Tag: Estate & Trust
Listen to Initial Estate Meetings
This week on Hull on Estate and Succession Planning, Ian and Suzana discuss how important it is to be prepared for an initial meeting with an estate lawyer.
They have also been listening to and reading David Maister’s new (audio)book Strategy and the Fat Smoker and continue their conversation on The Tipping Point by Malcolm Gladwell.
Checklists are wonderful things when it comes to the practice of law (list makers would argue that that is true in life as well). In today’s busy practice, a checklist can ease the troubled legal mind.
I was looking at several estate planning information checklists earlier this week. It is worthwhile to highlight some issues/items that can be easily overlooked but which a thorough solicitor should ensure is on his/her checklist:
· If you are acting for both spouses/partners, advise the clients that you cannot act for one at a later date without the other’s knowledge;
· Is the estate trustee to manage funds for minors and distribute monies to the guardian for care, maintenance and education of minor children. Who is the guardian;
· If they can be transferred, who gets air mile/loyalty points. What about transferable equity in hunting/fishing lodges or sports clubs;
· Joint Assets and the presumption of a resulting trust – is there a clear intention of ownership;
· For foreign property, consider the necessity of executing a separate will or appointment of a local estate trustee;
· Ensure every life interest is coupled with a remainder interest; and
· Ensure any charitable organization named as beneficiary is still in existence and properly described.
Have a great weekend and for all those skiers out there, let it snow, let it snow, let it snow.