| Beneficiaries -- Issues in Choosing Professional Advisers |
|
| A beneficiary should ask himself whether he wants to (or can) tend to the estate himself or whether he would rather delegate the responsibility to someone else. The larger the inheritance, the more likely a beneficiary will need professional advice. A six-figure inheritance or greater will probably change many things in a beneficiary's life and he will need good advice for these changes. More... |
|
|
| Special Conditions in a Will |
|
| As a general rule, a devise, a bequest, a legacy, or a trust in a will may benefit any person or legal entity. One major limitation is that is that a devise, a bequest, a legacy, or a trust in a will may not benefit a person or legal entity, if it does not meet a condition imposed by the testator. Most conditions are routine, such as rewarding a child with more money if he or she attends college. Some conditions are more unusual, and so, special. More... |
|
|
| Trust Elements - Beneficiary |
|
| 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... |
|
|
| Trust Elements - A Settlor With Intent |
|
| 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... |
|
|
| Revocation of Healthcare Directives and Alternatives |
|
| If you execute a healthcare power of attorney document and a living will, you can revoke or cancel them at any time. Most states do not require you to revoke the documents in writing. Be aware that if you have told your healthcare provider about your documents, many states require that you inform the healthcare provider of the revocation. More... |
|
|