Wills & Trusts Law Overview
Wills and trusts law governs the distribution of an individual’s estate after death and asset management during their lifetime.
Key Components of Wills & Trusts
Wills
Definition: Legal documents outlining the distribution of assets after death.
Example: A will specifying beneficiaries for the decedent’s property.
Trusts
Definition: Arrangements where one party holds and manages assets for another’s benefit.
Example: A revocable living trust to manage assets during the grantor’s lifetime.
Guardianship
Definition: Appointing someone to care for minor children.
Example: A will naming a guardian for minor children.
Federal Laws
Estate Tax Laws: Regulations on the taxation of estates.
State Laws
Vary by state but typically include probate laws and requirements for valid wills.
Example: A properly executed will under state law to ensure it is upheld in probate court.
Causes of Action
- Challenging the validity of a will due to undue influence or lack of capacity.
- Issues with the management or distribution of trust assets.
- Trustees failing to act in the best interest of beneficiaries.
Resolutions and Remedies
- Validation or Invalidation of Wills: Court decisions on the legitimacy of a will.
- Modification of Trusts: Adjusting trust terms to reflect the grantor’s intentions.
- Monetary Damages: Compensation for losses due to mismanagement.
- Appointment of Successor Trustees: Replacing trustees who fail their duties.
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