Estate Planning
Fiduciary Duties
Conservators, trustees, personal representatives, all these roles that are common in estate administration have one striking similarity: their role places them in a position as a fiduciary. I have used this term in … [Read More...]
Disclaimer
In a previous post we discussed how a recipient under a will has the ability to disclaim or renounce their share of an estate's assets, which is typically done to keep the estate's assets within the family while … [Read More...]
Creditors of the Estate
The primary purpose of probate estate administration discussed thus far has been the distribution of the decedent’s property to devisees provided for in a will or descendants receiving through intestacy laws. However, … [Read More...]
Preparing a Will
Devising Real Property
Devising real property can be tricky. But, like so many other issues that can arise when drafting a will, the general remedy to any potential complication is clarity. The devise must be clear as to what is included in … [Read More...]
Types of Testamentary Gifts
There are three types of testamentary gifts (devises): 1. Specific: A specific devise gives an actual item of property. Specific devises may be understood best by distinguishing between two sub-types: a. Specific … [Read More...]
Funeral and Burial Provisions
A will does not have to include funeral, burial, or corporeal directions. However, it is not uncommon that people want to include these directions. Even with incredible detail. The challenge of including these provisions … [Read More...]
Trusts
Non-probate Transfers
Due in part to the expenses and complications of probate, wealth has increasingly flowed from one generation to the next through many available non-probate transfers. A non-probate transfer allows an asset to be passed … [Read More...]
Trusts: Redirecting Income to Meet Your Financial Objectives
There are many different types of trusts that serve different purposes and have different benefits. Some change the timing of when income is taxable, which can have tax benefits. Others shift income to another tax payer, … [Read More...]