Art often imitates life and the latest drama surrounding Rupert Murdoch demonstrates that. Most of the time, when an individual creates an irrevocable trust, they part with dominion and control over the assets, and it is difficult to change the terms. Not long ago, Rupert Murdoch filed a petition in Nevada probate court to change the terms of an irrevocable trust that was originally created in 1999.
As much as I enjoy writing about celebrity Estate Planning gone wrong, and less often, right, occasionally, a court opinion catches my attention. That’s particularly true when the decision will have lasting implications for Estate Planning. This blog returns to the basic lessons about amending a Trust. In an increasingly litigious world, disgruntled beneficiaries feel emboldened to fight for what they think is theirs. It doesn’t always work out in their favor, especially when they base their argument on a “technicality.”
More than half — 52% of couples — in the United States do not have an estate plan in place, according to a study conducted by Ameriprise. This isn’t surprising, because estate planning can seem complicated and unpleasant, especially since it requires you to think about what could happen if you become very ill, are … Read more
The 4th of July reminds people of the flag, freedom, and fireworks! As our nation’s birthday approaches, we should reflect upon what freedom means to us. Creating an Estate Plan provides a level of individual freedom – a peace of mind regarding your family’s well-being and the legacy that you leave for them once you are gone.
More than one estate has boiled down to a fight over tangible personal property. Sometimes even if it lacks monetary value, it holds tremendous emotional significance for the beneficiaries. Maybe they remember Mom wearing a string of fake pearls or the no-name watch that Dad wore with pride. Things become more heated; however, when tangible personal property has value. Passing it on to beneficiaries requires a plan both during life and after death.
When preparing your estate plan, the security of your documents should be a top priority. These papers are not just legal forms; they are the keys to ensuring your wishes are honored after you pass away or if you become incapacitated. Here’s how to keep them safe yet accessible. Start by making physical copies of … Read more
Certain individuals have a knack for making headlines. Orenthal James Simpson was one of those people. He first made headlines for his talent on the football field. Later, he made them as an actor and broadcaster. In 1994, he made headlines when he was arrested for the murder of his former wife, Nicole Brown Simpson, and her friend, Ronald Goldman. Orenthal James Simpson died on April 10, 2024, and with his death, his presumed Executor made headlines, perhaps for the last time for the “Juice.”
Grantors like the idea of placing conditions upon a gift. In many ways, it’s the final opportunity to exert control or influence on the beneficiary. Most courts try to uphold the conditions as long as they are not void as against public policy or otherwise illegal or immoral. This article explores what happens when a Trustee fails to strictly enforce the conditions placed upon a bequest.
Reviewing your estate plan regularly is more than a mere administrative task; it is a critical part of ensuring your intentions are carried out precisely as you wish. An up-to-date estate plan can save your family time, money, and stress in the future. Here’s why it’s important to revisit your estate plan and what you … Read more
Understanding a financial power of attorney (POA) is a must for managing your financial affairs effectively, especially if you become unable to do so yourself. This legal document grants a trusted individual—the agent—the authority to handle financial decisions on your behalf. Here’s what you need to know about creating and using a financial power of … Read more