How are beneficiaries chosen?
by David M. Israel
A person may dispose of her estate anyway she likes, subject
to relatively few exceptions. The exceptions to this
rule deal with debts of the deceased, including any outstanding
income taxes (they must be paid out first), and the cost
of probating and administering the estate, which includes
executor fees and any legal fees and disbursements.
Most married persons leave their estates entirely to their
spouses. If the surviving spouse dies or if the individual
is unmarried the estate is usually divided equally amongst
the children of the marriage, if any. Other relatives
and individuals may receive specified amounts under the will,
such as “one thousand dollars to each of my grandchildren”.
To contact the author, please email disrael@smhilaw.com
The information contained in this message is general
and should not substitute for the advice and counsel of
a licensed lawyer. |
