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Tag Archive 'legal counsel'

Personal representatives must take caution to avoid conflicts of interest

Posted in Probate & Estate Planning on Mar 22nd, 2010

Personal representatives have a fiduciary duty to act in the best interest of the estate they are appointed to administer.  This fiduciary duty prohibits personal representatives from acting to advance their own interests.  However, many times those appointed as personal representatives are also situated to inherit a portion of the decedent’s estate.  Because these situations [...]

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Adding an owner to a bank account can have serious repercussions

Posted in Probate & Estate Planning on Mar 2nd, 2010

A bank account owned jointly by two owners is not required to pass through probate when one of the owners dies.  Rather, the bank account passes outside of the probate process, and the surviving owner immediately takes full title to the account.  Many times, people add a joint owner to their bank account expressly for [...]

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