A Texas appeals court recently waded into a sibling rivalry between a brother and sister who were named co-executors of their mother's estate. The brother convinced a trial court to disqualify the sister as "unsuitable" under state probate law. But the court of appeals reversed, noting, "We have found no authority suggesting that family discord alone is enough to determine that a person appointed in a will to serve as executor is unsuitable." Yet family discord is why it was probably … [Read more...] about Co-Executors Can Mean Trouble
Wills and Trusts
Checking Out Charitable Beneficiaries
Charitable bequests are a common part of estate planning. But before you decide to leave money to an organization either be a bequest in your Will or a Charitable Remainder Trust, it's important to do your homework and make sure your favorite "charity" is really a legal charity. The Internal Revenue Service recognizes public charities and private foundations. Your estate can deduct the value of contributions to either type of organization on any federal or state estate tax return that is due. … [Read more...] about Checking Out Charitable Beneficiaries
What are Statutory Wills?
When you create a will, you choose who will receive your property, you select someone you trust to act as the "personal representative” or "executor,” and if you have children under 18 years of age, you appoint the person you want to be their legal guardian if you die. Creating a will is the cornerstone of an estate plan, but can this be done using a statutory will? A statutory will is a “fill-in-the-blank” form that is simple to complete, inexpensive to prepare, but very limited in its use. A … [Read more...] about What are Statutory Wills?
The Living Trust as a Flexible, Protective Estate Planning Tool
Most people have heard of “trust funds” but many of us don’t understand what a Living Trust is, how it works, who can benefit, and how it needs to be managed. The Living Trust is a legal tool within the family of Estate Planning. Though it costs more to create a Living Trust as compared to a Will, a Living Trust offers many more advantages than a Will, both to the trustor (the one who creates the Trust) and to the trustor’s intended heirs. As you may know, when a Will is the primary legal … [Read more...] about The Living Trust as a Flexible, Protective Estate Planning Tool
Today’s e-Based Transactions Can Be a Record-Keeping Challenge for Successor Trustees and Executors
If you’ve been designated as a successor trustee of a Trust for a loved one, parent or friend, you probably know that one of your roles is (or will be) to gather all necessary documents and transactional information relating to bank accounts, funds, creditor information and the like. The same is true if you will be the executor of a Will for an estate to be settled in the courts (Probate.) As recent as the last generation, most such records were on paper: receipts, check books, savings … [Read more...] about Today’s e-Based Transactions Can Be a Record-Keeping Challenge for Successor Trustees and Executors
Should You Challenge A Will?
A will is meant to be used the same as instructions being given by the person who wrote the will, referred to as the testator. Wills are typically upheld simply because the person who wrote it is no longer here to express their wishes and concerns. Although almost all wills go through probate without incident, there are times when a will becomes challenged. But when is the right time to challenge a will? The rule behind challenging a will is that you can either challenge the validity of … [Read more...] about Should You Challenge A Will?
Estate Planning Basics
Many people find the term “estate plan” somewhat confusing. A very large percentage of the population do not really understand what an estate plan is or what types of documents are included in an estate plan, or may believe that estate planning is only for the wealthy. The truth is that nearly everyone has some type of estate, even if that only consists of a small bank account and an automobile. Whatever you leave behind when you die is considered to be your estate; this also includes your … [Read more...] about Estate Planning Basics
Who Is In Charge When You Die Without A Will?
Dying without the benefit of having a valid will in place can create a lot of unnecessary problems. The sad part is that this laundry list of issues could be avoided simply by planing ahead. Out of all of these concerns, the biggest question that comes to mind is: who is in charge when you die without a will? Dying without a will, called intestate, means that the state, and not your loved ones, will determine who is in charge. If the person was married, the state will typically go … [Read more...] about Who Is In Charge When You Die Without A Will?
The Living Trust Checklist
Before setting up a living trust as part of your estate planning process, you need to think through some of the things that should be included. First, you need to figure out whether you want an individual or shared trust. If you are in a domestic partnership or you are married, then look to see if most of your property is jointly owned. If so, a shared trust might be the best way to go. Next you want to decide who will inherit your property under the trust. This is typically family … [Read more...] about The Living Trust Checklist
Do I Have To Leave Money in My Will to Each of My Children
Most parents want to leave all of their assets to any remaining children that they have. This is especially true if the children are young and will need to be financially cared for throughout their lives. However, as children get older and become adults themselves, it might leave some parents wondering whether they are required to equally split up their assets among their kids. The answer to that is a resounding no. There may be many reasons why a parent has chosen not to leave money to … [Read more...] about Do I Have To Leave Money in My Will to Each of My Children
