Making a will can be a complex tax. The maker of the will must give considerable thought to who will be beneficiaries under the will, specific bequests of property, charitable donations and similar issues. One of the most important decisions is choosing an executor to carry out the instructions in the will. Many Texans wonder if there are rules or guidelines for choosing an executor. The answers to these questions depend in a large part on the nature of the estate.
Posts tagged "Executors & Fiduciaries"
Peter Max is one of the best-known visual artists in the world. His brightly colored artwork symbolized the pop art and psychedelic art movements of the 1960s and '70s, and has only grown more popular since then. He has been named the official artist for numerous sports events, including the Super Bowl, the World Series and the World Cup, and his work has adorned album covers, U.S. postage stamps and even the side of a cruise ship. Indeed, in recent years many of his works have been sold at galleries aboard cruise ships.
As this blog has discussed on previous occasions, Texas trustees, that is, those who manage the property held in a trust, have both a lot of power and a lot of responsibility.
As mentioned previously in this blog, there are many estate-planning options available to those who wish to ensure their legacy is preserved after they are no longer alive. However, the process may seem overwhelming initially for those beginning it, as they struggle to figure out which arrangements will work out for them. One option is to create a trust.
There are a number of steps Texas residents can take to ensure their assets are distributed according to their wishes after they pass away. However, it is also important to take steps to ensure one's legacy is protected while they are alive but unable to make important financial decisions on their own, such as when their cognitive function declines due to a medical illness like Alzheimer's or due to a sudden accident.
These days, one's digital presence and digital assets are just as, if not more important, than one's real property and presence. People pay their bills, manage and access their accounts, and even buy cryptocurrency, making their digital assets and information an integral part of their portfolio. When one dies though, digital assets are not treated the same way real property is treated and it is important to keep that in mind as one is drafting their estate plan. Locking heirs and beneficiaries out of inheriting digital assets and executors and fiduciaries without access to them can be detrimental to one's estate plan.
Many estate arrangements involve the relationship of a trustee and a beneficiary and the creation of a fiduciary duty. The individual who has been named as the estate trustee is likely to be the fiduciary and the beneficiary is the principal. Before going down this road, it is important for all Houston residents to understand the legal obligation they are creating and the responsibilities created by it.
It's important to remember that a will is merely one tool available to people looking to put together an estate plan. Depending on one's specific situation, there may be other tools that should also be used to create a good plan. These other tools could include trusts and powers of attorney.
Many people do not realize that there are several different types of Power of Attorney. Each serves a specific purpose and has its own set of rules as to when it will come into effect, as well as when it will cease. Below, we discuss the four most common types.
Residents who are taking the necessary steps to protect themselves and their estates will want to know all the different tools that can be used under estate planning laws. One is a durable power of attorney. With a durable power of attorney, there will be another person (an agent) who is granted the power to make decisions on behalf of the person (the principal), when the principal is unable to do so. This can involve health care and end of life care, among others.