| Trusts, Public and Private - II |
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| An express trust is either public or private. A public trust, also known as a charitable trust, is an express trust created for a charitable purpose. If an express trust is not a charitable trust, it is deemed to be a private trust. A private trust is an express trust created to benefit a few persons. This article discusses some aspects of public and private trusts.More... |
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| When to Revoke a Power of Attorney for Finances |
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| If you execute a power of attorney for finances document, you can revoke or cancel it at any time as long as you are mentally competent to do so. This means that you must understand the consequences of signing the revocation. You probably will not encounter any problems if you revoke a power of attorney that has not been given effect. However, a court proceeding may be necessary if you revoke a springing power of attorney that has been given effect (i.e., doctors have declared you to be incapacitated) and your attorney-in-fact refuses to accept that the revocation is valid.More... |
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| Inheritance Without Planning Means No Provisions Beyond the Default Plan |
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| 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 with 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... |
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| What is a Will? |
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| A simple definition of a will can be found in a paralegal textbook, Edward A. Nolfi's Basic Wills, Trusts, and Estates (Glencoe/McGraw-Hill 1995). Mr. Nolfi writes that: "A will is a formal letter to the probate court judge declaring what the maker wants after death." Let's look at each part of this intriguing definition.More... |
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| Probate -- Inventory and Payment |
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| Within one to three months (depending on the particular state) after the executor has been appointed, he is required by law to file a "complete" inventory of the estate's assets. The inventory is submitted to the court and, like all other papers submitted to the court, becomes a matter of "public record" (available to anyone who wants to look at it). Briefly, there are two reasons for the filing of the inventory. First, to indicate to the court the items of property for which the executor will later "account" to the court (tell the court in detail what he did with all these items when the estate is settled), and to let the beneficiaries, creditors, and all other interested parties know just what is included in the deceased's probate estate. If the executor delays or refuses to file an inventory, any interested party may ask the court to order him to file one, although if there are no disputes or contests, executors often file their inventories late.More... |
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