| Basic Trust Types and Formation |
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| A trust may be formed for any purpose that is lawful and not against public policy. More... |
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| Gift-Tax Returns |
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| If the decedent made a taxable gift during his lifetime but did not file the required gift-tax return, it is the executor's duty to file the return and, if appropriate, to pay the gift tax. The gift tax is levied on the right of one individual to transfer money or property to another. It is based on the value of the property transferred.More... |
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| Inheritance Without Planning Means No Person Is In Control |
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| When a person dies intestate (without making and leaving a will), each state provides a default plan (usually known as the statute of descent and distribution) under with his or her net estate is disposed. Under the default plan, no person is put in control of the disposition. The disposition must go according to the defaul plan. This article discusses the disadvantages of descent and distribution related to that inability to have a person put in control of the disposition.More... |
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| Duties and Powers of a Trustee |
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| A trustee has the duty to take possession of and preserve the trust property, and he must exercise reasonable care and skill in dealing with it.More... |
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| Trust Elements - A Settlor With Intent |
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| A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary. More... |
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