The short answer to this question is no. Naming your child as the recipient of your home in your will does not give them any right to your home while you are still living. However, understanding why that is the correct answer requires a little more explanation.
Most Americans strive to earn a decent-sized paycheck to support themselves and their families when they go to work. Stay-at-home parents, however, work to provide valuable nonfinancial contributions to their families everyday. They make sure that the home runs smoothly and that their family members have what they need to be successful and happy. If something were to happen to the stay-at-home parent, how would the family’s needs be met?
A nonfungible token (NFT) is a unique digital code that represents a digital item such as art or music, as well as a growing number of physical items, that runs on the blockchain (a secure, decentralized, and cryptography-backed online ledger) and provides proof of ownership of virtual collectibles. That explanation may cause confusion, and when it comes to NFTs, confusion and excitement are present in equal parts. NFTs can generate new streams of revenue for creators and be a store of value for collectors. If you own NFTs or plan to invest in them, you should update your estate plan accordingly. Handing down an NFT is more complicated than passing on a physical item or other traditional asset. But with buzz building around NFTs, they could end up being among the most valuable items in your estate.
There are so many things to think about when a loved one passes away. What to do with the prescription drugs (or other controlled substances) that are in your loved one’s medicine cabinet is not usually at the top of that list. Yet, to avoid running afoul of laws governing their disposal, it is important to understand the proper procedures for disposing of a deceased person’s controlled substances.
If you own real property, such as a home, in your sole name but you have not created a trust and transferred your property’s title to the trust, it is virtually guaranteed that your beneficiaries (or heirs) will have to deal with probate after your death. If the time and expense required to create a living trust does not make sense for your situation but you still want to avoid the probate process, a transfer-on-death (TOD) deed may be the solution. A TOD deed (also known as a beneficiary deed) does what it sounds like it does—it transfers your real property to your selected beneficiaries upon your death, similar to a payable-on-death designation for a bank account or a transfer-on-death registration for an investment account.
It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). ...
A number of married couples think about their accounts and property as “yours, mine, and ours,” especially if either or both spouses have gotten or will be getting remarried, married ...
What Is Self-Dealing in Trust Administration? A trustee usually has quite a bit of discretion in their management of a trust’s accounts, money, and property (known as assets). At the ...
For grandparents who want to leave a legacy to their grandchildren, the gift of a 529 college savings plan is an option. Not only can opening a 529 plan account ...
Parents strive to make their children feel equally valued as reflected in the fact that, when setting up an estate plan, parents typically divide their accounts and property equally among their children. But while parents strive to treat their children the same, they simultaneously acknowledge that children have different needs at different times. And these needs do not always correlate with perfectly equal dollar amounts. Should something happen to you and your accounts and property pass to your minor children in equal shares, there may not be enough money for each individual child’s expenses. Almost certainly, one child will require more funds than another. Instead of simply dividing your accounts and property equally among your children, you can place accounts and property in what is known as a pot trust or common trust with instructions for your trustee on how to spend the money and property on behalf of all the beneficiaries.