Different Trusts for Different Estate Planning Purposes
Trusts are legal entities that own assets, and all trusts are not alike. They are created by a written trust document with certain provisions that can vary from trust to trust.
Trust and estate administration refers to the management and distribution of assets and properties held in a trust or estate after the death of the owner. This process involves ensuring that the assets are distributed to the intended beneficiaries according to the wishes of the deceased, while also complying with legal and tax requirements. Trust and estate administration may include tasks such as filing legal documents, managing and distributing assets, resolving disputes among beneficiaries, ensuring compliance with tax and legal requirements, and providing guidance and advice to trustees or executors. Trust and estate administration is typically overseen by a lawyer, financial advisor, or other professional with expertise in this area. The goal of trust and estate administration is to ensure that the assets are distributed in an orderly and fair manner while minimizing costs and maximizing the value of the estate for the beneficiaries.
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That Last Step: Trust Funding
If you have updated your estate plan during the Covid crisis and even found a way to sign your documents while maintaining social distance, do not overlook the last step of trust funding.
There Is a Difference between Probate and Trust Administration
Probate and trust administration are not the same. There are important differences and similarities between administering a decedent’s probate estate and administering a decedent’s trust estate.
What Does a Successor Trustee Do?
I am named successor trustee in my parents’ trust. When the time comes, how do I sell the home and the other assets?
Business Strategy Signpost Showing Teamwork Marketing And Plan
Business Owners Should Start End-Game Planning Now
Running and owning a business is just like raising a child: Both are investments in the future and both require a lot of time, resources and effort to raise successfully.
Start the New Year with Estate Planning To-Do’s
Every estate plan should bring you peace of mind, but much more than that, an estate plan is one of the best gifts you can give your loved ones.
Tips for Choosing a Fiduciary
Being a fiduciary is a time-intensive and intellectually challenging task to put upon an individual.
In Estate Planning, Fair and Equal are Different
We all have witnessed how children have a difficult time understanding why one sibling was treated differently. To overcome this, parents will make the well-intentioned mistake that fair and equal are the same.
The Conversation with Your Doctor, Estate Planning Lawyer and Family Members
The best way to ensure that they know and understand your wishes, is to take a copy of your advanced healthcare directive or living will with you to your next check up and talk to your physician about it, then ask them to keep the copy on file.
Can a Trust Be Amended?
In their trust they leave each other their share upon death and then I would be trustee when my last parent dies. I’m really concerned about this whole deal.
