-
Sign in with:
- Sign in
- Register
- Are you a Lawyer?
Maritess Tamunday Bott's Answers
- 3 Legal Answers
- 2 Legal Guides
4
Attorney answers:
In IL my mom died..no will..4 adult children...how can we have the house title transferred to our names as owners?
Unfortunately, there is no "quick" solution. If the house's fair market value, along with the other assets in her name, is greater than $100K, then you would need to open a Probate Estate in order to transfer title in the house. Since your mom's name was on the house, someone needs the authority to change title and sign the deed. None of you as children have that authority without the probate court issuing Letters of Office to a person that would be considered the Independent Administrator....
2
Attorney answers:
What to do to separate Dad's insurance, portfolio, and home from impending gold digger wife.
I recommend that you have Dad speak to an estate planning attorney to prepare a comprehensive plan. This plan could include the following objectives: (1) Have a third party trustee to act with him, in the event of his incapacity, or alone when he dies; (2) Provide for wife as he wants to provide for her, but make very strict provisions for distributions and usage of assets; (3) Make provisions for children to receive the assets either some at his death, and the balance at her death, or...
3
Attorney answers:
Can anyone tell me what the main purpose of estate planning is?
The main purpose of estate planning is twofold: (1) plan in the event of your incapacity; and (2) plan for the distribution of your assets upon your death. You want to make sure that all of the things you worked hard for during your life, gets to the right people, at the right time, managed by the person you have chosen, and all at the least possible cost. Who wants to spend more money with probate attorneys or the IRS? In short, if you don't do an estate plan, the default will likely cause...