A trustee is a fiduciary, which means that they have a legal duty to act in the best interests of the trust’s beneficiaries. A “breach of trust” occurs when a trustee violates their fiduciary duties. In general, trustees have a duty to act in the best interests of the beneficiaries, to manage the trust property […]
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When a person dies, their estate often must go through probate, which is the legal process of distributing their assets. Multiple parties are typically involved in these proceedings, including: Each party has different rights and responsibilities in an estate, and it is important to understand these roles before moving forward with any legal action. Who
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A fiduciary duty is a legal obligation that one party has to another to act in their best interests. This duty is typically seen in relationships where there is a power imbalance, such as between the trustee and beneficiaries of a trust or an executor and the beneficiaries of an estate. When acting as a
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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
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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
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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
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