In a previous blog, we discussed a situation where a Will and a Trust have inconsistent terms regarding who would receive property, and which of these documents would control, and why. In another blog article, we addressed what would happen if a Beneficiary passed away before the person who wrote...
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It’s not unusual for a person to pass and leave behind some unpaid debt or on-going financial obligations. If a loved one passes and his/her estate plan does not include a Trust, their financial affairs will be sorted out through the Probate Court process. The Probate Court will oversee the administration of...
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Trustees have a duty to defend the Trust in actions and lawsuits filed against it (Cal. Prob. Code § 16011; Hawaii Revised Statutes 554A-3). State Trust law also recognizes no contest clauses in Trusts that disinherit beneficiaries who unsuccessfully challenge the Trust. (Hawaii Revised Statutes 560:3-905; Cal. Prob....
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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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You are no doubt familiar with the many telemarketing scandals that have become pervasive over the past decade. Fraud campaigns that prey on the elderly and isolated. More prevalent, and less discussed, are the fraudulent actions of those closest to the elderly. Friends, and even family members, perhaps acting as caregivers for...
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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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Trustee accept certain fiduciary duties when they agree to take on the role. Their ignorance of these specific duties can sometimes be the source of disputes and litigation with the Trust beneficiaries. Perhaps the most common dispute arises because of accusations of Trustee self-dealing.
Duties of the Trustee
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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