Virtually everyone should have a will. To see why, go here. But most people would do well to have a trust. Get that? You don’t have to be Bill Gates to need a trust. Here are five reasons why: 1. Avoid probate. Probate is the word we use to describe the legal process, the court proceedings, […]
A trust is a fiduciary relationship between a trustee and beneficiaries of the trust. Trusts can be implied and express. Implied trusts are court created in order to prevent unjust enrichment (a constructive trust) or to carry out what the parties intended, but failed to do properly. In estate planning, we concerned almost entirely with […]
A guardian is a person appointed by another person or a court to care for another person or their property. That other person will be either a minor or a legally incompetent adult and is referred to as the “ward.” Guardians of the ward’s person are always called guardians. Sometimes guardians of the estate or […]
As we discussed in 5 Reasons You Need a Will, a valid will controls where your money goes when you die–except when it doesn’t. In some states for instance, the maker of a will–the testator–can’t disinherit a spouse. In Wyoming for example, a disinherited spouse can “elect” to take 1/4 to 1/2 of the property disposed […]
When a person leaves a will, we say that he died testate as opposed to intestate. Blackstone defined a will as “The legal declaration of a man’s intention which he wills to be performed after his death,” a definition that maybe gives us some idea of where the legal term “will” comes from. Thomas Atkinson’s Handbook […]
No matter your economic circumstances, you should probably have a will, especially if you have a spouse, even more so if the two of you have children. Here are five reasons why: 1. You can use that new will to revoke the one you already have. That’s right: you already have a “will,” the one […]
Navigating the terminology of wills and trusts can get complicated. Take the terms personal representative and executor, for example. Many people use them interchangeably, but strictly speaking, they’re not. Wyoming law, for instance, says the term “‘Personal representative’ includes executor and administrator.” Great, but what do “executor” and “administrator” mean? Well, the Wyoming code defines those […]