Question 1: What is Probate? Probate is legal process through which a deceased person’s property must proceed before a new legal owner can be identified. Probate is designed to evaluate what a deceased person owned, as well as what kind of debts the person had. The property the person owned is used to pay off the debts, and anything left over is distributed to his or her inheritors. Question 2: Does all a Person’s Property go Through Probate? No. Some property is specifically exempt … [Read more...] about Probate Basics: Some Considerations
Trustees
Three Considerations When Deciding About Amending A Trust
Question 1: Can I change my revocable living trust? What about an irrevocable trust? Anyone who creates a revocable living trust, known as a trustor, can change the terms of that trust at any time as long as he or she is mentally capable. You cannot change the terms of your trust after you die by, for example, dictating the amendment through your last will and testament. Also, if you created the revocable living trust jointly with a spouse, both you and your spouse will have to agree to any … [Read more...] about Three Considerations When Deciding About Amending A Trust
3 Potential Trustee Pitfalls
When someone creates a trust, that person must choose someone else to manage the trust property when the trust creator becomes unwilling or unable to manage the trust themselves. This person is known as the trustee or successor trustee. Though there are professional trust management options, many people select a nonprofessional trustee, such as a trusted friend or family member. If you've been placed in the position where someone is asking you to serve as a trustee, you will want to give the … [Read more...] about 3 Potential Trustee Pitfalls
The Correct Way to Choose a Trustee
If part of your estate plan includes the creation of a trust, you want to ensure that you choose the right trustee. While your trust will specify the kinds of responsibilities and limitations your trustee will have, trustees typically come from one of two sources: either family members or professional organizations. Let's take a look at both of these options so you can determine which choice best suits your trust. Family Members Family members are a popular choice for trustee primarily … [Read more...] about The Correct Way to Choose a Trustee
What You Need to Know About Testamentary Trusts
A good trust is one that suits your needs and desires. For many parents with young children, a testamentary trust is exactly what you are looking for if you are concerned about your children being able to manage property if you were to die suddenly. Here are a couple of quick points about testamentary trusts and why they are useful. The trust relationship. Every trust is basically a specific legal relationship between certain people. When you create a trust you select who these people are … [Read more...] about What You Need to Know About Testamentary Trusts
Trustee Duties: Some Tips
With so many people creating Revocable Living Trusts today, it is not unusual for someone to find that they have been appointed as a Trustee upon the death of a family member. Some Trustees are called upon to pay the Trustor's bills and distribute the Trust assets as instructed by the Trust. At other times, the Trust was intended to last for a long time and the Trustee has an ongoing duty to manage the Trust such as in the case for Trusts set up for the benefit of young children. If you have … [Read more...] about Trustee Duties: Some Tips
Why You Should Choose a Successor Trustee
Given how popular trusts have become in recent decades, there is a very good chance that you will choose to incorporate a trust into your overall estate plan. If you do, you will need to choose a Trustee to administer the trust. A common mistake to avoid, however, is failing to also name a successor Trustee. Let's explore why you should choose a successor Trustee. Trust Basics Trusts can be broadly divided into one of two categories – testamentary or living (inter vivos) trusts. … [Read more...] about Why You Should Choose a Successor Trustee
Key Trust Administration Steps for the First-Time Trustee
Trusts are frequently used in estate planning because of their flexibility and because of the numerous and varied estate planning goals that can be served using a trust. The Trustee of a trust is responsible for administering the trust as well as managing and investing trust assets. If you recently learned that you were appointed to be the Trustee of a trust, you may not know where to begin with administering the trust. To help get you started, let's examine five important trust administration … [Read more...] about Key Trust Administration Steps for the First-Time Trustee
The New Trustee’s Trust Administration Checklist
Not all that long ago, trusts were used almost exclusively by wealthy families as a tool to pass down the family wealth while maintaining a certain degree of control over how that wealth is used by future generations. Trust have evolved, however, to the point where it is now common to find a trust in even a relatively simple estate plan. When a trust is created, the trust creator must appoint a Trustee to administer the trust. If you recently learned that you were appointed to be the Trustee of … [Read more...] about The New Trustee’s Trust Administration Checklist
Top 10 Questions to Ask Yourself When Choosing a Trustee
Like many people, you may find yourself including a living trust in your estate plan. If so, you will need to make several decisions during the creation of that trust. Among the most important of those decisions will be deciding who to appoint as the Trustee of your trust. Here are 10 questions to ask when choosing a Trustee for your living trust. What Is a Living Trust? A trust is a legal relationship wherein property is held by one party for the benefit of another. A trust is created by … [Read more...] about Top 10 Questions to Ask Yourself When Choosing a Trustee
