Tag: estate planning for unmarried couples

4 Basic Estate Planning Documents that Everyone Should Consider

Often people come to our office seeking a basic estate plan.  While there is no such thing as one size fits all in estate planning, there are basic documents that everyone should consider.

Last Will and Testament-

As discussed in the previous post, http://www.perlalaw.com/blog/the-4-major-pitfalls-of-not-having-a-will/ failing to execute a valid will has a number of draw backs.  Wills give you the opportunity to set out who will inherit your estate.  Without a valid Will, your estate will be distributed according to Ohio law rather than your wishes.  A valid Will also gives you the opportunity… Read the rest

Lessons for Trustees and Beneficiaries Part IV- Fiduciary Duties

Fiduciary duties are duties owed by a Trustee to the Beneficiaries of a Trust.  One of those duties is the duty of Impartiality.  Impartiality means that if a Trust has two or more beneficiaries, the Trustee has a duty to treat all beneficiaries fairly.  Fairly does not necessarily mean equally; It all depends on the terms of the Trust.  The terms of a Trust can state that one beneficiary should be favored over another.  For example, when the beneficiaries of a Trust are a spouse and children, the spouse is often favored during her lifetime.  If that is the case, then the Trustee must follow … Read the rest