Essential Steps for Successor Trustees: Proper Trust Administration and Legal Compliance
https://youtu.be/ekWVSWwgkGY
Amending Your Trust After Marriage—the Omitted Spouse Doctrine
By William C. Mason, III, Of Counsel
Marriage changes a lot of things—but should it change your existing trust? To answer that question, let’s look at a hypothetical: John has two children: Dick and Jane. John purchases a home on Evergreen Lane and transfers that home into the John Doe Revocable Trust. Wanting to leave his children a tangible asset that can [...]
Top Three Trust Myths and Misconceptions
By Allyson S. Heller
When it comes to estate planning, people tend to have misconceptions about living trusts, many of which stem from secondhand accounts from unreliable sources. Below, I discuss three of the biggest myths about living trusts: Myth #1 “Only rich people need trusts.” By far the most common misconception I hear from clients is that they [...]
Executor of My Will
By Tony J Tyre
Most of the time, clients become unclear about using the proper legal terms in estate planning, and for good reason—the terms are confusing. The most common example I hear is when people talk about wanting to name an “Executor of My Will.” However, this is not quite the proper term that should be used. The [...]
The Secure Act
The SECURE Act may affect both your estate plan and your retirement planning needs. Although many experts thought the SECURE Act would pass in 2019, we will now likely need to wait until 2020 to see if the SECURE Act will come into effect. Here is a recently published article I found interesting: https://www.investmentnews.com/article/20191106/FREE/191109993/secure-act-frozen-by-trump-impeachment-inquiry
Being a Successor Trustee Should Be Taken Seriously
Scenario: Your father was smart enough to have a trust drafted. As a result, his property can pass to you and his other beneficiaries without the lengthy and costly process of going to probate court. Now what? When your father had a trust drafted, he became both the Trustor (trust creator) and the Trustee (the [...]
Being a Successor Trustee
What is a Successor Trustee? A Successor Trustee is a person who takes over the management of a trust after the initial trustee dies or is unable to fulfill their responsibilities. The Successor Trustee is responsible for executing the trust and managing it until the assets of the trust are distributed to the beneficiaries according [...]