When it comes to estate planning, understanding the differences between a Trust and a Will is crucial. Let’s explore the basics of each and when … When You Need a Trust vs When You Need a WillRead more
Nebraska has adopted a new method of transferring ownership of real estate upon the death of the owner. Effective January 1, 2013 we may now use a revocable transfer on death deed (“TOD deed”) in Nebraska.
The TOD deed will operate in a similar fashion to a payable on death (“POD”) bank account. The beneficiary will not have any current ownership interest in the property during the life of the owner and will only receive ownership when the owner dies (or in the case of joint tenancy ownership) when all of the owners have died.
This is by far the most important piece of advice I can give you. Please take a minute to reflect and truly understand the level of stress and grief your family members will experience upon your passing. I can tell you through experience they will be overwhelmed.
The term “probate” refers the legal procedure used by courts to determine whether a person’s will is valid. Probate can also refer to the process by which an executor or personal representative gathers a decedent’s assets to pay the debts, taxes and final expenses and then ultimately distributes the remaining assets to the beneficiaries listed in the decedent’s will.