If your loved one died recently, you are likely in turmoil. You may feel a variety of emotions -- grief, anger, or even relief. You also may be worried about what you need to do from a legal standpoint to wrap up a person's affairs. If so, you need to understand the probate process, and this post will help. What is Probate? Probate is a court process for wrapping up a deceased person's legal and financial affairs. Steps in the process may include the following: Appointment of a ...
Who Wants to Be a Trustee? – Part 2 – Duties
In this second entry in our trustee series, we look at the duties a trustee must follow under state law. Here are the basics: Duty to Follow Trust Document Although perhaps it seems obvious, the trustee must follow the trust document. If there is any confusion, the trustee has to try to figure out what the grantor intended. So, a trustee must read (and re-read) the entire trust document to make sure she understands what the terms of the trust say. Then she has to follow those terms, even ...
Who Wants to Be a Trustee? – Part 1 – Overview
Estate planning attorneys use trusts to solve all sorts of problems for their clients. Any time there is a trust, there must be a trustee - the person who manages the assets in a trust. This post, along with the next several ones, will talk about what it means to be a trustee. Wait, what's a trust again? A trust is an agreement in which the grantor designates a trustee to manage assets for the beneficiary. One person might fill more than one of these roles. In a revocable living trust ...
Community Property Pitfalls
Continuing on my theme of community property and co-ownership of property, I wanted to address a common misunderstanding that creates a pitfall for the unwary: in Idaho, just because you have a particular beneficiary designation on an account or on life insurance does not always mean that the beneficiary will receive those funds. Take, for example, a divorced couple who has children between them. Perhaps they agree to take out life insurance policies benefiting each other in the event of ...
