Should a trustee tell you what is happening in the trust administration? Of course they should, but all too often trustees use information as a weapon and keep their beneficiaries in the dark. It is easy to spot a good trustee because there is a transparent, free flow of information. Bank statements, brokerage statements, closing […]
You are the lucky recipient of a generous inheritance, but that inheritance may come with a big catch. While many inheritances are given to the beneficiaries outright, meaning the money or other assets pass into the beneficiaries’ names to own and control, some trusts require inheritances to remain inside a trust for the lifetime of […]
Did you know that being disinherited may not be the only way you could lose your inheritance? Sure, you could just be excluded from the trust or the will and thereby be disinherited: that’s the first and most obvious way you could lose your inheritance. But there are more subtle ways in which you may […]
California has recently adopted a law that allows stronger supervision and management of trusts by allowing the creation of “directed” trusts in our state. When establishing a directed trust, the grantor (or funder) of the trust can assign some or all trust management duties to someone other than the trustee(s). Traditionally, a trustee manages all […]
A last will and testament is central to estate planning. It provides legal documentation of your wishes after your death and/or if you become incapacitated. A valid will directs how property held by a decedent’s estate will be distributed after his or her death. Often, as part of estate planning, an individual or a couple […]
When a couple lives with children from their current relationship and from previous relationships, this is considered a “blended family.” According to various counts, 20% to 40% of American families headed by a married couple are blended families. Being a child of a blended family can affect expectations and the reality of inheritances. There are […]
Putting property deeds in a trust allows you to transfer property directly to your beneficiaries upon your death and maintain full rights to the property while still living. Establishing a living trust also allows your beneficiaries to avoid going through the probate process to settle your estate upon your death and generally makes administering your […]
Revocable trusts established as part of an estate plan typically contain incapacity clauses, which direct a successor trustee to assume control of the trust assets if the person who established the trust becomes incapable of making financial decisions. The person who establishes a revocable living trust is referred to as the grantor or settlor. If […]
Arbitration is an alternative dispute resolution process that is less expensive than going to court. It is also private. Trust disputes aired in court are generally a matter of public record. In arbitration, the parties to a dispute present their case to an impartial third party — an arbitrator —who makes a binding decision. Many […]
Buying life insurance ensures that one or more people or institutions you name as beneficiaries of the insurance policy will receive a lump sum payment upon your death. Having life insurance ensures that your named beneficiaries receive tax-free money that may be applied to their own needs or to your estate’s final expenses, debt, or […]
