Written By Stephanie Lane, Sr. Client Resource Director What happens when a domestic partner becomes incapacitated or dies? In reality, it can be devastating to both the partner and their children. Not only at the time of death, but also while living and incapacitated. Without proper planning, you basically give up control of your estate and management of your well being upon incapacity. Even a … [Read more...]
Estate Planning Is a Process and Not a Destination
At AmeriEstate Legal Plan, we like to emphasize to our members seeking estate planning, is that estate planning is exactly that: “planning.” The plan changes over time. One thing our provider attorneys try to emphasize with our member clients is that the plan today may be different from the plan tomorrow and that ANY time ANYONE mentioned in ANY of the documents undergoes some change … [Read more...]
Trust Administration on Death of First Spouse
We receive a lot of questions about what, if any administration is needed for a Living Trust after one spouse has died. A lot of the older trusts will have been created with credit shelter, or A-B provisions. An A-B Trust REQUIRES the administrative division of the trust assets upon the death of the first spouse. As a simplified statement, an A-B or A-B-C Trust is designed, in part, to … [Read more...]
Trust Protectors and Corporate Trustees – How to ensure your wishes are carried out
A fairly frequent comment from our AmeriEstate Legal Plan members planning their estates using a Living Trust is: “How can I be more assured that my wishes will be properly carried out vis a vi my Living Trust, even long after I am gone?” Actually that is a very good question. In answering it, there are a couple extra things you may want to consider: Adding a Trust Protector Appointing a … [Read more...]
Arizona Trust Code Updates Provided Free
AmeriEstate is pleased to announce that in keeping with long honored policies, all of its current legal plan members residing in Arizona, who are affected by the recent adoption of the Uniform Trust Code ("UTC"), governing all revocable and irrevocable trusts in Arizona, are being provided the necessary and important legal updates at no charge. This represents a value of up to $500 to our … [Read more...]
Arizona Trust Code Law Change Effective Jan 1, 2009
The State of Arizona recently adopted most provisions of the Uniform Trust Code (UTC) adding several new requirements to both new and existing Trusts. The new law went into effect on January 1, 2009. Arizona’s legislature made this law retroactive to ALL trusts created before this change in the law. This means, at the very least, most trusts should be reviewed within the next year or so, to … [Read more...]
Repeating an Eloquent Sentiment
This is part of a letter written by famous comedian George Carlin, shortly after his wife died… Remember, spend some time with your loved ones, because they are not going to be around forever. Remember, say a kind word to someone who looks up to you in awe, because that little person soon will grow up and leave your side. Remember, to give a warm hug … [Read more...]
Managing & Settling a Trust Estate Upon Death of a Settlor
Guidelines for Successor Trustees These Guidelines are designed as an aid to those of you who have been entrusted to serve as successor trustee(s). It is not possible to answer all of your potential questions. However, we hope to answer those which will come up with some regularity. You may have assumed the duties as successor trustee either because of the incapacity or death of the primary … [Read more...]
Managing Trust Assets for Incapacitated Settlor
These Guidelines are designed as an aid to those of you who have been entrusted to serve as successor trustee(s). It is not possible to answer all of your potential questions. However, we hope to answer those which will come up with some regularity. You may have assumed the duties as successor trustee either because of the incapacity or death of the primary trustee(s). Therefore, these … [Read more...]
Trustee Fees vs. Probate Costs
It is not uncommon for supporters of living trusts as a means for distributing one's estate to compare the often high cost of probate to the cost of creating a Revocable Living Trust. Depending on the state you live in and the complexities of your estate, Probate can consume anywhere from 4% to 10% or more of your gross estate, (before debts are paid), based on a comprehensive study by AARP. A … [Read more...]
