| Limited Inheritance in Unusual Circumstances |
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| State statutes of descent and distribution are usually supplemented by other statutes or court rulings that limit or prohibit inheritance in unusual circumstances. This article discusses some of those unusual circumstances.More... |
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| Will Substitutes |
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| In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death.More... |
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| Trust Elements - Trust Property - II |
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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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| Executors - Government and Fringe Benefits |
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| Government and work-related fringe benefits are not always treated as assets of the estate, so technically the collection of these benefits may not be the executor's legal responsibility. Social Security benefits, benefits payable under the Railroad Retirement Act, and benefits payable to the spouse and dependent children of government employees covered by civil service are paid directly to named beneficiaries, not to the estate. In many instances, however, the amounts payable to beneficiaries from these sources can be greater than those passing through probate, and it is the executor's responsibility to make the beneficiaries aware of the potential benefits to which they are entitled. If the benefits are paid to the estate, then their collection will be the executor's responsibility. If paid directly to named beneficiaries, the latter must still be fully informed by the executor of the nature and size of the benefits and the name of each recipient.More... |
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| Transfer on Death Registration of Securities |
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| TOD or transfer on death registration of securities allows an investor to arrange for transfer of securities upon the investor's death without the necessity of having the securities go through probate. The executor or administrator of an estate does not have to take any action regarding specific securities that have TOD registration or even entire accounts that have been set up with TOD instructions.More... |
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