Business Succession, Estate Planning, Legacy, Probate, Real Estate, Trusts, Wealth, Wills

Dying Creates Legal Entities Out of Thin Air

Dying does some pretty weird things.

In addition to the emotional impact on loved ones, death creates legal entities out of thin air, and you can technically manage what happens to these entities after you pass away.

What do I mean by that? An estate is a legal entity created automatically when you pass away.

Similar to a corporation, or a charitable organization, once you pass away, all the stuff you own in your name becomes a part of your estate.

The estate has its own representatives running it, people can make contracts with the estate, open bank accounts for the estate, and many other things. The estate even has its own tax identification with the government!

But who runs the estate? What are the rules for those who manage the estate’s assets? How do you tell someone what to do with all your stuff inside the estate when you pass away?

Well, you can create a will, a trust, or both. No matter what you choose, you can dictate what happens to these entities after you pass.

This is why estate planning is so important: without it, a legal entity will be created out of thin air without a leader or directions.

Let your wishes be the directions of these entities by reaching out to Legion Law and drafting up an estate plan.

It wouldn’t be the Legion Law Letter without offering information on how to get in touch with your estate planning and probate attorney. Feel free to schedule a meeting at legionlawpllc.com/contact-us/ for any questions, concerns, or issues you need resolved.

Cheers,


Derek Christensen

Founder of Legion Law, PLLC

One thought on “Dying Creates Legal Entities Out of Thin Air

  1. I have to thank you for the efforts youve put in penning this site. Im hoping to view the same high-grade blog posts by you later on as well. In fact, your creative writing abilities has encouraged me to get my very own website now 😉

Comments are closed.