INTRODUCTION
When a person (Testator) signs a Will, he/she anticipate the persons named to receive a portion of their estate (Beneficiaries) will outlive them. So what happens if one or more Beneficiaries predecease the Testator? Or survives the Testator, but then passes before the bequest can be passed to...
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As the world continues to flatten, what once was a challenge (for Trustees to administer a Trust with Beneficiaries located in different states within the United States) has now become a challenge to observe the many laws of both the United States and other countries. It is no longer uncommon to find...
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Choosing who will administer your estate (Personal Representative), or your Trust (Trustee), is as an important decision as you can make when crafting your estate plan. When you pass, the most carefully made plans will only be as successful as the person, or persons, you charge with carrying them out. Below...
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It is your money, and the laws of all 50 states provide great deference to people’s wishes when passing on their estate. Provided your Will or Trust does not contain inheritance provisions that violate public policy, the Court will not interfere with your wishes. But what if your estate plan is not...
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Trustee accept certain fiduciary duties when they agree to take on the role. Their ignorance of these specific duties can sometimes be the source of disputes and litigation with the Trust beneficiaries. Perhaps the most common dispute arises because of accusations of Trustee self-dealing.
Duties of the Trustee
In some cases, people appointed as Personal Representatives feel as if they can navigate the Probate Court process alone. Perhaps they feel as if the estate is too small to justify hiring professionals. Or, maybe they feel as if they were entrusted to handle the estate and just don’t realize they need...
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You have a family member with a history of making poor financial decisions. Or perhaps there’s a spouse of that family member whom you have misgivings about that are not yet resolved. As you make your estate plans, the decision weighs heavily on you. You don’t want to disinherit this person. They...
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Ambiguity in estate planning documents can lead to disputes, uncertainty, and potentially litigation. Your Trustee or Personal Representative is charged with the duty of disbursing your estate in accordance with your intent. If that intent is unclear because of murky testamentary language, your wishes may not be followed. Consider the following recent...
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The “Stretch” IRA was commonly used as an estate planning tool which allowed beneficiaries to enjoy the benefits of IRA asset growth, either tax-deferred (or, in the case of a Roth IRA, tax-free) for their lifetime. With the passage of the SECURE Act, IRAs inherited after December 31, 2019 must pass...
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The internet has created access to information that was unthinkable a generation ago. That access has provided the motivated DItYer with the ability to tackle almost as many issues as they have the time to handle: with easy instructions on home improvement and repairs, to learning how to play that elusive musical...
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