An asset is anything already of value, or a resource of value that can be turned into cash at any time. Assets may be owned by individuals, companies, or the government. It may contain economic value, or future benefit. Future cash benefit assets may be something such as a company, or a patent. So how do you determine the different categories of assets?
Most people don’t know the importance of setting up an estate plan in Southern Utah, also referred to as an incapacity plan. When such people are asked, they give predictable answers, such as “to avoid probate and taxes,” “to distribute their wealth when they’re...
Quick Summary of Boundary Disputes Between Adjoining Landowners: Boundary Dispute Basics Statutory InfluencesHazardous ActivitiesMutuality of Rights and ObligationsConstruction On PropertyFixed TimeDamage Caused By ContractorsHow To Approach A Boundary Dispute Between...
Whether probate is necessary depends on what property the decedent owned and how it was held, and on the law of state in which the decedent died and the laws of any states where the decedent held property. In general, the probate process clarifies issues in a will and...
Assets that generally do not go through probate are 1) jointly owned assets that transfer to the surviving owner; 2) assets that have a valid beneficiary designation; and 3) assets that are in a trust. However, these assets do not always avoid probate. Jointly Owned...
Probate is the court-supervised transfer of property from a deceased person (decedent) to his or her heirs and beneficiaries. If the decedent had a will, the will specifies who receives the decedent’s estate. If the decedent did not make a will, state law identifies...
