A trust can be an important part of an estate plan. Once placed inside the envelope of a legal trust, assets such as real estate, cash, stocks and securities, jewelry and other valuables are managed by a trustee for the benefit of the party or parties who have been named as beneficiaries of the trust.
A trust can be structured in many different ways, depending on what the desired goal may be.
Heirs and beneficiaries generally don't get to choose the executor of their loved ones' estates; the decedents actually do this in their wills prior to their deaths. However, that doesn't mean you have to accept the decedent's choice. If you don't want the chosen executor handling the administration of the estate, here are two options for resolving the problem.
Talk to the Person
The first thing you should do is talk to the person about your concerns.
Buying a house is a big deal in life. Not only is it emotionally stressful, but it can be financially stressful as well. Many people glance over the mortgage documents but do not take the time to really read them. Even though you may have discussed everything with the mortgage broker, you need to be sure that you completely understand how the loan has to be paid. Just because you agreed to a loan and the payments does not mean that there aren't other stipulations that will make a difference over the years.
Dealing with the death of a loved one can be difficult. In addition to the emotional and financial burdens associated with the passing of a loved one, many people must also decide if they want to contest the will left behind by the deceased. When a significant amount of property is on the line, you might want to consider contesting a will in the future.
Here are three things that you will need to know in order to successfully contest a will in court.
After the purchase of a commercial property, you might think you no longer have use of a real estate lawyer's skills. However, don't lose that lawyer's number yet; you may discover that you need their guidance for many additional situations such as the ones below.
If you have one or a few tenants that had leases with the previous owner, you're going to need to read and understand them so you understand how they'll impact you.