Probate & Estate Planning

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There are a number of different types of fiduciaries.  These include Executors, Administrators, Trustees and Guardians.  Even an agent under a Power of Attorney stands in a fiduciary relationship to his principal.  One common aspect relating to all fiduciaries is that they are required to provide a complete accounting of their conduct and activities to beneficiaries. In most cases, accountings in estates and trusts are done voluntarily.  These are informal procedures.  After a beneficiary…
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When it comes to life insurance, the word “guarantee” may have different meanings. The first question that should be asked? “Is the guarantee conditional or unconditional?” Here’s why: Problem There’s hardly ever a problem when a policy has unconditional guarantees. “If you pay this premium, we will pay this death benefit to your age 120” is an example of an unconditional guarantee. In almost every problem case we review, everyone assumed the policy did indeed…
Dickinson, Mackaman, Tyler & Hagen, P.C. is delighted to announce that Grace Bogart and Rachel Soderstrum have joined the firm as Associate Attorneys. Both women began their legal careers at Dickinson Law as summer clerks in 2019. Grace Bogart Grace is a 2020 Juris Doctor graduate of the University of Iowa College of Law and holds a B.A. in political science (summa cum laude) from Iowa State University. As a member of the firm’s Banking,…
Acting a trustee is a big responsibility, and one needs to be careful not to do the wrong thing. Here is a summary of what a trustee cannot do: Steal from the trust Fail to follow the terms of the trust Mismanage trust assets including bank accounts, stock, bonds, retirement accounts, pensions Fail to take […] The post What a Trustee Cannot Do appeared first on New York City Estate Lawyer Albert Goodwin, Esq..…
In New York, an irrevocable trust is a trust that cannot be revoked or modified without either a court order or written consent from all parties involved (all trustees, beneficiaries and people who made the trust). Is a New York Trust Revocable or Irrevocable by Default? A New York trust is irrevocable by default.  NY EPTL […] The post Irrevocable Trust New York appeared first on New York City Estate Lawyer Albert Goodwin, Esq..…
Yes, a trustee can also be a beneficiary, and they often are. But in some types of trusts, a trustee cannot be a beneficiary. Many trusts have the same people fulfilling multiple roles. As lawyers like to say, the same person can “wear many hats.” We often have the person who made the trust fulfill […] The post Can a Trustee Also be a Beneficiary appeared first on New York City Estate Lawyer Albert Goodwin, …
A beneficiary is entitled to distributions of trust assets if the trust authorizes such distributions. Here are some examples of the different types of trust distribution arrangements for beneficiaries: An immediate distribution upon the death of the person who made the trust An immediate distribution upon reaching a certain age (for example, 18 or 25) A […] The post Distributions of Trust Assets to Beneficiaries appeared first on New York City Estate Lawyer Albert Goodwin, Esq.…
While the majority of trustees handle trust administration timely and adequately, there are times where a trustee refuses to act. There are steps that you can take to hurry the trustee along and protect your interest in a trust. You are entitled to a full accounting of the trust’s assets and to the timely distribution […] The post What to Do if a Trustee Refuses to Act appeared first on New York City Estate Lawyer …