtaining neighborhood approval. Be prepared, even if you comply with the regulatory process codes and regulations, there is all the time the possibility that the neighborhood may have their own schedule and that the hearings and decisions may not be convenient to your task going forward. This is where your attorneys and the rest of your improvement team's expertise and participation are crucial.

If wetlands are located on the asset you will need special documentation that states whether the Wetlands Act applies or not. If it does, whether it will supervene in important or insignificant impact as granted by evidence of a permit. Sometimes it is best to set aside or donate the wetlands portion of the asset and avoid improvement issues. Your improvement team will be able to recommend you on the best policy of performance once they have assessed all the information and reviewed the reports.

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