| Precatory Language, Ademption, and Abatement |
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| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses the will interpretation and construction issues of precatory language, ademption, and abatement.More... |
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| Trust Elements - A Settlor With Intent |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. More... |
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| Bank Account Co-Ownership Myths |
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| One confusing aspect of estate planning is the numerous myths about the co-ownership of bank accounts. The different types of bank accounts are often confused with the standard forms of property co-ownership. This article discusses some of the myths about the co-ownership of bank accounts.More... |
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| Supplemental Needs Trusts versus Fully Discretionary Trusts |
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| The typical special needs trust (SNT) will directly or indirectly prohibit the trustee from making distributions to the beneficiary that are or may be used for "food, clothing, and shelter," because such distributions could disqualify the beneficiary for Supplemental Security Income (SSI) purposes or affect his benefits. In a fully discretionary trust, the trustee's duties and powers can range widely, dictated by the written terms of the trust. And distributions made from the trust to the beneficiaries can be mandatory or discretionary. In addition, the trustee's discretion can be guided by additional provisions of the trust.More... |
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| Coverage of Healthcare Directives |
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| By appointing a medical proxy, you can ensure that there will be someone to lobby on your behalf to get your wishes enforced, to make sure medical personnel know of your wishes, and to enforce your healthcare directives in court, if necessary.More... |
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