By Phillip Szachowicz, Trust Litigation Attorney at RMO LLP When dealing with a trustee who won’t do their job, compelling them via court order has been the traditional route for recourse. But even if you expect litigation to go in your favor, it’s important to take the proper steps to ensure the trust itself remains […]
It is possible to inherit a family business. In fact, family businesses are often passed down from generation to generation through a will, a business succession plan, or other estate planning mechanisms. However, the specific process and requirements for inheriting a family business can vary depending on the laws of the jurisdiction in which the
Inheriting property can be a complex process, with numerous factors to consider. Before you decide whether to keep, donate, or sell your inherited property, it’s important to understand the fair market value of the asset, which is its estimated worth on the open market. Is Fair Market Value Calculated at the Time of Death? Yes,
Whether you can sell stocks in a trust after death generally depends on the specific terms and conditions of the trust and the laws of the jurisdiction in which the trust was established. If the trust agreement allows for the sale of stocks, the trustee can sell the stocks as directed by the trust agreement.
A breach of fiduciary duty occurs when a “fiduciary,” such as the personal representative of an estate, a trustee, or a guardian, fails to comply with the duties created by the nature of their relationship with another person. A fiduciary relationship exists whenever one person places confidence and trust in and is at some level
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
An inheritance lawyer, also known as a probate or estate lawyer, is a state-licensed attorney who helps personal representatives and heirs of estates handle the estate of a deceased person. An inheritance lawyer can be involved in various capacities based on the specific details of an estate. A probate lawyer’s role in settling an estate
A dynasty trust is a type of irrevocable trust that can be used to pass wealth from generation to generation. Its primary purpose is to minimize taxes. While the property remains in trust, it is not subject to estate, gift, or generation-skipping transfer (GST) taxes. The person who initially creates the trust, who is known
When comparing a trustee and a beneficiary of a trust, it is difficult to say who has “more rights,” as they each have completely different roles, powers, and responsibilities. While the trustee has a great deal of authority to administer the trust and manage its affairs, they also are bound by a fiduciary duty to
The Uniform Electronic Transactions Act (UETA) is a “model” legal code, which means that states must pass their own legislation for it to become law. The UETA gives electronic signatures the same legal validity as a handwritten “wet” signature for certain transactions that the parties have agreed to conduct electronically. Every state except New York
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.
Texas Property Code Chapter 112 is part of the Texas Trust Code. A trust is a legal arrangement where one party, called the “trustee,” holds legal title to certain property and manages it for the benefit of other parties, called the “beneficiaries.” Chapter 112 of the Texas Trust Code governs the creation, validity, modification, and