One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. Moreover, people may define their own forms of co-ownership by contract. This article discusses some of the many myths about the co-ownership of property.
An intentional transfer of property made from the generosity of the transferor is known as a gift. The person who makes a gift is known as the donor. The person who receives a gift is known as the donee.
State statutes of descent and distribution are usually supplemented by other statutes or court rulings governing inheritance in unusual circumstances. This article discusses some of those unusual circumstances.
When formulating your estate plan, you should contemplate body disposal and ceremonies. Writing out a statement of your preferences will likely save money and save your loved ones from additional heartache. Typically, at least one ceremony occurs when a person dies. Sometimes several ceremonies are held, either before or after burial or cremation. Most loved ones are likely to be comforted by attending a ceremony that reflects the wishes and personality of the deceased person.
In order to make a will, a person must intend to make a will. A person must have what is known as testamentary intent. The adjective ‘testamentary’ means related to a will, and is a derivative of the word ‘testament’–the Latin word for will. The Latin phrase for testamentary intent is animus testandi, “the intention to make a testament.”