Blog
What Happens When a Will Beneficiary Dies?
If you leave property for someone in your will, and that person passes away, where does your property go? Most states address this issue with an “anti-lapse” statute. We explain how these work. Let’s say you make a will and leave all our property to your son. You are the “testator,” and your son is…
What Happens if my Spouse Forgot Me in His or Her Will?
Believe it or not, spouses are forgotten in estate plans all the time. The situations vary from innocent forgetfulness to mischievous and deliberate attempts at disinheritance. Here are some instances we have seen: A husband leave his second wife out of his Will and instead leaves everything to his adult children from a prior marriage….
Are There Any Benefits to Having Co-Trustees?
The role of a trustee is very important, and entails many responsibilities. The trustee of your Trust will be in charge of distributing trust assets and managing the trust property for the benefit of the trust beneficiaries. Though the job is important and a big responsibility, you can split it up amongst multiple trustees to…
What Can We Learn From Robin Williams’ Estate Planning?
Robin Williams touched the lives of generations, and his tragic death was the first time he made his audience devastatingly and deeply sad, in place of the usual belly-laughs he could so easily evoke. Aside from drawing attention to mental health and addiction issues, his death is another reminder to all of us to have…
Learn from James Gandolfini’s Estate Plan, Even If You Don’t Have $70
James Gandolfini passed away suddenly last year, leaving not only his legacy as the star of The Sopranos, but also an estate plan we can all learn something from. The star’s death was shocking, especially for the two young children Gandolfini left behind. Luckily, Gandolfini did have a will, albeit a hastily made one after…
What is a “No Contest” Clause?
One of the main reasons people painstakingly plan out how their estate is to be distributed when they pass away is to avoid family disputes over property and other assets. Unfortunately, even the most ironclad estate plan sometimes become the object of a will contest or other litigious proceeding. This has given rise to people…
What Are the Consequences if My Trustee Breaches His Duties?
A Trustee of a Trust has very specific responsibilities. In addition to making sure the trust is administered for the benefit of the trust beneficiaries, there are specific laws regarding how the trustee should manage trust property. Because the role is so important and often involves large sums of money, the consequences of breaching trustee…
Trustee Responsibilities
Picking who will serve as a successor Trustee for your Trust (after you are gone or during incapacity) is an extremely important decision. Before choosing who is going to be in charge of holding legal title to the Trust property, consider all the responsibilities associated with that role. It is equally important for whoever you…
Is a Trust a Necessary Estate Planning Tool?
You have probably heard that a Trust can be a valuable estate planning tool. Before making any decisions about whether to have one, what kind to create, and whether or not to have any other estate planning tools, make sure you understand all the benefits of a Trust and all the things one can do….
The Difference Between a Durable and Non-Durable Power of Attorney
We are constantly stressing the importance of having a well-rounded estate plan, elements of which include both a will and a power of attorney. Before having either document drafted, it is imperative to understand the nuances of both. For example, did you know that there are two types of powers of attorney? There is a…