The lawsuit against the U.S. Fish and Wildlife Service by representatives from a local trust is making its way through the federal court system. In December, a mediator was assigned
When I meet with clients to set up estate plans, I find that a surprising number of people mistakenly believe that they must name their eldest child in their will or their trust as the person in charge of their estate. Even those who understand that they are not legally required to do this may think they are supposed to nominate their eldest child for this duty. There may have been a time when social norms dictated this outcome, but those days are long past, and today I speak to my clients in detail about who the right type of person is to be left in charge of their estate. Let’s review some of the factors that should be considered.
For those who want to avoid the court-controlled process that takes place after a person’s death (known as “probate”) using a Revocable Living Trust is typically the best way to do so. This document allows a married couple or a single individual to direct what shall happen to their assets and possessions. It will also indicate who will be in charge of carrying out those instructions, without the need for the involvement of a probate court judge.
So many of us put off estate planning as something we will “get to soon enough”. However, national statistics indicate that approximately half of all Americans have no estate planning at all.
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