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".
When a person passes away, their estate directives may come as a shock to their loved ones. Perhaps the person spoke for most of their life about leaving their estate to a particular charity, but instead left it to one of their carers that they had known in their final months.
Trusts are useful tools for people to distribute assets after they pass away. The trusts holds the assets, which are managed by a trustee. For the most part, there isn't much that can be done when heirs don't agree with the terms of the trust; however, there are some situations that might require legal action. We are here to help you determine whether you have any recourse if you feel that the trust isn't what it is supposed to be. If you do have options, we can help you exercise those.
When a person passes away, going over the estate plan is something that some heir and beneficiaries look forward to. In some cases, the decedent includes beneficiaries besides relatives. This might lead to some problems because the family members might question the inclusion of entities like charities. Trust litigation might come up at this point. We know that most charities don't want to have to battle for the assets they are supposed to receive when a donor passes away, but we are here to help them do this.
A person who is creating an estate plan will sometimes include trusts in that plan. This is a fairly straightforward process that makes it easier for the estate to transfer the assets to the beneficiary when the creator passes away. While this usually occurs without any issues, there are times when the person or entity who should receive the trust's assets will have to fight for them. We know that this isn't what you planned to do when the creator passed away, but we are here to help you through the process.