Trusts and Estates
| Will Substitutes |
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| In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the trust gains interest in the assets during the trustor's lifetime and gains possession upon the trustor's death. More... |
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| Medicaid Trusts |
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| Medicaid is a needs-based (welfare) benefit program administered separately by each state, but funded in part by the federal government and in part by each state. A person qualifying for Medicaid is allowed to have only a minimal amount of assets, other than a home. Although each state may have certain differences in its particular Medicaid regulations, each must follow certain basic federal guidelines in order to be eligible for the federal subsidy. One of those guidelines is the waiting period imposed on a person who transfers assets and later applies for Medicaid benefits. More... |
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| Trusts Classified |
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| Trusts are commonly classifed in two ways. The first way is by the duties of the trustee. The second way is by the intent, if any, of the settlor to create a trust. This article discusses generally these two ways of classifying a trust. More... |
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| Executors -- Steps Prior to Opening the Estate |
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| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused. More... |
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| Trust Elements - Trust Property - II |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. More... |
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