Trusts and Estates
| Letters of Instruction |
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| Your will should not mention each one of your possessions because their value and nature change as time goes on. Revising your will upon every change would be both inconvenient and costly. Instead, your will should use general language in addressing the disposal of your possessions. However, it is important that you keep an updated record of all your possessions in order to assist your survivors. More... |
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| Trusts, Public and Private - II |
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| An express trust is either public or private. A public trust, also known as a charitable trust, is an express trust created for a charitable purpose. If an express trust is not a charitable trust, it is deemed to be a private trust. A private trust is an express trust created to benefit a few persons. This article discusses some aspects of public and private trusts. More... |
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| Inheritance Without Planning Means No Provisions Beyond the Default Plan |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under which his or her net estate is disposed. When a person dies intestate, there is no adding of provisions beyond the default plan. The default plan is only the default plan and nothing more. This article discusses the disadvantages of descent and distribution related to the inability to add provisions beyond the default plan. More... |
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| Co-Ownership Myths - I |
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| One of the most confusing aspects of estate planning is the numerous myths about co-ownership of property. Many people do not understand the differences between a tenancy in common and a joint tenancy with right of survivorship. Many people do not understand what a tenancy by the entirety is or was. Many people do not understand the differences between the common law forms of co-ownership and community property. Moreover, people may define their own forms of co-ownership by contract. This article discusses some of the many myths about the co-ownership of property. More... |
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| Hilton on Charity |
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| A remarkable statement about the nature of charity entered the public domain after hotel chain founder Conrad N. Hilton died on January 3, 1979, in Santa Monica, California. As the founder and head of Hilton hotels, Mr. Hilton was a very financially-rich man. A portion of his will revealed that he had begun to measure the riches of a man or woman in other ways. In his will, Mr. Hilton bequeathed property to the Conrad N. Hilton Foundation. He also described the nature of charity as follows. More... |
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