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Because of this, some folks chose to create revocable trusts and pour over their testamentary assets into their trusts. If there is no will, letters of administration are usually issued to a spouse, or if none, they are issued The decedent’s estate is administered as intestate by the statutes. 101.5 (May 27, 2016) “What probate means for your estate” #Intestacy #Executor #ProbateCourt #Wills #Trusts

For those who die without a will or trust, their state laws determine to whom estate assets pass. First, know that some families are shattered by jealousy, animosity and a lack of trust when a parent A big reason family wealth erodes is a lack of communication, understanding and trust among family members and encouraging sound investing; talking about methods of transfer—including direct gifts, the use of trusts Wealth Transfer Plan” #AssetProtection #EstatePlanningLawyer #WealthTransferPlan #Inheritance #Wills #Trusts

agreement is that it frequently can mesh with a person’s estate plan—including life insurance, wills, trusts entering into a second marriage with more assets than the other spouse can leverage a prenup to create a trust When that person dies, the money from the trust is distributed to the children of the first spouse who shouldn’t be a deal breaker in remarriages” #AssetProtection #PrenuptialAgreement #Inheritance #Wills #Trusts

While you’re at it, put all other estate planning documents in place, like a will, trusts, powers of #AssetProtection #Will #PrenuptialAgreement #PowersofAttorney #HealthCareDirectives #Trusts #estateplanning

What Is an Administrator? What Is the Difference Between an Administrator vs Executor? While an executor is always an administrator, not all administrators are executors. What Are the Duties of an Administrator and Executor? Do Administrators and Executors Receive Compensation?

parent of a disabled child is to speak to an estate lawyer in Houston to establish a special needs trust The best solution is to create a third-party special needs trust or SNT. A trust is an asset administered by a third-party trustee on behalf of a beneficiary. The money in the trust is belongs to the trust and is spent solely on behalf of the beneficiary. The trust can help to cover costs beyond what Medicaid and SSI provide, like dental care, transportation

What Is a Letter of Administration? Who Can Apply for a Letter of Administration? A Letter of Administration is an official document that allows a person to act as the administrator and How to Apply for a Letter of Administration Applying for a Letter of Administration when someone dies You must apply for Letters of Administration from the court.

I know you trust your child completely, but there is always a possibility that your child may change

Death of a trustee, executor or a guardian: If one of the individuals you designated dies or changes estate-planning step” #AssetProtection #Guardianship #EstatePlanningLawyer #WillChanges #Inheritance #Wills #Trusts

Tyka Nelson filed the paperwork in Minneapolis petitioning the court to appoint a special administrator She reportedly requested that Bremer Trust, a corporate trust company, be named administrator of her testamentary documents in any form,” Nelson stipulated in her petition for the appointment of a special administrator death” #AssetProtection #Guardianship #TrustsandEstates #Probate #ProbateCourt #Inheritance #Wills #Trusts

Remember that when you set up a trust, your IRA cannot be retitled to your trust. The quick solution is to overcome this by simply changing the IRA’s beneficiary to their trust. Talk with an estate planning attorney to be certain that the IRA’s beneficiary is a trust that qualifies as “See Through Trust,” or else it can cost your families thousands of dollars in taxes by making it for retirement” #AssetProtection #EstatePlanningLawyer #IRA #401k #403b #Medicaid #VeteranBenefits #Trusts

Litigation,” usually beneficiaries wait until after a person has passed away to challenge a will or trust In addition, it can be difficult to find geriatric specialists to administer the tests. in Competency Litigation” #AssetProtection #Incapacity #ProbateCourt #Inheritance #Dementia #Wills #Trusts