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Becoming knowledgeable about estate planning can help anyone. Whether one is a client or attorney, estate planning is a complex field and getting one term wrong can be a mistake worth millions of dollars. It is incredibly important to learn all one can about the business of estate planning and apply that knowledge to one’s own situation.
It is important to thoroughly understand executory interests within the field of estate planning. An executory interest is a future interest that follows a determinable estate. An executory interest is a future interest in a grantee, not the grantor. When a future interest follows a determinable estate and is in the grantor, then that is called a possibility of reverter.
When estate planning, clients often want to add more than one future interest to an estate. This is not a difficult task to do, even though it may seem like it could become a complex ordeal. One usually treats this sort of situation with the same analysis that goes into creating ordinary estates.
It is very beneficial to understand the difference between shifting executory interests and springing executory interests. To start with definitions, shifting executory interests are defined as interests that follow an estate in a grantee. Springing executory interests divest an estate in the grantor.
An example of a shifting executory interest can be found in the following language: A to B, provided that if B ever allows (xyz to occur), then to C. In this example, we can see many things going on. First, B has a possessory estate in fee simple. Recall that a fee simple is a type of possessory estate that has no inherent ending and is the largest type of possessory estate. Next, it can be seen that B’s fee simple is subject to an executory limitation. Because B’s fee simple is subject to an executory limitation, C’s future interest is an executory interest. Since the interest would divest B as a grantee, then it is a shifting executory interest.
Now it is important to consider a springing executory interest. A springing executory interest always divests the grantor, not the grantee. An example of a springing executory interest can be found in the following language: A to B when he turns 21. In this case, A has a possessory estate in fee simple. The executory interest can be found in B.
Overall, these concepts are important to know for creating precise estate plans with executory interests.
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What has the author Peter T Wendel written?
Peter T. Wendel has written: 'Exam Pro Property (Exam Pro)' 'Wills, trusts, and estates' -- subject(s): Wills, Outlines, syllabi, Trusts and trustees, Inheritance and succession 'A possessory estates and future interests primer' -- subject(s): Future interests, Possessory interests in land
What has the author Alan S Acker written?
Alan S. Acker has written: 'Income in respect of a decedent' -- subject(s): Decedents' estates, Taxation 'Income taxation of trusts and estates' -- subject(s): Law and legislation, Taxation, Trusts and trustees 'Accounting for trusts and estates' -- subject(s): Accounting, Estates (Law), Trusts and trustees
What has the author Suzanne Clark written?
Suzanne Clark has written: 'Blackboard Blackmail' 'Estates and trusts' -- subject(s): Accounting, Trusts and trustees, Estates (Law)
What has the author Sidney Graham Winter written?
Sidney Graham Winter has written: 'Accounting for estates and trusts' -- subject(s): Accounting, Estates (Law), Trusts and trustees
What actors and actresses appeared in Trusts and Estates - 2013?
The cast of Trusts and Estates - 2013 includes: Jess Iglehart as Will Benjamin Ochieng as Waiter Juan Riedinger as Jeffrey
What are the key differences between estates and trusts for dummies?
Estates are legal entities that hold assets and debts of a deceased person, while trusts are legal arrangements where a trustee manages assets for the benefit of beneficiaries. Estates are typically created upon a person's death, while trusts can be created during a person's lifetime. Additionally, estates are subject to probate court oversight, while trusts can avoid probate and provide more privacy and control over asset distribution.
Where can one learn how to create trusts and estates for one's children?
One can learn how to create trusts and estates for children by visiting a financial adviser. If this is not an option, there are several websites that will walk one through the process.
Where should someone go to organize their wills trusts and estates?
If you are looking to organize your wills, trusts and estates, the best thing to do is to consult a lawyer. They will help make sure all paperwork is put together properly and no mistakes are made.
Understanding Trust Lawyers?
When seeking to hire a lawyer specializing in trusts and estates, it is crucial that the lawyer have a thorough understanding of concepts such as remainders and executory interests. Before meeting with a trust attorney, it is often a good idea to come up with a simple list of questions to test the knowledge of the attorney. Simply ask questions involving remainders and executory interests, to see if an attorney really has the expertise to handle one’s own estate. This article will discuss the knowledge a client should know about remainders and executory interests before meeting with a lawyer. There are many key concepts to know, when it comes to remainders. First, it is important to understand that a remainder follows an limited estate if it is a life estate, term of years, or fee tail. A fee simple will never include a remainder. Another point to consider involves future interests and remainders. If an inherently limited estate also contains an added limitation, then the grantee’s future interest that follows will still be a remainder. In that scenario, there would not be both an executory interest and a remainder. Rather, because the remainder is the larger interest out of the two, the remainder would be considered to include the executory interest. A remainder will be considered contingent if it is transferred to an unascertained taker. An unascertained person is someone that is unidentified, not yet born, or not alive. Also, the heirs of a living person are not considered as being ascertained. A person’s widow, widower, or devisees are also not considered to be ascertained. In a trust, if a human cannot be specifically pinpointed as entitled to a remainder, then a remainder-holder can not yet be identified in that scenario. Lastly, a remainder with a condition precedent is considered to be contingent. Now, it is also important to discuss executory interests so one has a knowledge of this subject matter before meeting with an estate attorney. An executory interest is considered to be held by a grantee and follows an estate that may end early. The estate may end early due to a condition that is added to its description or by a condition within the description of the executory interest following it. Also, executory interests are either considered to be springing or shifting. Overall, these terms are crucial to know before meeting with an estate attorney. The more informed one is, the better estate planning one can engage in.
What has the author Lesley king written?
Lesley king has written: 'Administration of estates and trusts'
What has the author Suzan Herskowitz Singer written?
Suzan Herskowitz Singer has written: 'Wills, trusts, and estates administration' -- subject(s): Legal assistants, Inheritance and succession, Handbooks, manuals 'Wills, trusts, and estates' -- subject(s): Legal assistants, Inheritance and succession, Handbooks, manuals 'Wills, trusts, and estates administration' -- subject(s): Legal assistants, Inheritance and succession, Handbooks, manuals
What are the Ohio state Laws governing administration of estates and trusts?
Ohio state laws governing the administration of estates and trusts are primarily found in the Ohio Revised Code, particularly Chapter 2107 (Wills) and Chapter 5801-5813 (Trusts). These laws outline the procedures for probate, the responsibilities of executors and trustees, and the rights of beneficiaries. They also establish guidelines for the creation, modification, and termination of trusts, as well as the management of estate assets. Additionally, Ohio law provides mechanisms for resolving disputes related to estates and trusts, ensuring proper oversight and accountability in the administration process.
