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There are a lot of precautions seniors can take to protect themselves from scams and fraud. On the legal planning side, they should set up revocable trusts with reliable co-trustees.
One of the benefits of establishing a revocable trust is that it causes grantors to consolidate their investment and bank accounts, giving them more control over their finances.
Probate administration involves a lot more than dealing with the probate court. As a result, avoiding probate eliminates only a small part of the necessary tasks when someone dies.
While the “reading of the will” occurs only in movies, an estate meeting can be a very good idea to foster communication and avoid misunderstandings.
If your estate plan includes a trust and it’s more than a few years old, or there has been a change in your family circumstances, it’s time to have it reviewed.
Tips for assisting seniors with their finances if they begin to have trouble managing them themselves
The California case of Kucker v. Kucker holds that a general assignment to a revocable trust includes shares of stock even though they were not retitled.
For many people flow charts can better explain estate planning options than can verbal descriptions. Here are a few.
The Massachusetts Supreme Judicial Court in Barbetti v. Stempniewicz rules that an agent under a durable power of attorney may not create a trust on behalf of a grantor if that power is not granted in the DPA document, but does not rule on whether such a trust may be created if the power is granted.
In the case of Barbetti v. Stempniewicz, the Massachusetts Supreme Judicial Court rules that a specific power of attorney did not allow the creation of a revocable trust, but chose not to address the question of whether such a power may be created, leaving that to the legislature to decide.
