| Letters of Instruction |
| 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... |
| Lapse, Ademption, & Abatement |
| At common law, if a beneficiary should die between the execution of the will and the death of the testator, the bequest to that beneficiary lapses - that is, the gift becomes void - and the bequeathed property is distributed according to the will's residuary "catchall" clause. If the will contained no residuary clause specifying disposition of the rest, residue, and remainder, of the estate and named no contingent beneficiary, the property is distributed according to the state's intestacy law.More... |
| Choosing a Healthcare Power of Attorney |
| Like a durable power of attorney for financial decisions, a healthcare power of attorney permits you to name a medical proxy to make healthcare decisions on your behalf when you are no longer able to do so for yourself. Similar to a living will, a healthcare power of attorney can specify what kinds of measures you want taken. You should be aware that states have different names for the same healthcare power of attorney, including medical directive, directive to physicians, declaration regarding health care, designation of health care surrogate, and patient advocate designation.More... |
| Trust Elements - A Settlor With Intent |
| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. More... |
| Precatory Language, Ademption, and Abatement |
| One of the main purposes for making and leaving a will is to guide the administration of the estate of the testator--the person who made the will. A will should be written in language that is clear and indisputable. Alas, the language in a will may be unclear or vague. This article discusses the will interpretation and construction issues of precatory language, ademption, and abatement.More... |
|
|
|
