A student visa that lets you study at the university of your choice is a terrific thing for you. But what happens if your studies take longer than you planned? On top of exams and term papers, you may have to worry about your student visa expiring. That’s where an immigration lawyer can be your best friend. Understanding how immigration laws work can be the first step to making sure that you keep your student visa in good standing. My blog is all about immigration issues, especially those faced by foreign students. Check out the articles for more information that you can use to complete your studies in the country you chose to study in.
When it comes to estate planning, a last will and testament should be only part of the complete plan. Once a will has been prepared, turn your attention to an estate solution that is sure to become the center of your plans. When considering a revocable trust, a trustee must be chosen. Read below to find out what powers the trustee will have and what their key tasks are with a revocable trust.
Overview of Trustee Duties
If you have made out a will and chosen a personal representative or executor, you will recognize many similarities to that of a trustee. They oversee the estate after a death just as a personal representative does with duties that include making sure that beneficiaries receive their inheritances. Like with a will, only name someone you trust that possesses the time and attention to detail necessary to administer the trust. You are free, with a revocable trust, to not only change the trustee position but make many changes and discard the trust entirely if you wish. One thing, though, that sets the duties of the trustee apart from that of a personal representative is that they may have duties prior to a death as well.
Planning for Incapacity
Trusts can be very flexible, and their powers can be stretched to cover not only estate issues but any financial or business matter prior to the grantor's death. A revocable trust can address matters of incapacity in which the grantor is unable to make decisions necessary to deal with financial matters. For example, if the grantor is hospitalized and extremely ill, the trustee may be authorized to pay the bills of the grantor and make other limited decisions.
When the Grantor Passes Away
The trustee comes into full power once the grantor passes away. No changes can be made, however, to the trust at that point. Trusts can be more complex to manage than a will/probate situation because the duties don't necessarily end a few months after the death. A trust, for example, can handle bequests for those not old enough to inherit property by overseeing an account set up for that purpose. Pets can also be recognized and cared for using a revocable trust.
Trusts are unique in their flexibility, and they are also private. You don't have to file a trust in probate court either, so any property mentioned in a trust skips probate. To find out more about how a trust can fit into your estate plan and for help choosing a trustee, speak to an estate planning lawyer soon.
Share
16 February 2022
