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 …
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 …
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 …
How Do You Split an Inherited IRA Between Siblings? Read More »
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. …
A codicil is the name for any document that amends, modifies, changes, or supplements an existing will. It operates in the same way as an amendment to a trust, despite going by a different name. A codicil can be something as simple as changing the executor of the estate, requesting particular property be distributed to …
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 …
Generally, a successor trustee cannot change or amend a trust. Most trusts are initially managed by their creator or original trustee, while they are still alive and competent. But after their passing, a successor trustee must step in to take legal title to assets and administer the trust according to its terms. Many successor trustees …
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One of the most common offenses we deal with in our trust litigation practice is that of trustee self dealing. Trustees have very broad powers of discretion in managing trust assets, and they sometimes make transactions that benefit themselves instead of the trust beneficiaries. This is when a claim for breach of fiduciary duty for …
Trustees commonly face claims for breach of trust, misappropriation of trust funds, mismanagement, malfeasance, fraud, or breach of fiduciary duty. If you’ve been accused of breaching your fiduciary duties or misappropriating trust funds, contact an experienced trust litigation attorney as soon as possible. The sooner you begin working with a trust litigation attorney, the better …
If you are the beneficiary of a trust, you already know how much power is wielded by a trustee. In many cases, trustees have privileged access to, and authority over, vast reserves of valuable assets intended to benefit the beneficiaries. In a perfect world, trustees would never abuse their position for personal gain, but it …
August 10, 2020 01:00 PM Eastern Daylight Time MIAMI–(BUSINESS WIRE)–Los Angeles-based trust, estate and probate litigation firm RMO LLP has expanded to the East Coast with the opening of a Miami office helmed by veteran litigator Brian Levin, the firm announced this week. “It’s serendipity that we launched the operation at this time of greater need, but it’s …
Trust, Estate and Probate Litigation Firm RMO LLP Expands to Miami Read More »
Sending out trust notices can be stressful. Here’s a guide to 16061.7 Trust Notice procedures, plus tips–and when to get a trust attorney. What is a Probate Code section 16061.7 trust notice? When a trust becomes irrevocable, such as when a person passes away or becomes incapacitated, the acting Trustee of the trust must …