wills

Marital Deduction

Example

If a married couple has a community property estate of $500,000, each has a net estate value of $250,000. Assuming both spouses have wills that leave their estates to each other, when one spouse dies, the other will inherit the decedent's $250,000 estate. That inheritance is free of estate tax, because the marital deduction eliminates estate tax on anything from one spouse to the other.

Example provided by Paul Premack Esq.

http://www.premack.com/columns/2006/2006-11-14.htm

letters testamentary

The document a probate court issues to an executor (personal representative) of a deceased person's estate, authorizing the executor to settle the estate according to the terms of the person's will. Banks, brokerages, and government agencies often require a certified copy of the letters before accepting the executor's authority to collect the deceased person's assets. (See also: letters of administration)

letters of administration

The document a probate court issues to the person appointed as administrator (personal representative) of the estate of someone who died without a will. The letters authorize the administrator to settle the deceased person's estate according to the state's intestate succession laws. Banks, brokerages, and government agencies often require a certified copy of the letters before accepting the administrator's authority to collect the deceased person's assets. (See also: letters testamentary)

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