Trusts and Estates
| Powers and Duties of an Attorney-in-Fact |
|
| Your attorney-in-fact only has the financial authority you grant him in the document creating a durable power of attorney for finances. More... |
|
|
| Distribution Provisions |
|
| A very common and valuable provision seen in most family trusts and invariably in dynasty trusts is the spray or sprinkle provision. Where there is more than one beneficiary, this provision allows the trustee to distribute (spray) the income and/or principal among the beneficiaries in varying proportions as the trustee feels appropriate, having in mind their individual needs and circumstances from time to time. In other words, the trustee need not make equal distributions among the beneficiaries, but instead can vary the distributions according to their particular needs, which undoubtedly is exactly what the grantors would do were they alive. More... |
|
|
| Inheritance in Unusual Circumstances |
|
| State statutes of descent and distribution are usually supplemented by other statutes or court rulings governing inheritance in unusual circumstances. This article discusses some of those unusual circumstances. More... |
|
|
| Inheritance Without Planning Means No Provisions Beyond the Default Plan |
|
| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. When a person dies intestate, there is no adding of provisions beyond the default plan. The default plan is only the default plan and nothing more. This article discusses the disadvantages of descent and distribution related to the inability to add provisions beyond the default plan. More... |
|
|
| Executors -- Settling the Assets |
|
| As executor, your first step in settling the decedent's estate is to find all of the decedent's assets. You must then figure out which assets belonged solely to the decedent so that you can protect them until they can be distributed either according to the decedent's will or state intestacy laws. Finding such assets can be a challenge. More... |
|
|