What is Dead Man’s Statute? Dead Man’s Statute, also known as “Dead Man’s Rule” or “Dead Man Act,” is a rule of evidence that prohibits an interested party from testifying about conversations or transactions with a deceased person in a civil case. This limitation only applies if all of the following criteria are met: The …
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 …
The short answer is yes, a trustee can also be a trust beneficiary. One of the most common types of trust is the revocable living trust, which states the person’s wishes for how their assets should be distributed after they die. Many people use living trusts to guide the inheritance process and avoid probate. In …
State intestacy laws direct how estate assets must be distributed, identifying family members’ order of priority to receive an inheritance and how much they are entitled to receive. Who inherits property if there is no will? If your loved one passes away without a will, California’s intestate succession laws (California Probate Code 6400 through 6455) …
A primary beneficiary is the first in line to receive a particular asset or amount of money. They will typically receive this asset as long as they are still alive when the deceased passes away. If they predecease the will’s maker, the contingent beneficiary will step into their place and receive the asset or funds …
While California law grants executors considerable authority in managing estate assets, the powers of an executor of a will are limited by the fiduciary duties owed to the estate and its beneficiaries. This means that executors are legally required to act in the best interests of the estate and its beneficiaries. In no case can …
If your sibling dies without a will, their surviving spouse, domestic partner, and children are first in line to inherit. In fact, if there is no will, siblings will only inherit if there are no surviving children, grandchildren, or parents. What are siblings’ rights after parents’ death? If your sibling passes away and does not …
Generally speaking, the executor of a will cannot take everything simply based on their status as executor. Executors are bound by the terms of the will and must distribute assets as the will directs. This means that executors cannot ignore the asset distribution in the will and take everything for themselves. However, if the executor …
An executor can override a beneficiary if they need to do so to follow the terms of the will. Executors are legally required to distribute estate assets according to what the will says. This means that if a beneficiary disagrees with the distribution in the will or other terms the executor can — and must …
Duress and claims of duress often come into play in estate conflicts and trust litigation. For example, if a will or trust is changed to favor one beneficiary over another, it’s common for the negatively affected heirs to investigate why they’re missing out on their rightful inheritance. We see cases every day in which duress …
Estate contests and disputes can be intimidating for anyone, even a professional trustee. In this guide, we’ve answered some of the questions we’re commonly asked about estate and trust contests, estate disputes, and other issues professional trustees may face. What Are the Most Common Estate Contests and Disputes? Estate contests and disputes occur when an …
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Appointment of a successor trustee refers to the process of having a new trustee take over management of a trust. Most trusts are managed by their creators during their lifetime. But trusts don’t die with their makers, and that is why a successor trustee takes over. Successor trustees step in to administer a trust after …