From Our “Ask a Question” mailbag: “My father died recently in Burlington County, New Jersey. The executor told me that my dad set up a Trust Under Will for me. What is a Trust Under Will?”
From Our “Ask a Question” mailbag: “My father died recently, and I am the executor. I will file his Will next week. But my siblings have already contacted the life insurance company to collect the life insurance. Can they receive the life insurance before I file the Will? Is collecting life insurance before filing the Will proper?”
From Our “Ask a Question” mailbag: “I am thinking about forming a trust for my minor child, but I read that a trust could be a “simple trust” or a “complex trust,” what is a complex trust?”
From Our “Ask a Question” mailbag: “I am forming a trust for my minor children. I could use my brother as Trustee or choose a Corporate Trustee. What are the reasons to use a Corporate Trustee rather than my brother?”
From Our “Ask a Question” mailbag: “I am setting up a Special Needs Trust for my son in my Will. I am trying to decide if I should pick my daughter or a bank as the Special Needs Trust Trustee. Who should I pick as the Special Needs Trust Trustee?”
From Our “Ask a Question” mailbag: “My father at his death gave my brother, and I equal amounts. My brother got life insurance, and I got the house and cash. The Will says the residue pays all taxes. Do we split the New Jersey Estate Tax on life insurance?
From Our “Ask a Question” mailbag: “I have been diagnosed with early stage Alzheimers. I have heard that setting up an “unfunded trust” for long-term care might be a good idea. What is an unfunded trust and how is a trustthat is unfunded useful?”
When planning for Alzheimers, the term “unfunded trust” refers to a Revocable Living Trust which you set up but in which you currently put no assets. Because it is currently not “funded” with any assets, we call it an “unfunded trust.”
From Our “Ask a Question” mailbag: Life Insurance is a Non-Probate Asset, Unaffected by You Will:
“My sister went to jail, so mother changed her Will and gave me the entire estate. She forgot to remove my sister from her life insurance. Now I hear life insurance is a Non-Probate Asset. Who gets the life insurance?”
From Our “Ask a Question” mailbag: “I have heard stories about Power of Attorney abuse and theft. So, where do I keep my Power of Attorney?”
Power of Attorney abuse is a real problem. A typical durable general power of attorney gives your “Agent” the authority to access your accounts and sell your assets. These capabilities are essential so your Agent can take care of you. But, they are also powers that can lead to theft and fraud.
From Our “Ask a Question” mailbag:” Do I pay probate fees on real property located outside of Pennsylvania? Do I even list it on the Register of Wills’ Inventory? I am the executor of my mother’s estate in Philadelphia. She died owning a New Jersey shore home. Do I list this on the Philadelphia Register of Wills’ Inventory and then pay a probate fee?
