An executrix is a female executor of a will. Who has more power a trustee or beneficiary? The trustee of a trust has more power than the beneficiary because the trustee is responsible for managing the trust assets and carrying out the terms of the trust. The beneficiary is the person who receives the benefits … Read more
The Uniform Simultaneous Death Act is a law that governs how property is distributed when two or more people die at the same time. The law presumes that the people died together, unless there is evidence to the contrary. This presumption can be rebutted by evidence that the people did not die together. If the … Read more
A qualified trust is a type of trust that is created for the purpose of holding assets for the benefit of a designated beneficiary. The trust is “qualified” because it meets the requirements of the Internal Revenue Code (IRC) and therefore qualifies for certain tax benefits. There are two types of qualified trusts: 1. Qualified … Read more
. What is a Grantor Retained Annuity Trust (GRAT)? A grantor retained annuity trust (GRAT) is a trust in which the grantor (the person establishing the trust) retains the right to receive an annuity from the trust for a specified term. At the end of the term, the remaining assets in the trust are distributed … Read more
What is a Power of Attorney (POA)? A Power of Attorney (POA) is a legal document that gives someone else the authority to act on your behalf in financial or legal matters. There are different types of POAs, and you can set one up for a specific purpose or for general use. POAs can be … Read more
A named beneficiary is someone who has been designated to receive specific property, benefits, or money from a person, estate, or trust. The designation is typically made in a will, trust agreement, or insurance policy. Do trust beneficiaries pay taxes? Yes, trust beneficiaries are generally required to pay taxes on trust distributions that they receive. … Read more
The trustee has a legal duty to manage the property in accordance with the terms of the trust agreement and the law.. A trustee is a person who is in charge of managing property or assets for another person. The trustee has a legal duty to manage the property in a way that is in … Read more
A Crummey trust is a type of trust used in estate planning to minimize gift taxes. The trust is named after the IRS case that first recognized this type of trust, Crummey v. Commissioner. In a Crummey trust, the trustee distributes the trust assets to the beneficiaries at regular intervals, typically once a year. The … Read more
Next of kin is a term used to describe the closest living relative of a person who has died. The next of kin may be responsible for making funeral arrangements and may also inherit the deceased person’s property. Does the oldest child inherit everything? Generally, the answer is no – the oldest child does not … Read more
A trust company is a firm that specializes in the administration of trusts. Trust companies are typically chartered by state governments and regulated by state banking commissioners. They may also be subject to federal regulation by the Office of the Comptroller of the Currency. The primary function of a trust company is to manage the … Read more
