Trust and Estates Newsletters
There are a few technical requirements with which you must comply before a healthcare power of attorney will be considered legally valid and binding.
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.
Trusts are sometimes classified by the intent, if any, of the settlor to create a trust. This article discusses the kind of trust for which the settlor's intent is implied: the resulting trust.
As a general rule, a will can be changed or cancelled at any time before the testator's death. A will may be revoked (i.e., recalled or cancelled). This article discusses methods for revoking a will.
A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.