Tag Archives: trusts
How Much Authority Does a Trustee Have Over the Stuff in My Trust?
A trustee is a person or entity responsible for managing and administering your trust according to your instructions and in accordance with state law. They are considered a fiduciary (meaning they are held to a higher standard of care and owe certain duties to the beneficiaries). As a fiduciary, a trustee must protect the… Read More »
Pros vs. Cons of a Beneficiary-Controlled Trust
Would you like to provide your children or loved ones with an inheritance but protect them from the risks that may accompany a large windfall? If so, you can create a beneficiary-controlled trust in which the person you name as the trust’s primary beneficiary has rights, benefits, and control over the property held by… Read More »
What to Do if Your Trustee Is Unresponsive
A trustee has a duty under the law to communicate with beneficiaries and keep them reasonably informed as to the progress of the trust administration. In Maryland and the District of Columbia, such duty to inform may require the trustee to give beneficiaries a copy of the trust document, provide information regarding the anticipated… Read More »
What Is HEMS and Why Is It Included in So Many Trusts?
In the world of estate planning, you may come across the acronym HEMS from time to time. HEMS stands for “health, education, maintenance, or support” and is frequently included in trust agreements to guide a trustee on the types of distributions they may make to a trust beneficiary. When a trustee is limited to… Read More »
Understanding the Different Types of Trusts: Living, Testamentary, and Constructive
In the world of estate planning, terms that refer to legal documents such as wills, trusts, powers of attorney, and healthcare directives can be confusing and even overwhelming at times. What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney from an immediate power of… Read More »
Coping With More Days of Pandemic Uncertainty
We have vaccines, however the rollout has been slower than expected. COVID-19 is raging throughout many states. So how do we continue to maintain strong mental health during the next several months after enduring so much already? The human being is hardwired to evaluate risks that can interfere with our wellbeing. However, these evolved… Read More »
Yes, Nosy Neighbor Nellie Can Find Out About Your Probate Case!
Most people think of probate (the process of collecting, managing, and distributing a deceased person’s money and property) as a private process. However, because wills are filed at the courthouse (in Maryland, Wills are filed with the Register of Wills and In the District of Columbia, Wills are filed with the Probate Division for… Read More »
Online Estate Planning During COVID-19 Pandemic from Start to Finish
As you have probably heard by now, keeping physical distance between us is crucial to stop the spread of the COVID-19 virus. Call or email McDonald Law Firm to find out how we can help you complete your online estate planning during COVID-19, without taking a single step outside the safe confines of your… Read More »
My Trust is Signed, No Probate for My Family Right?
Planning ahead has obvious benefits. Whether you’re planning a vacation or researching for a job interview, it’s always smart to outline your priorities and anticipate potential challenges that may arise. Planning your estate has similar benefits. With plans clearly established, your wealth and assets are protected should you pass away or become incapacitated. It’s… Read More »
How a Spendthrift Trust Keeps Your Heirs from Blowing their Inheritance
There are many tools that can be used when putting together your estate plan. One such tool- a trust- is a fiduciary arrangement, established by a grantor or trustmaker, which gives a third party (known as a trustee) the authority to manage assets on behalf of one or more persons (known as a beneficiaries). Since… Read More »
