Trusts and Estates
| Lapse and Mistake |
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| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses the will interpretation and construction issues of lapse and mistake. More... |
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| Inheritance Without Planning Means No Person Is In Control |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. Under the default plan, no person is put in control of the disposition. The disposition must go according to the defaul plan. This article discusses the disadvantages of descent and distribution related to that inability to have a person put in control of the disposition. More... |
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| Special Conditions in a Will |
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| As a general rule, a devise, a bequest, a legacy, or a trust in a will may benefit any person or legal entity. One major limitation is that is that a devise, a bequest, a legacy, or a trust in a will may not benefit a person or legal entity, if it does not meet a condition imposed by the testator. Most conditions are routine, such as rewarding a child with more money if he or she attends college. Some conditions are more unusual, and so, special. More... |
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| When to Revoke a Power of Attorney for Finances |
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| If you execute a power of attorney for finances document, you can revoke or cancel it at any time as long as you are mentally competent to do so. This means that you must understand the consequences of signing the revocation. You probably will not encounter any problems if you revoke a power of attorney that has not been given effect. However, a court proceeding may be necessary if you revoke a springing power of attorney that has been given effect (i.e., doctors have declared you to be incapacitated) and your attorney-in-fact refuses to accept that the revocation is valid. More... |
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| Voting Trusts |
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| The special purpose served with a voting trust is to transfer the right to vote shares of stock without losing control of the stock itself or any other rights associated with it, such as appreciation, dividends, or other distributions. The voting trust is most often used with closely held companies where it is deemed advisable to allow one or more specific individuals to vote the stock. It is the trustee of the voting trust who is entitled to vote the stock held in the trust, and thus the individuals who are to have the vote will be appointed as the trustees of the voting trust. More... |
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