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In my ongoing efforts to break down the legalese barriers that tend to separate lawyers from the real world, and have increased quality communication, here’s another Fun with Legal Words post. Today’s word is “trust.” In this context, and in the simplest terms, a trust is a legal agreement between three parties: settlor, trustee, and […]
If you have a living trust (sometimes referred to as an inter vivos trust) in your estate plan, you need to know how to administer it. That sounds like common sense, but there are some unique elements to consider that otherwise you probably wouldn’t think about. The following definitions and directions should help you with that process. In the following descriptions I […]
A trust is a very useful legal arrangement which may save you, your heirs, and beneficiaries a great deal of money, time, and trouble, as well as help to keep important matters private. A trust is what one might consider an “extra” document to a basic estate plan (but an “extra” that can be super […]
A trust really isn’t as complicated as it first may seem. After all, there are only three parties to a trust. A Settlor, Trustee, & Beneficiary A trust is created when a property owner transfers the property to a person with the intent that the recipient holds the property for the benefit of someone else. […]
Estate planning allows people to elect tools and strategies that makes life for their loved ones as uncomplicated as possible following death. Almost everyone I work with wants to ensure their family members are set up for success. One such estate planning tool to accomplish this is the handy dandy trust. There are almost limitless […]
Valentine’s Day is coming up quick and while I think the commercialized messages of “this is love” can get a little cheesy, I’m a full supporter of a day that celebrates love. Be it love for your spouse, a celebration of the fact that you are awesome, or showing even more adoration for your furry […]
Three Parties I’ve previously written about the three parties necessary for every trust: (1) the settlor (sometimes called the donor or grantor); (2) the trustee; and (3) the beneficiary. Two Other Elements Besides three parties, at least two other elements are necessary for a valid trust. The trust instrument is the document that sets forth […]
Before I explain the concept of “heirs at law,” you might be thinking, why even bring this up? Of what relevance is this “Ye Olde Sounding Phraise” in today’s modern world? It’s important for me to share the concept of “heirs at law” with you, dear GoFisch blog Reader, for three reasons. It helps explain […]
If you’re unsure of what a trust is and how it works, you probably don’t have one. And, if you don’t have a trust, you’re not alone. About 57 percent of U.S. adults don’t have an estate planning document like a will or a trust even though they believe having one is important. What Is […]
In the past I’ve written about specific “legal words of the day” where we take a deep dive into terms that can be confusing, misleading, or unknown. A few of the favorites? Breach of contract, subpoena, and inclusion rider. But, if you’re a word nerd like me, one word or phrase per blog post is […]