Types of Property

 

Estate planning involves a person assessing his life, family, and assets. Before a person can prepare an estate plan, he must have a total understanding of the actual contents of his estate. The reason is that he cannot give away what he does not own. Title is the legal right to the possession of property. Title is almost the same as ownership. How a person holds title to property (owns property) determines what he can give away in a will or trust. If a person attempts to give property away and it is later discovered that title was held in a way that did allow such gifts, no gift is made and the bequest is disregarded. 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...

 

Inheritance Issues -- Spouses

 

When the deceased leaves a will disinheriting a spouse, most states allow the surviving spouse to ignore (or waive) the will and take what is called a forced share. The laws of those states that allow a surviving spouse to take a forced share are very specific in the amount that the spouse may take, but this does not mean that questions do not arise. More...

 

Revoking a Will, Methods

 

As a general rule, a will can be changed or cancelled at any time before the testator's death. A will may be revoked (i.e., recalled or cancelled). This article discusses methods for revoking a will. More...

 

Revocable Living Trust 

 

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. More...