Deeds of power are one of the two types of property you can have left for your beneficiaries to hold onto until the time of your death or until a period called "disability" has passed. A power of attorney is a formal written agreement that names someone the agent for your business, bank account, and other essential business documents. In some cases, a power of attorney will name a single individual to handle your behalf' affairs. There are also numerous living trusts and revocable living trusts that allow people to name more than one agent for their deceased estates.
Customary law generally recognises two types of incapacitations. One type of incapacitation is called the "right of survivorship." The living trust or revocable living trust is an example of a living trust. If your beneficiary does not receive all of your property at your death, they can claim the property with the help of your last will. If your testator had a power of attorney, they would lose that right at your death unless they specifically appoint an estate executor to oversee the assets' distribution.
The other form of incapacitation in customary law is called the "deed of bankruptcy." An estate in bankruptcy is when the testator fails to pay the debt to creditors within a specific amount of time after their demise. Even if they later pay the debt, the creditors may file a petition for involuntary discharge of the debt at any time before your bankruptcy case is settled. You can protect your surviving beneficiaries from an intestate succession act by appointing a special master to oversee distribution. This means that your attorneys will have to stop proceedings before the bankruptcy case is filed to make distribution decisions. For more information about deceased estates, click here.
In some cases, the testator may leave instructions regarding the distribution of his or her property. They can include instructions on how beneficiaries should receive the parcel, whether they should sell it immediately, keep it for their children, or pass it down through a trust. They can also include a provision allowing for an intestate trust. A person can consist of language that provides specific instructions concerning estate distribution in a will that has been executed properly. For example, he or she could instruct that their spouse receive the entire estate, or they could permit that spouse to have a particular interest in certain assets.
The testator might also include a provision that provides a particular account's trustee to be appointed. In this way, the testator's personal property can be distributed as stated in the will. The person designated as the trustee will be required to follow the directions stated in the document. To prevent the uneven distribution of property, the testator might instruct that the trustee's designation must be recorded in the public records. A will that is not established will likely be contested when the decedent dies later in life.
Some wills specify that some beneficiaries will receive certain assets after the decedent's death. These are commonly referred to as "hereditary trust" designation. Another common designation is the "life-tenant" designation. Property owned by the decedent that can create future generations is referred to as "guardrail". There are many more variations of the testator's instructions as it pertains to deceased estates. It is essential that the testator clearly states what property types will be gifted to whom, when, and under what terms and conditions.