Parklin Law Blogs

  The Rights of Heirs At Law Parklin Law The rights of heirs at law are important when settling an estate. Heirs are those who inherit property and other assets from a deceased person, usually a parent or grandparent. These heirs have legal rights to the property, which can differ from state to state. If an heir dies without a will, he or she is referred to as intestate. An intestate heir may have a right to contest the will and challenge the terms of the will. The heirs at law hierarchy begins with the heir apparent, the individual who receives the first right of inheritance. Next in line are the children of the heir apparent, followed by the grandchildren. Each  right of inheritance  is based on the relationship of the heir to the decedent. In some cases, there are collateral heirs, such as siblings and cousins. Collateral heirs are not direct descendants of the heir, but they are still family members. Generally, the first two heirs at law are the heir apparent and the ...

  Death Probate Time In Utah Parklin Law Death Probate Time In Utah When someone dies in Utah, his or her estate must undergo probate. The time in which this occurs depends on the size and complexity of the estate. For a simple estate, the procedure can be handled without any court involvement. There are several ways to avoid the probate process, including using a living trust. This method allows the owners of the property to name themselves as the successor trustees and thereby establish authority over the property. It is also possible to transfer the property directly to the trustees. Another option is to use an affidavit. An affidavit will allow the successor to collect the deceased’s property. However, if the value of the property exceeds $100,000, the successor will need a valid affidavit to be issued by the Utah Division of Motor Vehicles. A will is a legal document that specifies how an estate is to be distributed. If the decedent did not leave a will,  the probate proc...

  Understanding An A-B Trust Parklin Law Understanding An A-B Trust An A-B trust is an estate planning device that can be confusing to a first timer. It’s a two-part trust that divides your assets in a way that will minimize the amount of estate tax paid upon your passing. There are several reasons why a couple will choose to create an A-B trust. For example, it may provide protection for the children of the deceased. Additionally, it can also be used to shelter the assets from creditors and divorces. However, before you  decide to set up an A-B trust , you need to understand the most important details. First, you should know that the A-B trust was once a popular estate planning tool, especially when the estate tax exemption was low. Currently, married couples are able to pass up to $22 million tax-free. If you are considering using an AB trust, you should consult a competent estate planning attorney to determine the best course of action. The B part of an A-B trust is a bypas...

  The Difference Between Beneficiary Designations And Trusts Parklin Law The Difference Between Beneficiary Designations And Trusts If you are planning your estate, you should have your assets arranged in a way that includes beneficiary designations. This ensures that you have control over your assets at the time of your death. Many assets such as retirement accounts, life insurance policies, and annuities pass to your beneficiary. A trust can be used to provide a monetary limit and specify how to distribute your assets. Beneficiary designations are a form that you fill out with your financial institution to specify who will inherit your assets. This can be for a person or an entity. You can designate someone as the primary beneficiary, or you can choose an alternate beneficiary. Some retirement plans automatically name a spouse or child as the designated beneficiary. Other companies allow you to name a non-spouse as a beneficiary. Usually, a trust is created for minor children or ...

  Business Law And Form Parklin Law Business Law And Form The laws that specify how to start and operate a business are all included in the field of business law. This comprises all the rules governing how to launch, acquire, run, close, or sell any kind of business. All businesses must abide by the rules established by company laws. An astute businessman will be generally knowledgeable about business rules and be aware of when to see a competent attorney. Administrative rules as well as state and federal legislation are included in  business law . Let’s look at a few of the topics that fall under the purview of business law. The many forms of corporate organizations are a major topic in business law. Each type has certain rules for how to be formed and operated. This covers the rules governing organizations like corporations, partnerships, and limited liability firms. Due to the complexity of management, there are numerous laws pertaining to corporate management. As you can s...

  Mistakes In Estate Planning You Must Avoid Parklin Law Estate planning is a critical action you can take to safeguard the interests of your family, despite the fact that it may be tough to think about. You may ensure that your desires are carried out and that your loved ones are taken care of after you pass away by creating a thorough estate plan. It can be a hard conversation to have with family, but if you pass away without a plan in place, your family members may be left to sort out a legal mess in court. Depending on your stage of life and  how an estate plan would effect you , there are different chores to perform. You might be making plans for your own future, serving as the surviving spouse, or acting as a loved one’s health care proxy. You might have been appointed as the executor of a parent’s estate or you might be managing an unforeseen estate without a will. You might be a will’s designated beneficiary, but you’re interested in planning methods to avoid probate. ...