Monthly Archives: February 2024
What Is a Residuary Clause and Why Is It Important?
When developing your estate plan, it is nearly impossible to address every account or property you own. There are sure to be some things you unintentionally overlook. However, by including a residuary clause, you can intentionally disburse any remaining items inadvertently left over during the estate or trust administration process to a named beneficiary… Read More »
What Happens to Real Estate With a Mortgage When I Die?
Your mortgage, like the rest of your debt, does not simply disappear when you die. If you leave your home that has an outstanding loan to a beneficiary in your will or trust, your beneficiary will inherit not only the property, but also the outstanding debt. They may have the right to keep the… Read More »
How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the… Read More »
I’m a Survivor . . . and Now I Have My Own Trust?
Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts:… Read More »
