The Swier Law Firm Estate Planning and Probate Law FAQs

The Swier Law Firm Estate Planning and Probate Law FAQs

 

Have questions? We have answers! Our South Dakota attorneys answer the questions they hear most often from clients just like you.

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  • What Does Joint Tenants With Right of Surviorship Mean In Estate Planning?

    What Does Joint Tenants With Right of Surviorship Mean In Estate Planning?

    When one owner dies, that share is automatically transferred to the other joint owners equally.

    Example Of Joint Tenants In Regards To Estate Planning

    My siblings and I all owned an equal share of the family farm.  When my brother died the three of us still living automatically for his share because we held it as joint tenants with right of survivorship.

     

  • What Does Jointly Held Real Estate Mean In Estate Planning?

    What Does Jointly Held Real Estate Mean In Estate Planning?

    Real estate is commonly a joint asset.  There are three ways to be joint owners of real estate.  Each is different in what happens at the death of one of the joint owners.  The way a deed is written and recorded will determine how the real estate is held.

    Example Of Jointly Held Real Estate In Regards to Estate Planning

    Real estate is commonly a joint asset.  There are three ways to be joint owners of real estate.  Each is different in what happens at the death of one of the joint owners.  The way a deed is written and recorded will determine how the real estate is held and passed.

  • What Are Joint Owners In Estate Planning?

    What Are Joint Owners In Estate Planning?

    When two or more people own the same asset. Almost any asset that can have a written record of ownership can have more than one owner.

    Example Of Joint Owners In Regards To Estate Planning

    My dad made by sister a joint owner on his bank account to help him manage things before he died and she ended up with all of that money despite what his will said.

  • What Does Intestate Mean In Estate Planning?

    What Does Intestate Mean In Estate Planning?

    To die without a will (opposite is “Testate”)

    Example Of Intestate In Regards To Estate Planning

    My mom died intestate.  So we had to go to court to have someone appointed as personal representative and her assets must be distributed by following state law.

  • What Does Intangible Property Mean In Estate Planning?

    What Does Intangible Property Mean In Estate Planning?

    Assets that is not physical in nature, they generally cannot be touched.  These assets include stocks and bonds (even though these can be represented by physical certificates).  They also include your financial accounts.  Common business intangible assets trademarks, patents, copyrights, goodwill, intellectual property and digital assets (e-mail, blog, photos, etc.).

    Example Of Intangible Property In Regards To Estate Planning

    The intangible assets in my dad’s estate were the hardest to find and often the hardest to value.

  • What Does Inheritance Mean In Estate Planning?

    What Does Inheritance Mean In Estate Planning?

    Assets received from someone who has died, whether through will, trust, life insurance, retirement plan, deed or other transfer on death assets/accounts.  These assets are specific to the person receiving them and, with special handling, can be retained as an individual asset even if the person is married.  You cannot be forced to accept an inheritance.

    Example Of Inheritance In Regards To Estate Planning

    My inheritance from my mom’s estate was bigger than I expected.  She had a large insurance policy as well as retirement accounts in addition to her investments and bank accounts.

  • What Are Issue and Descendants In Estate Planning?

    What Are Issue and Descendants In Estate Planning?

    Persons in a generation lower than yours.  This would include your children, grandchildren etc.  Often this term will include children who have been adopted and children who are in utero/en ventra sa mere (conceived, but not yet born).

    Example Of Issue and Descendants In Regards To Estate Planning

    I currently have six living issue; two children and four grandchildren, one of which was adopted.

  • What Are Heirs In Estate Planning?

    What Are Heirs In Estate Planning?

    A person that would be entitled by law to inherit from your estate.

    Example Of Heirs In Regards To Estate Planning

    I am my dad’s sole heir.  When he passes I should inherit everything unless he has a will stating otherwise.

  • What Does A Guardian Mean In Estate Planning?

    What Does A Guardian Mean In Estate Planning?

    A person appointed to care for a minor child or adult needing such care.  This generally covers care for the actual person, and may or may not include care of assets and finances.

    Example Of Guardian In Regards To Estate Planning

    My brother named me guardian of his daughter in case he and his wife pass. 

  • What Is A Grantor, Trustor, Settlor, Creator, Donor or Trustmaker Mean In Estate Planning?

    What Is A Grantor, Trustor, Settlor, Creator, Donor or Trustmaker Mean In Estate Planning?

    A person who sets up a trust.

    Example Of Grantor, Trustor, Settlor, Creator, Donor or Trustmaker In Regards To Estate Planning

    My attorney just helped me set up a trust for my children.  I am both the trustor and trustee of my new trust.