| Distribution Provisions |
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| A very common and valuable provision seen in most family trusts and invariably in dynasty trusts is the spray or sprinkle provision. Where there is more than one beneficiary, this provision allows the trustee to distribute (spray) the income and/or principal among the beneficiaries in varying proportions as the trustee feels appropriate, having in mind their individual needs and circumstances from time to time. In other words, the trustee need not make equal distributions among the beneficiaries, but instead can vary the distributions according to their particular needs, which undoubtedly is exactly what the grantors would do were they alive.More... |
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| Executors - Certificates of Deposit and Listed Securities |
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| It is especially important when dealing with certificates of deposit to be aware of the maturity dates and the terms of the certificates. Often when a certificate matures, the executor needs to take steps to change the investment, or else it is automatically rolled over into a new certificate or placed in a low-interest savings account. On the other hand, there is no necessity for the executor immediately to cash in certificates in the decedent's name that are paying an attractive rate of interest. More... |
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| Executors -- Steps Prior to Opening the Estate |
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| The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in the decedent's will or, if the decedent did not make a will, by someone whose relationship with the decedent makes him the legally responsible party (i.e., parent or spouse). The position can be refused.More... |
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| Resulting Trusts |
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| Trusts are sometimes classified by the intent, if any, of the settlor to create a trust. This article discusses the kind of trust for which the settlor's intent is implied: the resulting trust.More... |
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| Executors |
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| The executor must state the name and domicile of the decedent, as well as the year that domicile was established. Also the executor must state the decedent's date of death and Social Security number and the name, address, and Social Security number of the estate's executor. Similar information must be given for the estate's attorney. Further general information is requested such as the decedent's business or occupation and marital status. It requires a breakdown of the estate to show how much of it was (or is to be) received by the spouse or other heirs. This is to ascertain the estate-tax marital deduction.More... |
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