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December 2017 Archives

What if my will conflicts with the law?

When a person passes away and leaves a will as part of his or her estate plan, the will may leave the administrators of the estate plan or executor of the will any number of instructions on how to execute that person's wishes. However, wills are not "magical" documents that allow those who create them to skirt the law. Rather, when a will conflicts with the law, the law takes precedence.

What is an irrevocable trust in estate planning?

Depending on the benefits that you consider priorities, you may choose from a number of different trusts when creating your own individual estate plan. For some, estate planning is about creating protections while maintaining as much flexibility and control of assets as possible. For others, estate planning is primarily intended to offer the widest protections possible, even if it is at the expense of control over those assets.

Am I responsible for my deceased relative's debt?

1amiresponsiblefordeceaseddebt.pngDealing with the debts of a family member who passes away is often very difficult while also dealing with the grief of the loss itself. It can even add to the fears and uncertainty that regularly surround the passing of a family member. If you are worried that you may have to pay for your deceased relative's debt, there is good news. Generally speaking, personal debt is personal debt, and while some debts may transfer after death, most do not.

Is your trustee upholding the responsibilities of the position?

For many individuals, a trust or collection of trusts are the foundation of an estate plan. Unfortunately, they may spend considerable time and resources creating excellent terms to the trust and carefully funding it with resources aligned to fully take advantage of a trust's benefits, only to find their work undone by an untrustworthy or unqualified trustee.