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Whereas an ordinary trust has just one trustee, a joint trust has multiple co-trustees. This is a common choice for married couples, especially when the plan is for the surviving spouse to receive ...
Banks, brokerages, and government agencies often require a certified copy of the letters before accepting the administrator's authority to collect the deceased person's assets." [ 1 ] If a deceased has a surviving spouse, this individual will have priority in receiving a letter of administration over others, including children; age alone does ...
In this case, when the main trustee dies, the successor becomes the new trustee with full access to the assets in the trust. Read more: 5 minutes could get you up to $2M in life insurance coverage ...
Carnwath J approved the "floating trust" analogy, first proposed by Dixon J in Birmingham v Renfrew [1937] CLR, which holds that the law will give effect to the intention (to create a mutually binding will) by imposing a floating trust which becomes irrevocable after the death of the first testator and crystallises after the death of the survivor.
7. Don’t overlook your own estate planning. Dealing with the aftermath of losing your spouse requires a lot of attention and time. But what not to do financially after losing a spouse is ...
The court does this by granting letters of administration to the person so entitled. Grants of administration may be either general (where the deceased has died intestate) or limited. [1] The order in which the court will make general grants of letters follows the sequence: The surviving spouse, or civil partner, as the case may be; The next of ...