A recent decision issued by the Supreme Court of Alabama highlights the importance, for both creators and beneficiaries of trusts, of understanding whether a trust is Revocable or Irrevocable, and the consequences that flow from that distinction.
Revocable and Irrevocable Trusts
Any trust has three players: a Settlor, a Trustee, and a Beneficiary. » Read More
Prior blog posts (here and here) have addressed the limits of a Will by identifying numerous assets that pass not by Will upon death, but by some other means. For example, life insurance, retirement benefits, and annuities pass not according to the provisions of a Will, but based on the named beneficiaries in the applicable beneficiary designation. » Read More
We all know what certain words mean, particularly in the context of family. We know who our spouse is, who our children are, and who our grandchildren are. But sometimes it’s not that simple, and it becomes necessary to go beyond written words to determine someone’s true intention. » Read More
A Fiduciary is a person placed in a position of trust, whether as an Executor, Agent under a Power of Attorney, Health Care Agent, or Trustee. Any Fiduciary has a sacred legal duty to carry out the responsibilities bestowed by the governing document, whether it is a Will, Power of Attorney, Health Directive, or Trust Agreement. » Read More