Joint tenancy is a type of ownership where two or more people share an interest in personal property or real estate, usually with a right of survivorship. Three brothers, for example, may decide to purchase a hunting cabin together and own it in joint tenancy. The last surviving brother will…
Will and trust contests continue to produce interesting stories, whether among the rich or the ordinary. This past February, a judge in Hong Kong ruled that the estate of billionaire Nina Wang will not go to her feng shui consultant but to the charitable foundation she and her husband Teddy…
Previous blog posts have discussed the fact that in 2010 there is no federal estate tax imposed on a person’s estate, no matter how large the estate. In 2009, the federal estate tax was levied on estates over $3.5 million. In 2010 there is no estate tax because Congress failed…
Choosing a successor trustee for your revocable living trust is an important decision. The choice of the individual or entity who will manage your assets, possibly invest your assets, ensure that the provisions of your trust are carried out after your death with the appropriate distributions to your beneficiaries is…
Today many people are choosing cremation over a traditional burial. Many of our clients at Scott C. Soady, A Professional Corporation ask that we include in their advance health care directive provisions that they prefer cremation and want their ashes scattered at a designated location or at the discretion of…
Guardianship in California is the court process by which a person other than a parent is given custody of a minor child or given the authority to manage a child’s estate. The petition for guardianship can be filed by a relative or “any other person on behalf of the minor.”…
The Illinois Supreme Court recently held that a Jewish couple’s wish to disinherit any of their grandchildren that married outside their faith was lawful. The particular will had provided that upon the death of the surviving Trustor, if any grandchild had married outside the Jewish faith, their non-Jewish spouse had…
The use of special needs trusts in estate planning is becoming more common than in generations gone by. A Special Needs Trust, also known as a Protective Trust, Medicaid Trust, or Supplemental Needs Trust is one created specifically for a disabled beneficiary. Often disabled children and adults are receiving government…
Trust administration is the work that has to be done after the death of a Trustor. The person or entity that is named as successor trustee has certain duties and obligations they have to perform to wind up the Trustor’s financial affairs and make distributions to the beneficiaries. If any…
There are many reasons why a will or a trust may be challenged and set aside as invalid. Here are some of the more common grounds to contest someone’s will or trust. 1. Coercion – If someone coerces the testator (the person creating the will or trust) to make changes…