Personal representatives and trustees are commonly responsible for distributing real property from an estate or trust to its designated beneficiaries. Such distributions present unique challenges for personal representatives, trustees, and beneficiaries alike. To this end, there are several considerations that should be made prior to distributing real property from an estate or trust.
Later this month, Special Needs Trusts will be discussed in some detail. Today we’ll discuss Supplemental Needs Trusts. Oftentimes, these two types of trusts are confused because their purposes are somewhat similar, but how each is funded and created and what will happen upon each trusts’ termination are quite different. Beneficiary Like a Special Needs […]
We write a lot about trusts here at Epilawg: selecting the right trustees, how trusts can be useful during periods of incapacity, and utilizing trusts for blended families, just to name a few recent posts. What we have not discussed is the situation that can arise when the need to amend a trust is necessary […]
We’ve written on Epilawg before about the importance of choosing the right individuals for the various roles that need to be filled in your estate plan. In this post, I will focus specifically on choosing a trustee.
Revocable trusts have many benefits. They typically allow for a smooth transition of assets when an individual dies, they can avoid the probate process, and they may incorporate transfer tax planning techniques such as disclaimers, QTIP trusts, and GST provisions (to name a few). While these benefits are great, the unsung heroes of the revocable […]
One consistent goal of estate planning clients who have children is to ensure financial stability for their children in the event that both parents die. These same parents often recognize that their children may not be mature enough to manage assets in a responsible way. To address this issue, trusts are created to ensure that […]
No, this is not about purchasing life insurance or finding the best policy. We leave that to the insurance experts. This article is a simple reminder to keep your policy information with the rest of your estate planning documents. The reason: You want your personal representative or your trustee to know about your policies after […]
Epilawg first brought you the story of Wellington R. Burt on May 24, 2011, in Unusual Will Provisions in a Multimillion Dollar Estate. The saga appears to have finally been laid to rest, 92 years following Burt’s death. Burt’s $100 million to $110 million estate was distributed to 12 heirs who did not even know the man […]
A Dynasty Trust is one that may continue in existence indefinitely. In most states, a Trust can only exist for a certain period of time. Many times this restriction is called the “Rule Against Perpetuities” which requires that a trust must terminate no later than 21 years after the death of the last life in […]
The picture of the American family has evolved greatly over the last few decades, creating more considerations when it comes to estate planning. Blended families can be characterized in a wide variety of ways including, but not limited to, families with divorced parents, remarried parents, deceased parents, half-siblings and step-siblings. With the prominence of blended […]
The duty of independence requires that the trustee remain independent from and impartial to the various beneficiaries. Bogert’s Trusts and Trustees explains, “A trustee who holds for successive beneficiaries owes a duty to them to administer the trust with impartial consideration for the interests of all the beneficiaries. He [or she] should not unnecessarily show […]