| Codicils |
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| In Latin, the word "codicil" means "little will. A codicil is a formal document that amends the provisions of a will. The amendments may change, modify, or supplement the provisions of a will. More... |
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| How to Revoke a Power of Attorney for Finances |
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| To revoke a power of attorney for finances, you can either destroy all copies of the document or execute a notice of revocation. Execution has a few technical requirements that must be complied with before revocation can be regarded as legally valid and it is the preferred method because it generates proof of revocation. More... |
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| Distribution Provisions |
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| A very common and valuable provision seen in most family trusts and invariably in dynasty trusts is the spray or sprinkle provision. Where there is more than one beneficiary, this provision allows the trustee to distribute (spray) the income and/or principal among the beneficiaries in varying proportions as the trustee feels appropriate, having in mind their individual needs and circumstances from time to time. In other words, the trustee need not make equal distributions among the beneficiaries, but instead can vary the distributions according to their particular needs, which undoubtedly is exactly what the grantors would do were they alive. More... |
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| What is a Will? |
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| A simple definition of a will can be found in a paralegal textbook, Edward A. Nolfi's Basic Wills, Trusts, and Estates (Glencoe/McGraw-Hill 1995). Mr. Nolfi writes that: "A will is a formal letter to the probate court judge declaring what the maker wants after death." Let's look at each part of this intriguing definition. More... |
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| Probate -- Overview |
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| In a civilized society, a legal mechanism for dealing with a deceased person's property is essential. Think of the chaos that would result if, when someone died, the law allowed anyone free access to take all or any part of the deceased person's property on a "first come" basis. Instead, we have developed a system that protects and sometimes directs the distribution of property on a persons death. Our laws recognize that some order must be maintained in the situation and so they provide, among other things, for what is called the right of "freedom of testation" and a legal process to deal with those estates that have exercised that right, as well as those that have not. More... |
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