-
The Revocable Living Trust After You Die
When you pass away or suffer from incapacity, your successor trustee takes over trust administration per the instructions you provide in the trust document. While you are alive and unable to manage your affairs, you are not a trustee, but you will be a trust beneficiary, so you will not be left penniless. Many revocable…
-
Beneficiary Agreements to Change a Distribution
While the personal representative or trustee and beneficiaries cannot rewrite a decedent’s will or trust, the beneficiaries may be able to mutually agree to modify what they receive from the estate or trust. A nonjudicial settlement agreement is a contract that may be used whenever the beneficiaries agree that asset distribution should be different than…
-
Why Does the Type of Devise Matter?
You might be surprised to learn that the type of devise has very significant implications when an estate is not large enough to cover all the gifts made by the will, administration expenses, creditors’ claims, and other obligations. The doctrine of abatement determines the order in which types of devises are reduced. Generally, the residuary…
-
Corporate Trustee Considerations
If the trust will continue for many years, it may not be prudent to hire someone who will retire soon. You should ask if the trustee has a succession plan in place. The trustee might need to cooperate and communicate with other caregivers or advocates for your beneficiaries. The trustee must have the time and…
-
Is the Trustee Accessible?
Does the trustee you are considering have enough time in their schedule to handle the responsibilities required by the trust? It is important for a trustee to be responsive and accessible. The beneficiary and trustee will need to communicate often if distributions are likely to be made on a regular basis. Administering a trust can…
-
Does the Trustee Have Adequate Resources?
Trust administration is an important job, and you should satisfy yourself that the person you appoint as your trustee is well-equipped to fulfill the role. The trustee should have a good system for trust accounting. Trust funds must be held in a separate account and the trustee must keep separate records of income and principal,…
Category: Trust Administration
Eckert & Krautkramer, LLC
Protecting Assets, Preserving Dignity, Ensuring Peace of Mind
Newsletter
Subscribe to our periodic email newsletter – full of legal updates and best practices.
By submitting this form, you are consenting to receive marketing emails from: EK Law, 630 N. 4th St., Wausau, WI, 54403, http://www.eklawwi.com. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact