An asset is anything already of value, or a resource of value that can be turned into cash at any time. Assets may be owned by individuals, companies, or the government. It may contain economic value, or future benefit. Future cash benefit assets may be something such as a company, or a patent. So how do you determine the different categories of assets?
Assets that generally do not go through probate are 1) jointly owned assets that transfer to the surviving owner; 2) assets that have a valid beneficiary designation; and 3) assets that are in a trust. However, these assets do not always avoid probate. Not All Assets...
By: Benjamin Ruesch, Esq. With the recent passing of Utah’s adopted celebrity Gary Coleman, star of Different Strokes, much attention has been brought to the fact that his life was terminated at the direction of his ex-wife Shannon Price. She was given the full...
