Including trust protector provisions under one's trust document grants wide flexibility over trust administration; understanding contemporary issues concerning estate planning highlights the benefit that trust protectors may provide and guide planning efforts. Read more.
Estate planning for young adults is a quick and usually inexpensive process that leaves you feeling empowered. Here are important steps along the path of estate planning for the young, healthy, and childless.
Estate planning often gets pushed to the back-burner because of the persistent myth that it is only a concern for the uber-rich and that most average people do not need it. Read more.
Even estates with a thoughtfully crafted and updated estate plan can experience problems in probate. Read more.
A North Carolina probate case filed in June 2016 by the Court of Appeals in Beaufort County showcases the validity of handwritten notes on a will.
For estates valued above the applicable estate tax exemption amount, the executor or personal representative of an estate must prepare and file the estate tax return, and pay the applicable estate tax
In some circumstances, a trustee's fiduciary duty might oblige them to decant the trust; if the trust document does not clearly provide for decanting, the trustee must determine whether they have authority to decant the trust.
Income and estate tax implications vary for each estate depending on whether the decedent had a trust in place and, if so, the nature of the trust. Where the decedent transferred assets to a revocable living trust prior to death, one or more fiduciary income tax returns might be required to report income earned by assets in the estate and/or trust after death.
While some may be tempted to regard estate administration as a checklist, the unique and often unanticipated circumstances that might manifest during probate require careful consideration to ensure that all requirements have been met prior to closing the estate.
Executors are not legally required to retain a lawyer for estate administration. Many state-provided resources are available to executors. However, when an executor chooses to manage the probate process independently, they increase their chance of errors.