A student visa that lets you study at the university of your choice is a terrific thing for you. But what happens if your studies take longer than you planned? On top of exams and term papers, you may have to worry about your student visa expiring. That’s where an immigration lawyer can be your best friend. Understanding how immigration laws work can be the first step to making sure that you keep your student visa in good standing. My blog is all about immigration issues, especially those faced by foreign students. Check out the articles for more information that you can use to complete your studies in the country you chose to study in.
Despite folklore, it is probably not possible to avoid probate altogether and that is not really the point. Probate serves an important purpose when it comes to dealing with an estate and not all probate practices can or should be overlooked. If you are planning your estate, it might be best to keep in mind that the idea is not to avoid probate but to keep as much of your property as possible out of probate's grasp. Read on for three easy things that will accomplish just that.
Change a deed
It's actually pretty easy to amend real estate deeds. It often involves making a change that is referred to as a quit-claim to the wording on the deed. Here, you can add whoever you wish onto your deed as the part owner of a given piece of property. For example, if you want to leave your home to your two adult children after your death, you can go ahead and add their names to the deed at the courthouse.
It might pay to consult with an estate attorney to make sure that you understand the implications of changing that deed. While easy to accomplish there are several different ways to word the deed. For example, you can have deeds that stay in one person's name and only pass to another after the death, known as "right of suvivorship" deeds.
Create a trust
A trust is a lot like a will in many ways. You can address any type of property in a trust and you can list beneficiaries of that property. You will be naming someone to oversee the trust after your death, just like an executor, known as the trustee. With a revocable trust, you are completely in charge of everything that goes into the trust and can make changes until you either die or become incapacitated. Here are a few advantages that a trust has over a will.
1. Any property named in both the will and the trust will follow the trust, not the will.
2. The contents of the trust are not public information; it is private to only the owner and trustee.
3. The beneficiaries don't have to wait until probate is complete, they can take possession right away.
Transfer or Pay on Death
If you, like most people, have bank accounts and investment accounts you can keep that money out of probate as well. Bank accounts and the like are typically frozen after a death and can only be distributed after probate is complete. With an account designation like payable-on-death, you can name a person or persons to take possession of the money in the account as soon as a death certificate is available.
Speak to an estate planning attorney to learn more.
Share30 May 2018
