Steve Bing — who inherited $600 million from his real estate developer grandfather at the age of 18 — only had about $300,000 left to his name at his death, leaving him relatively broke.
A trustee is a manager of assets in a trust. The grantor creates the trust and appoints the trustee. A trustee has a ‘fiduciary duty’ to serve the grantor and not benefit personally.
The Covid-19 has produced a rise in estate planning…but not a large enough one. Most Americans still do not have a last will and testament.
Estate planning is the process of transferring the management of your assets, if and when you are unable to manage them yourself due to disability or death. Whether you have $100 or $100 million you should have an estate plan.
Most people wish to have more control over who and how their assets are managed than what the state laws provide, and so they draft documents that can override the Laws of Intestacy, when those laws do not match their objectives.
The probate process refers to court proceedings that you have to go through when a loved one passes on, and they have left an asset in their name.
When creating an estate plan, it may be necessary to name a trustee to handle your assets.
If you decide to leave assets in a trust for your beneficiaries, consider your designation of trustee carefully. The most important person in the trust framework is the trustee, the one responsible for managing trust assets.
The list of things you need to do after someone dies can seem endless, especially during a time when you are also grieving.
As part of your estate planning, don’t forget to consider a power of attorney.
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