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September 29, 2004About that gorilla ...
The Seattle Weekly story also offers a different take on Microsoft General Counsel Brad Smith's comments last week to the Association of Washington Business. Reifman is a former Microsoft employee who also wrote this previous Seattle Weekly cover story, which drew a lot of attention in part because of his favorable comments about Apple, compared with Microsoft. Posted by Todd Bishop at September 29, 2004 11:42 AMComments
Todd, thanks for the great continuing coverage of the Soft...I've posted a follow up to Citizen Microsoft here: http://www.idealog.us/2004/10/follow_up_to_ci.html Posted by: Jeff at October 10, 2004 02:11 AMNevada Corporation : Do-It-Yourself and Save!
making a will Copyright © 2003-2005 RG
TRUSTEES When you establish a living trust, you must name a trustee. In fact, you should name both an initial trustee and a successor trustee in the event the initial trustee becomes incapacitated and cannot serve. The trustee is the individual who or institution which actually manages the trust assets that you transfer in, according to the specific instructions you've given. The appointment is important, as this person or entity will have the responsibility of honoring your wishes your after death. The initial trustee is, most often, YOU! That's why it's called a living trust. Since it's revocable, you can change assets in the trust as circumstances dictate. While you're alive, the trust can conform to your specific wishes. It is important to understand this: a living trust does not take the control of your property from you- until you die. You handle it while you're alive. It's merely tucked away in a convenient legal vehicle that takes over immediately after you die and passes the property along to the people you designate without publicity and without the potential lengthy delay and costs of probate. If you've set up a marital living trust, usually both spouses are co-trustees. When one spouse dies, the other spouse continues as the initial trustee. It is possible to name someone else other than you and/or your spouse to be the initial trustee. It is uncommon and unnecessarily complicates your trust arrangements as you must keep separate records of the trust. You should work with your attorney to select a capable trustee if you wish. Because something could happen to the initial trustee, it's vital to name a successor trustee. This is the individual who will be distributing your assets according to your wishes after you die, or if you become unable to manage the trust due to injury or illness. For property not held in the living trust, creation of a durable power of attorney and a health care durable power of attorney can designate someone else to carry on with the non-trust assets. If your trust is a marital one, the successor trustee would not take over until after the second spouse dies. The successor trustee could also die or become incapacitated, so it's imperative that you name an alternative trustee, too, to take over as successor in that circumstance. What does the successor trustee do? If your instructions are explicit as to how you want property transferred at your death, then the job is somewhat easier. However are still things you must do: _ Obtain copies of the death certificate of the initial trustee _ Present death certificate, copy of the living trust and proof of successor trustee's identity to the various financial institutions or organizations that have the property/assets _ Prepare documents of title transfer from the trust to the Error! Bookmark not defined. beneficiary(ies) as appropriate. _ Supervise distribution of trust assets where no title is involved. _ If necessary, the successor trustee may manage a child's trust if the beneficiary is a child who has not reached the age at which the initial trustee designated the property to be transferred. The successor manages the property for that individual until he or she reaches the specific age outlined in the original living trust. This may be the only task the successor trustee is actually paid to do. If required, the successor trustee might also file federal and/or state death tax returns. It is important to name a successor trustee, preferably one whom you feel will diligently carry out your wishes. It may even be someone who is also a beneficiary of the trust assets. If there is any question about whom you should name, consult with an attorney for suggestions.
WILLS A will is a written document detailing instructions as to how you want your assets divided up after your death. You might also include information as to a child's guardianship, how (or if) you are to be buried and the appointment of an executor of your will. The two main types of wills are: _ attested _ holographic The attested will is the most common. It is usually prepared by a lawyer in typewritten form and signed in front of several witnesses who have no benefit in the will whatsoever. The holographic will is made without a lawyer, written on plain paper in your own handwriting, dated and signed. If your wishes are clear, this should be as effective as the attested will. It will more likely be disputed than an attested will and be subject to the interpretation of the courts, where anything could happen. Attested wills are safer for carrying out your final instructions. Most people think they should have a will. Many people do, however, do not have a will because estate planning is generally not a high priority to many people nationwide. There are many fine estate planners around the country who work with individuals, but the average person doesn't put much thought, time or effort into addressing this important financial task of preparing for asset distribution after death. Attorneys will be glad to help you do an attested will and may not charge much to do so. They'll get paid later- when the will goes through probate court. The payors will be your beneficiaries, who will see assets drain as a result of legal fees and court costs. Probate can be lengthy, especially if the will and estate is a complex one. Not only does a will diminish the value of the property, it may also slow down the time it takes to actually transfer it to the designated beneficiary. A will does let you choose your heirs, but the advantages stops there. You will not avoid probate, estate taxes (if any), death income taxes, privacy of transfers or incapacitation. These are the primary reasons one should set up a living trust INSTEAD of a will. There is a will that is important when establishing a living trust. It's called the pour-over will. This document puts any assets you failed to place in your living trust during your lifetime into the trust after your death. In effect, it "pours over" assets from the will to the trust. This document may also name the guardian for minor or incapacitated children. The pour-over will is a "fail-safe" device to ensure that any property left out of the trust will be placed there. It is also a back-up to the living trust in case it's invalidated for any reason. The pour-over will can substantiate the trust simply by reaffirming its terms. It would be difficult for one or more heirs to challenge successfully both a living trust and a pour-over will if their conditions and instructions are similar. Post a comment
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