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In addition to trusts and wills, HNWIs usually have other estate planning instruments in effect. A power of attorney, for example, directs someone to handle your financial affairs if you become ...
Rules governing nonprobate transfers, such as joint bank accounts, life insurance policies, and transfer-on-death (TOD) securities: 7 Trust Administration: Provisions governing management of trusts; fiduciary duties of trustees. The provisions of Article 7 have been superseded by the Uniform Trust Code.
As long as you have that information, you don't necessarily need to include your bank account in your will. That way, if your will is subjected to a lengthy probate process, that $50,000 might ...
These services are provided by a person or firm – such as a bank, trust company or registered investment adviser (RIA) — serving as a trustee, executor, personal administrator or discretionary agent having direct responsibility for managing assets for or on behalf of individuals and families, as well as estates, trusts, private foundations ...
The term "co-trustee" may fool either the bank trust officer or the individual co-trustee into thinking their roles are identical. If the roles are not further defined in the document, then their roles are legally the same. [34] As a practical matter however, the corporate trustee will nearly always do the custody work and keep the books.
By keeping finances separate, he said partners can safeguard their individual assets and ensure they are distributed according to their wishes, such as through wills or trusts.
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