| What is a Trust? |
| A trust is related to "trust" in the ordinary sense of relying on another. A trust is a formal arrangement for property management, in the manner of an owner, by another. The management of the property is according to the original owner's directions.More... |
| Letters of Instruction |
| Your will should not mention each one of your possessions because their value and nature change as time goes on. Revising your will upon every change would be both inconvenient and costly. Instead, your will should use general language in addressing the disposal of your possessions. However, it is important that you keep an updated record of all your possessions in order to assist your survivors.More... |
| Supplemental Needs Trusts versus Fully Discretionary Trusts |
| 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... |
| 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... |
| Per Capita and Per Stirpes |
| Suppose that an intestate is survived by three children and no grandchildren. Who inherits the intestate's net estate? How much does each person get? For most people, the answer is easy and obvious. Each child takes one-third of the intestate's net estate.More... |
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