Many trusts include terms that allow them to remain in effect for years, if not decades. Trustees must manage resources, make appropriate distributions and communicate with beneficiaries as necessary. They have a duty to act in th…
When a person creates their estate plan, everything in the plan should be based on their wishes. Most people are able to do this without anyone trying to influence them, but there are times when someone close to them may try to sw…
For a family that is already grieving, few things can create more tension than discovering a loved one’s will has changed unexpectedly before their death. Sometimes, those changes truly do reflect a person’s wishes. But, in some c…
When someone passes away, creditors may make claims against the estate, seeking payment for money that is still owed. A simple example would be outstanding credit card debt that was never fully paid off. But creditor claims can al…
Trustees must manage resources according to the instructions provided by a trustor. They may need to distribute resources to beneficiaries and make decisions about the management of key assets to preserve their value. In some case…
An inheritance can provide reminders of a person who has passed. These reminders can provide comfort. Yet, sometimes, reviewing a will or other estate planning documents can worsen the pain caused by a loved one’s passing. Spouses…
A trustee’s obligations may include long-term asset management. They may need to maintain real property, help run a business or make decisions about investment resources. Generally speaking, trustees must act in the best interests…
When an estate goes through probate, assets are passed down to beneficiaries. If someone does not have an estate plan, then state law will dictate who should receive those assets, generally focusing on next of kin. If the person d…
A standard or traditional will identifies an individual's beneficiaries and provides instructions for the administration of their estate. Individuals who established trusts may use a trust to replace a will. Their trust can provid…
When someone wants to draft an estate plan, one key element is that they have testamentary capacity. This often means that they can demonstrate the cognitive ability to understand their decisions and show that they are of sound mi…
When drafting an estate plan, you do not necessarily have to split up all of your assets equally. Many people do, but do not assume that there is a legal obligation to leave all beneficiaries an equal portion. You do have the opti…
Trust administration often involves a trustee following the instructions of the trustor regarding asset management and distribution. Sometimes, however, the trust may face legal controversy. Trust litigation can occur because peop…
