Estate Administration

The Guide to Trustee Succession and Resignation

Trustee succession is the process by which a new trustee takes over the role of managing a trust. Trustee succession may occur when a trustee passes away, becomes incapacitated, resigns, declines, or is removed from the position. What is trustee succession? The term “trustee succession” refers to the process of having a new “successor” trustee …

The Guide to Trustee Succession and Resignation Read More »

The Ultimate Guide to Spousal Lifetime Access Trust

What is a spousal lifetime access trust or SLAT? A Spousal Lifetime Access Trust (also known as a “SLAT”) is an irrevocable trust where one spouse is the grantor, and the other spouse is the beneficiary. The grantor spouse will execute the trust, and the beneficiary spouse will have limited access to the trust assets. …

The Ultimate Guide to Spousal Lifetime Access Trust Read More »

Can You Dissolve a Generation Skipping Trust?

A generation-skipping trust is a type of irrevocable trust agreement that allows grantors to leave their assets to their grandchildren, “skipping” their children. While grandchildren are the most common beneficiaries of generation skipping trusts, anyone who is at least 37½ years younger than the grantor and is not the grantor’s spouse or ex-spouse can be …

Can You Dissolve a Generation Skipping Trust? Read More »