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Leased Vehicles and Death
What happens to a vehicle lease when the lessee dies depends on the lease terms. The lessee’s death does not alter the lease unless it contains a termination due to death term. This could result in all payments on the lease becoming due, early termination fees, and return of the vehicle. These costs are typically…
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Why Does the Type of Devise Matter-Ademption?
Ademption refers to the withdrawal or nullification of a gift because the property identified in the will is no longer in the willmaker’s estate. Ademption applies to specific devises where the property is no longer in the willmaker’s estate. For example, if Fred’s Canopysaurus Flintmobile is stolen and never recovered, it will obviously be impossible…
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Why Does the Type of Devise Matter?
You might be surprised to learn that the type of devise has very significant implications when an estate is not large enough to cover all the gifts made by the will, administration expenses, creditors’ claims, and other obligations. The doctrine of abatement determines the order in which types of devises are reduced. Generally, the residuary…
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Dead and Gone
Matthew Moody, a Bitcoin miner, passed away at the age of twenty-six. He had Bitcoin that he mined. However, no one knows how much he owned, where it was stored, or how to access it. This could be a nice sum of money for his loved ones; but because he did not share this information…
Category: Estate Administration
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
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