Building your assets to prepare for retirement is a demanding process, but experts encourage Americans to thoroughly review their beneficiary list before making any major decisions. Estate administration plans rely heavily on beneficiary designations when distributing property. An outdated plan can cause confusion and resentment among surviving family members and friends. Beneficiaries on insurance and financial Read More
FOOD MAGNATE’S ESTATE LOCKED IN CONFLICT
The estate of an Iron Range family's patriarch is under dispute, with the man's children fighting the men in charge of trust administration for his massive wealth. The man, who had been a food magnate in the town, reportedly had a penchant for conflict during his life that has not abated even after his death. Two of the man's children argue that their parents were coerced and manipulated by their financial advisers Read More
TULSA JUDGE RULES IN TRUST ADMINISTRATION CASE
A judge in Oklahoma has levied a massive judgment against JPMorgan Chase for the bank's failure to follow trust administration protocols for the estate of a 1900s oil baron. The granddaughter of the man had been benefitting from the trust, which was reportedly mismanaged by the financial behemoth. JPMorgan has been ordered to pay $18 million. A Tulsa County judge reportedly found that the organization had been Read More
ETHICAL WILLS: GIVING YOUR LOVED ONES AN EMOTIONAL GIFT
When you think of a will, you probably consider that it will distribute financial assets such as land holdings, jewelry and other valuable goods. That notion of estate planning is quickly being augmented by a new movement in will execution, which demonstrates that more Baby Boomers are interested in passing on a different kind of legacy to their heirs. Those retirees are looking to hand down their life stories, Read More
$40 MILLION CHARITABLE GIFT FROM WOMAN’S ESTATE UPHELD BY COURT
A Florida court has rejected estate litigation challenging a $40 million charitable gift made by the estate of a deceased female philanthropist. She indicated in wills and trusts that this amount from her accumulated fortune should be given after her death to the Community Foundation of Broward to add to its existing $100 million endowment. The foundation will use $7 million of the funds each year to award grants to Read More
LAWYER: WOMAN COERCED, LEAVES ESTATE TO NURSING HOME
A private lawyer and a nursing home are locked in a probate litigation battle surrounding the estate of an 84-year-old patient who died in 2010. Attorneys for the family are accusing the nursing home of coercing the woman into donating her estate to the establishment instead of leaving her assets to beloved family members. Information released in connection with the case show that the woman had not updated her will Read More
CONSIDER TRUSTEES CAREFULLY, TRUST EXPERTS SAY
One of the most important decisions you can make during your estate planning process is who will oversee the trust after your death. The person you choose as a trustee or fiduciary will be responsible for interacting with your loved ones, distributing funds and managing trust assets according to your wishes. This person should be reliable, congenial and responsible, according to experts. You should evaluate the Read More
DIGITAL ASSETS ENTER ESTATE PLANNING
As the widespread use of technology becomes more critical to our everyday lives, more people are considering digital assets when completing their estate planning. Those digital assets may not seem immediately important, but estate administrators say that managing passwords, user names and answers to personal security questions can be critical in the estate planning process. Many self-employed businesspeople, for Read More
GAY JUDGE CONTESTS FATHER’S WILL
A unique probate litigation case has prompted controversy among advocates for same-sex unions. A gay man and his partner decided to become parents using a surrogate, but the man's father has stipulated in his will that the 2-year-old boy will not receive an inheritance unless the father marries the child's mother. That man is a criminal court judge, and he has decided to contest the will left behind by his wealthy Read More
JONES ESTATE STILL CONTESTED
The continuing probate litigation involving former Monkees frontman Davy Jones's estate has resulted in the proceedings being shrouded in mystery, as legal experts throughout the nation postulate why the family chose to seal the musician's will away from the probing eyes of the public. Controversy has arisen in the execution of the man's will because his now-widowed younger wife is not named in any of the estate Read More
