Probate, Estate Planning and Trust Law
Law Offices of Alice A. Salvo  Law Offices of Alice A. Salvo
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January 2017 Archives

Avoiding wealth depletion from generation to generation

Like many residents of Woodland Hills, you work hard throughout your life with the intention that your family will enjoy the fruits of your labors even after you are gone. When many come to see us here at The Law Offices of Alice A. Salvo for assistance with estate planning, their thoughts are often centered on the well-being of their children. Yet what about their grandchildren? Or their grandchildren? If you accumulate extensive wealth throughout your life, you may reasonably expect to able to provide financial security for many future generations of your family. That may only be possible, however, if you do it right.

Determining when a trustee may be liable for a breach of trust

When a settlor entrusts a trustee to manage assets for the benefit of designated beneficiaries in Woodland Hills, that person is placing a great deal of faith in the trustee’s abilities to accomplish his or her aims. Oftentimes, the person or party chosen as the trustee may not be up to the task. The question then becomes whether or not his or her shortcomings constitute a breach of trust.

What is a trustee’s standard of care?

When you are party to a trust in Woodland Hills, you no doubt have interest in the actions of the trustee. His or her performance in this role could directly affect your interest in the trust’s assets. Therefore, it may be in your best interest to know the basic standards that he or she is required by law to abide by if the question of a potential breach of his or her fiduciary duty were to ever come up.

Dispute arises over estate decisions made by late woman’s sisters

Few in Woodland Hills may want to have to consider the potential for their deaths at a young age. They may maintain the belief that there will be plenty of time to address such issues when they are older. However, such a line of thinking may prove to be flawed given that no one has any control over the circumstances of his or her death. Should someone without having properly addressed the affairs of his or her estate die, his or her family members or friends may petition the court to be granted special authority over certain aspects of it. That authority, however, is typically limited, both in its scope and its duration.

Wills and trusts: Which is right for you?

An estate plan is essential for every individual, regardless of his or her income or financial standing. If you have not taken this important step, you are risking the appropriate administration of your estate, and your loved ones may not receive their intended share of money and assets.