What does soles mean in English?
noun. the bottom or under surface of the foot. the corresponding under part of a shoe, boot, or the like, or this part exclusive of the heel. the bottom, under surface, or lower part of anything.
What is the meaning of sole discretion?
Sole Discretion means the right and power to decide a matter, which right may be exercised arbitrarily at any time and from time to time.
What is the meaning of sole beneficiary?
The sole beneficiary is the entity designated to receive all of the assets associated with something. You can designate any person or organization as your sole beneficiary.
Is the sole beneficiary?
The formal definition of a beneficiary for legal purposes, according to Black’s Law Dictionary, is one for whom a trust is created. If you are named as the sole beneficiary, you are entitled to all of the benefits that pass to you in such documents.
Does an executor have to show accounting to beneficiaries?
Before distributing assets to beneficiaries, the executor must pay valid debts and expenses, subject to any exclusions provided under state probate laws. The executor must maintain receipts and related documents and provide a detailed accounting to estate beneficiaries.
Do all deaths go to probate?
Does everyone need to use probate? No. Many estates don’t need to go through this process. If there’s only jointly-owned property and money which passes to a spouse or civil partner when someone dies, probate will not normally be needed.
Is a Will enough to avoid probate?
Simply having a last will does not avoid probate; in fact, a will must go through probate. To probate a will, the document is filed with the court, and a personal representative is appointed to gather the decedent’s assets and take care of any outstanding debts or taxes.
Why is it good to avoid probate?
Probate is a court supervised process for administering and (hopefully) distributing a person’s estate after their death. Only a trust can avoid probate because once you have a trust, all of your assets are then transferred to the trust during your lifetime thereby avoiding the need for a court to do so.