| Power of Attorney for Finances -- Formalities |
| There are a few technical requirements with which you must comply before a power of attorney for finances will be considered legally valid and binding. More... |
| Trusts for the Disabled |
| When a family includes an individual who is disabled, a special trust or special trust provisions should be considered to protect the financial interests of that person. Of course, the term disability can have a wide range of meanings. Generally speaking, reference is to individuals who would not be able to care for themselves or whose interests would be better served by retaining control and management of the disabled person's inheritance or other assets in a trust.More... |
| Executors - Life Insurance |
| While the collection of life insurance proceeds payable to a named beneficiary is not technically the executor's responsibility (since the moneys paid do not constitute an asset of the estate), for tax and cash flow and control reasons, be aware of all insurance policies on the life of the decedent. If the beneficiaries are relying on the executor to handle all of the decedent's affairs, including the collection of nonprobate assets, the executor should take an active role in helping them collect the proceeds.More... |
| Probate -- Closing the Estate |
| After all tax matters for the estate are settled and all bills and expenses paid or amounts set aside, the executor may then prepare to distribute what is left to the beneficiaries according to the terms of the deceased's will, or according to the laws of the state if the deceased left no will. If there was a contest and a negotiated settlement, the executor would prepare to make the full distributions required under the settlement. (If there are lawsuits still outstanding against the estate, it is unlikely that distributions will be made until these are settled.)More... |
| Basic Trust Types and Formation |
| An express trust can be either private or charitable. The main difference is that the beneficiaries in a private trust are identifiable persons while a charitable trust cannot be for the benefit of identifiable persons. A charitable trust must be for religious, charitable, educational, or benevolent purposes, and cannot name only a few individuals to receive the benefit. If a charitable trust fails to name a specific charity, a court will redirect the trust property to a recipient that most closely appears capable of carrying out the charitable purpose. More... |
Phelon, FitzGerald & Wood, P.C.
Attorneys at Law
