Inheritance money can be found by searching for a will left behind by the grandparent, or by conducting a search on unclaimed property. Locating money or property left behind by relatives requires research into records being kept by an estate executor, county courthouse or other resource.Know More
Grandparents may appoint someone to be an executor for estate matters, including a will. Finding out the name of the executor requires contacting the courthouse of the county where the grandparent last resided. Upon request, the county clerk can assist with executor contact information or researching wills on file. Obtaining will information often requires verifying proof of identity via an official form of photo I.D. In addition to the full name of the deceased relative, the clerk may ask for a date of birth and last known address to help locate the will. Upon successfully finding a will, it is necessary to give the clerk permission to provide a photocopy of the will, which has information regarding beneficiaries.
When there is no will on file, the next step is searching for unclaimed property in the state database. Individuals can request a claim form by contacting the unclaimed property division. This type of search usually requires the name of the relative, date of death and other identifying details, such as a Social Security number.Learn more about Financial Planning
Ways to create a will that avoids probate include creating a revocable living trust, having pay-on-death accounts, having a joint ownership of property and giving property away while still alive, according to Nolo. It's best to sit down with a reputable lawyer familiar with wills, trusts and the probate process to improve the chances of avoiding probate.Full Answer >
The advantages of a living trust are determined by the amount of property owned, and legal expenses related to creating a trust versus a will. In general, large property assets are more suitable for a living trust. Asset privacy is another advantage a trust has over a will.Full Answer >
A will is needed when a person wants to indicate how his property is distributed after his death, says Legal Zoom. A living trust is needed if a person wants to plan for the possibility of his incapacity or to prevent his financial affairs from being public knowledge.Full Answer >
An example of a last will and testament should include the name and address of the person making the will and sections for the distribution of assets and property after the death of an individual, Rocket Lawyer explains. The will also designates how the appointed individuals are to carry out the terms. If the individual making the will has any special bequests, there should be an area to outline those bequests.Full Answer >