The concern regarding a sibling being executor of a parent’s will generally arises in multi-children families. Sometimes families get concerned that one sibling as executor might rewrite the will in order to benefit themselves more.
Being an executor is designed to be an administrative task, which means that the executor of a will has little to no discretion. The role of the executor is to simply carry out the task of asset distribution on behalf of the deceased.
A real estate closing is typical a literal meeting during which ownership of property changes hands from the seller to the buyer. A closing will usually take place a few weeks after the buyer and seller make an agreement to transfer ownership of the property. Once preliminary work is completed, the buyer’s attorney or title agent will schedule the final closing usually.
While the process is common, closings are very important and do require certain steps from the buyer and seller.
The government healthcare program that pays for nursing home care for those who can’t afford it is commonly called “institutional Medicaid.” Poverty is defined by both federal and Ohio law.
While there are many requirements surrounding eligibility for institutional Medicaid, the most challenging one is typically that the applicant must have a financial net worth of less than $2,000. The applicant also could not have given anything away in the five years before applying in order to qualify. Lee explains the application of the five-year lookback rule and how it can be applied when attempting to become Medicaid-eligible.
Even when well-planned, estate administration is not entirely automatic. Technically, when someone dies, ownership of their assets is automatically transferred to one or more people. However, until the paperwork memorializing the transfers is finished, the new owner cannot exercise the attributes of ownership.
Estate planning can be difficult since it involves looking ahead and deciding where we want our assets to go when we die. While every situation in estate planning is different, there are four main structures to consider.
First, some people use an “everybody equal” structure. Second, some people use a structure called “equal opportunity.” Third, others use a “who needs it most” structure when estate planning. Finally, some people use a “this one helped me most” structure.