What Is a Residuary or Residual Trust?
The term “residuary” refers to the “residue” of an estate or trust, which is all of the property that remains after the specific gifts detailed in the will or trust are distributed. An asset, such as personal property or real estate, is considered to be part of the residue of an estate or trust if […]
What Is a Lady Bird Deed?
A Lady Bird Deed, also known as an enhanced life estate, is a type of real property interest. It grants ownership rights to one person ( the “life tenant”) during their lifetime and confers a future interest in the property to another person (the “remainderman”). A traditional life estate cannot be revoked or otherwise changed […]
How Do You Split an Inherited IRA Between Siblings?
An IRA, or Individual Retirement Account, is a tax-deferred retirement savings account. Like most bank accounts, an IRA allows you to designate a beneficiary or beneficiaries who will inherit the account after your death. This enables you to pass an inherited IRA to your heirs outside of probate. If you and your siblings have jointly […]
Does Texas Have a Trust Code?
Yes, Texas’s trust code can be found in Subtitle B of Title 9 of the Texas Property Code. While all of Title 9 governs trusts, Subtitle B is referred to as the “Texas Trust Code.” It contains almost all of the relevant provisions regarding trusts and their creation, administration, and termination. Here’s a quick guide. […]
Can You Contest a Codicil to a Will?
A codicil is a legal document that allows you to make changes to your will without having to rewrite the entire document. Codicils are often used to make minor updates, such as changing beneficiaries or adding bequests. It operates in the same way as an amendment to a trust, despite going by a different name. […]
The Trustee’s Guide to Trust Accounting Duties
In the state of California, trustees have a duty to keep the beneficiaries of the trust reasonably informed about the trust and how it is being administered. As part of this duty, trustees must provide all beneficiaries with an accounting of the trust assets and how they have been used. What is a petition for […]