It's common for questions to be raised regarding the mental capacity of a decedent after they have passed away. These questions are often raised because the beneficiaries of the estate are surprised about the wishes that their loved one has expressed in their will or trust.
Death is the ultimate mystery, and philosophers have spent thousands of years ruminating on where the experience may take us. But there are several questions that have to be answered about death in our world that take more practical forms. One of the questions that interests the others around us is how we leave our bequests and other assets to them or their peers.
Trusts are a great way to avoid a lot of trouble with bequests while giving the highest possible value to children, relatives and charitable organizations. Smart people often use the estate planning process to move past simple wills and put assets and properties in trust.
The process of estate planning can be confusing, but it is certainly no worse than the difficulties faced in probate and trust litigation. If a will or trust document is not clear or executed properly, possible inheritors and benefactors may not know to what they are entitled.
Trusts are often recognized as one of the best ways to convey property or money to someone as part of an estate plan. The reasons to create a trust extend from saving on possible taxes to seeing that a lifetime wish is enacted during a person's life.
Individuals set up trusts for a variety of reasons. Some do it to protect a loved one's eligibility for government benefits. Others do so to keep their assets from being overtaxed. Some do it so they can more easily transfer property to their heirs without it passing through probate.
You knew that your organization was going to benefit from someone's estate when they passed away. The two of you had talked about it before; you were both friends, they'd been very involved in your organization over the years and it was important to them.
An important instrument that many individuals of means often set up as part of their estate planning toolkit is a trust. By doing so, they provide their heirs or beneficiaries with many tax savings benefits. Many people decide to leave behind some assets to their family members or close friends. Others leave their remaining assets to their favorite organization as part of a charitable trust. Picking the right charity to leave your assets to isn't always easy, however.
When someone creates an estate plan, they might include trusts in that plan. It is expected that those will be handled in the manner in which the person instructed. However, there are times when things might not move forward as they should. One issue that sometimes comes up is that the estate plan isn't set up how it was intended to be. This is sometimes the case when a person promises a donation of something to a non-profit and then doesn't put anything in the estate plan to actually reflect that donation.
If you've met with an attorney to draft a will or set up an estate, then you're probably familiar with them asking you if the wishes that you've expressed are being made of your own free will. The reason that they ask this is to make sure that you're not under someone else's "undue influence".