By Margaret A Munro; Kathryn A Murphy
ISBN-10: 0470286172
ISBN-13: 9780470286173
ISBN-10: 0470453281
ISBN-13: 9780470453285
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Extra resources for Estate & trust administration for dummies
Example text
Don’t forget, this spousal statutory share is not the same beast as the intestate statutory share. Though every state has a spousal statutory share, any prenuptial agreement (an agreement signed before marriage — think movie stars, billionaires, and second marriages) or postnuptial agreement (an agreement signed after marriage) that the surviving spouse signed that set out or limited the amount he or she would inherit upon the decedent’s death, that agreement will govern (and it no doubt waives the statutory share).
For example, Mary is listed as the only signer on her disabled daughter Sue’s checking account, which is funded solely by Sue’s monthly disability payments. If Mary dies, Sue (or someone acting for her if she is unable to act for herself) must provide documentation that the account and the money in it actually belong to Sue and not Mary. This proof may be in the form of a letter between Sue and Mary mentioning the arrangement, check stubs from the disability payments, or even bank statements showing that all deposits into the account were for Sue, and all payments out were for Sue’s benefit.
Note that one person can be guardian of both the person and the property of a child, if the court deems that appropriate. Sometimes more than one family member (or family friend) feel strongly that they are the best person to raise the child, in which case things can get messy. Most parents would prefer to make that choice themselves and the court will honor their wishes if the court finds it’s in the child’s best interest, but we actually know several people who have delayed creating wills because they don’t want to face the guardianship question, either because they don’t want to offend family members or because they feel they have no good choices for guardians.
Estate & trust administration for dummies by Margaret A Munro; Kathryn A Murphy
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