The legal formalities required to create and amend a Will versus a Trust are not the same. In most states, including California and Hawai’i, a Will must be signed by the Testator and witnessed by two people. Exceptions apply. For example, both states allow for a Will to be handwritten...
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Many estate plans contain both a Will and at least one Trust. When a Trust is involved, typically the Will is a pour-over Will. The Will may contain many things, like the designation of guardians, or it may simply “pour-over” any estate property, not already titled in the name of the Trust,...
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INTRODUCTION
When a person (Testator) signs a Will, he/she anticipate the persons named to receive a portion of their estate (Beneficiaries) will outlive them. So what happens if one or more Beneficiaries predecease the Testator? Or survives the Testator, but then passes before the bequest can be passed to...
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As the world continues to flatten, what once was a challenge (for Trustees to administer a Trust with Beneficiaries located in different states within the United States) has now become a challenge to observe the many laws of both the United States and other countries. It is no longer uncommon to find...
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Choosing who will administer your estate (Personal Representative), or your Trust (Trustee), is as an important decision as you can make when crafting your estate plan. When you pass, the most carefully made plans will only be as successful as the person, or persons, you charge with carrying them out. Below...
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It is your money, and the laws of all 50 states provide great deference to people’s wishes when passing on their estate. Provided your Will or Trust does not contain inheritance provisions that violate public policy, the Court will not interfere with your wishes. But what if your estate plan is not...
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In some cases, people appointed as Personal Representatives feel as if they can navigate the Probate Court process alone. Perhaps they feel as if the estate is too small to justify hiring professionals. Or, maybe they feel as if they were entrusted to handle the estate and just don’t realize they need...
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Ambiguity in estate planning documents can lead to disputes, uncertainty, and potentially litigation. Your Trustee or Personal Representative is charged with the duty of disbursing your estate in accordance with your intent. If that intent is unclear because of murky testamentary language, your wishes may not be followed. Consider the following recent...
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If you have minor children and still don’t have an estate plan in place, here are five reasons why building one now makes sense.
1. Designated an appropriate guardian: If you are a new, young parent, the concept of not being able to raise your children and attend their...
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A contract to make a Will is an estate planning tool that has fallen out of favor with the rise of the use of Trusts. For good reason. While a Will Contract is still legally enforceable, most people find the use of other tools more effective.
Will Contracts are...
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