Estate planning attorneys are commonly asked about a number of legal issues that have little or no basis in reality. One of the more popular misconceptions is the idea that after you die your family and friends will have to gather in a room and listen to your lawyer read the terms of your will. Though this misperception is often reinforced by movies or television, it is almost entirely a fictional device and is not required in any state. The “reading of the will” idea probably originated from … [Read more...] about The Reading of Your Will, and Why it Never Happens
Wills & Trusts
Making the Wrong Move as an Executor
If you're asked to serve as someone's executor or personal representative, you should take some time to think about the position carefully. Though being an executor is not difficult, especially if you have a knowledgable guide to the probate process, the position does impose legal responsibilities on you. If you make mistakes while serving as executor, these can have significant consequences on your life. Here's a list of some of the more egregious errors you can make as an executor, as well as … [Read more...] about Making the Wrong Move as an Executor
Your Living Trust – Three Questions About When You Want to Change Terms
Question 1: When can I change the terms of my revocable living trust? Essentially, whenever you wish. A person who creates a revocable living trust, known as a settlor or a trustor, retains the ability to modify or alter the terms of the trust whenever he or she desires. For example, if you create a revocable living trust which names your child as a beneficiary, you can change the terms of the trust after the birth of a second child so the trust also include the new child as a … [Read more...] about Your Living Trust – Three Questions About When You Want to Change Terms
Is a Family Member Trustee the Right Choice?
When you create a trust you'll need to select a trustee to manage trust property and distribute it to beneficiaries. Many people who create a trust use a family member trustee. While this may seem an ideal solution, there are some questions you'll need to ask yourself if you are thinking about choosing a family member to serve in this vital role. Expertise and Experience A family member must manage the trust to the same standards that the law requires for all trustees. This requires the family … [Read more...] about Is a Family Member Trustee the Right Choice?
A Few Common Questions About Charitable Trusts
You've likely heard of various charitable trusts mentioned in conjunction with the causes and charities they support. For example, when Microsoft billionaire Bill Gates decided to use the bulk of his wealth for philanthropic purposes, he and his wife created the Bill and Melinda Gates Foundation, a charitable trust. Though many other charitable trusts were also created by very wealthy people, you don't have to be nearly as wealthy to establish your own. Let's take a look at a few common … [Read more...] about A Few Common Questions About Charitable Trusts
Avoiding Problems as a Trustee
Even the smallest trust requires a trustee who can act with competence, diligence, and in accordance with all relevant state laws. While managing a trust can be very fulfilling, you must make sure that you approach your duties as a trustee like you would any other job. Failing to do so can lead to significant consequences for you personally. Here are several common mistakes that some trustees make which you should always try to avoid. Managing trust funds without financial advice As a trustee … [Read more...] about Avoiding Problems as a Trustee
Estate Planning Terminology: Ademption
A lot of people who begin their estate planning aren't really sure what happens to their property once they create a Will and choose someone to inherit it. Though a Will may feel like a contract between you and the people you're leaving your property to, they are not the same. Your Will represents your choices, and it does not create an obligation to anyone you choose to leave property to. If, for example, if you choose to sell everything you identify in your Will and use the money to travel … [Read more...] about Estate Planning Terminology: Ademption
Done With Your Will? Great! Now Write a Letter of Instruction
When you write your Will you select one or more people who can serve as your estate executor when the time comes. But once you die and it's time for the executor to begin the estate settlement and probate process, you will also want to have some more specific details ready in the form of a letter of instruction. These letters will give your executor a step-by-step guide to help with the estate settlement process. Details, Details, Details Though state probate laws impose very specific … [Read more...] about Done With Your Will? Great! Now Write a Letter of Instruction
Paterno’s Sealed Will Revealed
After a Pennsylvania probate court took the highly unusual move of sealing the late coach Joe Paterno's Will, his estate has now released the documents and made them available to the press and the public. We've blogged a couple of times about Mr. Paterno and his estate, most recently reporting that a judge in Pennsylvania had granted a request made by his estate to seal the Will. This was highly unusual, as all probate court records are public information and sealing them is almost never done. … [Read more...] about Paterno’s Sealed Will Revealed
Getting Off on the Right Foot as an Executor
If you've been named executor of a person's estate, you have a great deal of responsibility in ensuring the estate is properly managed. Being named executor, also known as a personal representative or estate administrator, is a great honor, but also one that comes with specific duties. Though all states have different laws that impose different requirements on executors, you can help yourself ensure the process goes smoothly by taking specific actions. Step 1: Discuss funeral plans. If someone … [Read more...] about Getting Off on the Right Foot as an Executor
