Property that’s transferable pursuant to the law of intestate succession is basically anything that you might own in your name only. Who takes what depends on whether you have a living wife, children or other relatives at the time of your death. Under the law of intestate succession, you won’t be able to choose who the executor of your estate might be or how your estate is distributed. Those are two of the primary purposes of wills.
You and your successor trustee
It’s perfectly legal for us to designate you as the trustee of your own living trust in your lifetime. The successor trustee who you choose will make all distributions pursuant to the terms of your revocable living trust. If you’re worried about family or friends trying to influence your successor trustee, there are banks and trust companies that can act in that capacity.
Probate involves the legal process by which the estate of a person who died is administered. If you’re directly or indirectly involved in the probating of an estate, you’ll want to see us at the Barbur Law Office in Milwaukie Oregon to discuss your questions.
To qualify as a small estate, the total value of the estate cannot be in excess of $275,000. Of that sum, no more than $75,000 of the estate can consist of personal property. This doesn’t include property that transfers automatically upon death like a joint tenancy or pay on death bank account. No more than $200,000 of the estate can consist of real estate.
Sometimes guardianship is only sought for a limited period of time. That’s when a petition for temporary guardianship is filed, but temporary guardianships are limited to very short durations. A temporary guardianship can’t last for more than 30 days, and it can only be extended for another 30 days by court order.
The conservator must be qualified to fulfill his or her obligations, and a bond is required to be posted to assure that the impaired person’s money remains safe. Sometimes a judge might even appoint a professional conservator to the office. Should the condition of the conservatee improve over time, he or she can petition that the conservatorship be terminated. Should the conservatee die during the course of a court ordered conservatorship, the funds maintained by the conservator are distributed pursuant to either the decedent’s estate plan or the law of intestate succession.