Category: Estate Administration

Having multiple trustees named in a trust document can offer several advantages. However, it also comes with its own set of challenges. Here, I will explore the pros and cons of having more than one trustee acting simultaneously.

Pros:

1. Diverse Expertise: Having more than one trustee can bring a variety of skills and expertise to the management of the trust. This can be especially beneficial if the trust involves complex financial or legal matters, as each fiduciary may have a unique perspective and knowledge base.
2. Checks and Balances: Having more than one trustee provides a system of checks and balances. This helps prevent the abuse of power or decision-making by a single individual, reducing the risk of fraud or unethical behavior.
3. Continuity: In the event that one trustee becomes incapacitated, resigns, or passes away, having multiple trustees ensures continuity in trust management. This is particularly important for long-term trusts that span several generations.
4. Reduced Burden: Mandated duties can be demanding and time-consuming. Distributing responsibilities among multiple trustees can lighten the workload for each individual, making it more manageable and reducing the risk of burnout.
5. Consensus Decision-Making: Having more than one trustee encourages a collaborative approach to decision-making. This can lead to more thoughtful and well-rounded choices as trustees must come to a consensus, taking into account various perspectives.

Cons:

1. Communication Challenges: Coordinating decisions among multiple trustees can be challenging. Differences in opinions, communication styles, or conflicting schedules may lead to delays in decision-making, potentially impacting the efficiency of the trust management. Take into consideration the challenges of adding an Attorney in Fact, and communication challenges can really get out of hand.
2. Conflict of Interest: With more than one person or corporation making decisions, there is a higher likelihood of conflicts of interest arising. Each party may have their own personal or financial interests, leading to disagreements over trust management decisions.
3. Complex Administration: The administration of a trust can become more complex with multiple trustees, especially if they are located in different geographic areas. Coordinating meetings, managing paperwork, and ensuring compliance may become more intricate.
4. Costs: Having more than one trustee may lead to higher administrative costs. Each fiduciar may be entitled to compensation for their services, increasing the overall expenses associated with trust management.
5. Decision Deadlocks: Disagreements among trustees can lead to decision deadlocks, where the inability to reach a consensus hinders the progress of important trust matters. This can create frustration and may require legal intervention to resolve.

While having more than one trustee can offer benefits such as diverse expertise and checks and balances, it also introduces challenges like communication issues and conflicts of interest. Careful consideration of the specific circumstances and goals of the trust is essential when deciding whether to appoint multiple trustees.

Accessing Facebook for deceased family members can be critical for the estate planning process. Of course, after a family member dies, we want to connect with everyone who was their friend or family. For this, Facebook can be very important.

That said, consider everything else, like photos, birthdates, and important dates. When our family members die, their digital assets need unlocking.

In the digital age, our online presence has become an integral part of our identity. Social media platforms, such as Facebook, play a significant role in connecting people, sharing memories, and preserving a digital legacy. However, when a loved one passes away, accessing their Facebook account to manage or memorialize it can present unique challenges.

In this article, I will explore the steps and considerations for accessing Facebook on behalf of a deceased family member.

Facebook’s Memorialization Feature

Every social platform comes with a set of challenges. Facebook claims they recognizes the delicate nature of dealing with a deceased user’s account and has introduced a memorialization feature. Their memorial tool allows family members and friends to request the memorialization of a deceased person’s account. Once memorialized, the account serves as a place for friends to share memories, but no one can log in or make changes to the account.

Accessing Facebook for deceased family members is frustrating. Without taking into consideration specific digital asset laws, a personal representative or trustee can also ask for help during the probate process. When time is of the essence, probate isn’t always the best first step.

Requesting Memorialization

To initiate the memorialization process on Facebook, consider these steps:

1. Verification of Relationship:
   • Facebook requires verification of the requester’s relationship to the deceased. This can be done by providing the deceased person’s obituary, a link to an online memorial, or other documentation.
   • Do not go crazy with your verification. Sending a copy of an entire trust document is never recommended. More so, dates of birth and social security numbers must be protected.
2. Submit a Request:
   • Use Facebook’s online form to submit a request for memorialization. The form includes details such as the deceased person’s name, account URL, and the relationship to the requester.
3. Provide Proof of Death:
   • Facebook requires proof of the person’s passing, usually in the form of an obituary.
   • Likely, the idea of accessing Facebook for deceased family members is in preparation of a funeral. Facebook is not your friend and you should never freely send off an official document like a Death Certificate.
4. Await Confirmation:
   • Facebook reviews the submitted information and, upon approval, memorializes the account. The requester will receive a confirmation email once this process is complete.

Legacy Contacts

In addition to memorialization, Facebook says they grant users an opportunity to appoint a “legacy contact” before their passing. A legacy contact is someone designated to manage the memorialized account, post information, and respond to friend requests.

Unfortunately, this usually goes bad when the legacy contact doesn’t align with certain estate planning documents.

Conclusion

Accessing Facebook for deceased family members requires a delicate balance of law, respect, adherence to platform policies, and a careful approach to preserving a digital legacy.

By following the memorialization process and considering the legacy contact option, you can navigate this challenging task with sensitivity and honor the memory of your loved one in the digital realm. If you cannot, perhaps that is a signal for additional support.

Famous estate planning cases are known for their money. However, the real reason famous cases go bad, is due to their poor planning. Here is a brief list of some very notable estates gone wrong:

1. Estate of Duke v. Commissioner: This case involved the estate of Doris Duke, one of the wealthiest women in the world at the time of her death. The case centered around the valuation of her estate for tax purposes.
2. Estate of Michael Jackson v. Commissioner: This case involved the estate of the late pop star Michael Jackson and focused on the value of his name and likeness for estate tax purposes.
3. Estate of Ted Turner v. Commissioner: This case was interesting because Ted Turner is presently, still alive. Nonetheless, it involved the estate of a media mogul that centered around the valuation of his ranches for estate tax purposes.
4. Estate of Elvis Presley v. Commissioner: This famous estate involved the legendary singer and actor Elvis Presley and focused on the valuation of his image and likeness. Something any social influencer may want to consider for themselves too.
5. Estate of J. Paul Getty v. Commissioner: This case involved the estate of oil tycoon J. Paul Getty and centered around the valuation of his art collection for estate tax purposes.
6. Estate of Ray Charles Robinson v. Commissioner: This case involved the estate of the late musician Ray Charles and focused on the value of his copyrights for estate tax purposes.
7. Estate of Richard Mellon Scaife v. Commissioner: This famous estate involved the estate of billionaire Richard Mellon Scaife and centered around the valuation of his personal residence. When ever we start talking about personal residence, we also must consider whether the right state was picked as their primary domicile.
8. Estate of Brooke Astor v. Marshall: This case involved the estate of philanthropist Brooke Astor and focused on allegations of fraud and undue influence in her estate plan.
9. Estate of Anna Nicole Smith v. Marshall: This was an issue about a surviving spouse. Of course, it focused on the late model and actress Anna Nicole Smith and centered around her claim to a portion of her late husband’s estate.
10. Estate of Marilyn Monroe v. Miller: This case involved the estate of the iconic actress Marilyn Monroe and focused on the ownership of her image rights.
11. Prince. Unfortunately, this case was a disaster from the very start. Very poor planning strategies considered by the late great Prince.

Of course, there are many other famous estate planning matters. That said, a short list of cases that shaped the field of estate planning over the years.

A trustee checklist will look different as time moves forward. In other words, the administration of a trust immediately after death and post death looks different. Here are some To-Do’s immediately upon death of a Grantor.

• Say a prayer for the person who died,
• Decide whether organ donation is needed,
• Contact a medical school if an anatomical bequest was made,
• Make arrangements to secure the decedent’s home,
• Decide on funeral or memorial services,
• Lockdown digital assets,
• Contact the Social Security Administration,
• If the decedent was a military veteran, contact the Department of Veterans Affairs to determine, whether disability benefits should cease and if there is an opportunity for burial rights.

A trustee checklist is a must. This is especially im

April Fools’ Day is a time for pranks and jokes, but when it comes to an estate plan, there’s no laughing matter. Imagine sitting at the table with Grandpa and Grandma, as they share their intentions. They make it clear that they have a plan and nobody should worry. Fast forward to their death, and guess what? No paper, no plan.

Having no formal estate plan in place can lead to serious consequences. Without an estate plan, a court must decide how assets are distributed. This can result in a lengthy and expensive probate process, and your loved ones may not receive the inheritance you intended for them.

In addition, without a clear plan in place, your family may be left with difficult decisions. For example, decisions regarding to medical care if you become incapacitated.

To avoid these problems, start simple and make progress to concrete decisions. While it may not be the most enjoyable topic to discuss, creating an estate plan is a responsible and necessary step to take.

Don’t be fooled by thinking that you can put it off or that it’s not important. An estate plan provides peace of mind. Also, ensures our wishes are carried out. So this April Fools’ Day, don’t play a prank on yourself. Instead, take the time to create an estate plan and protect your family’

A trust mistake often occurs with refunds. In the post-mortem administration of property, trustees sometimes work to fast at closing out a revocable trust.

Refunds from prepaid insurance, taxes, rents, etc. are often unanticipated and slow. Prematurely distributing assets can be detrimental to the management of the trust.

For example, consider the event when a trustee mistakenly closes out a checking account. In the following month, a refund check is delivered to the mailbox. If the bank account assigned to a trust had already been closed, it will be very difficult or almost impossible to deposit a refund check without some for of probate administration. Although inadvertent, a trust make has occurred.

An additional trust mistake can occur when there are unpaid bills. Again, trustees who fall for the trap of a “just getting this over with” mentality, unpaid bills can create personal liability. In other words, when the trustee mistakenly pays out funds before all bills have been paid, specifically taxes or utility bills, the financial impact to the bigger picture can be detrimental.

Therefore, trustees must be prudent and diligent versus fast.

Joint tenancy questions and concerns are common during the estate planning process. For families who have not transferred their home into a trust or were unable to complete a transfer on death deed, options are still available upon the death of a spouse.

Many married couples who purchase a home form a joint tenancy. This means if one of the spouses dies, the surviving owner will automatically be the sole owner of the property. For many, the surviving joint tenant can file an Affidavit of Identity and Survivorship with the County, along with a Certified Copy of the Death Certificate to transfer ownership to the surviving spouse.

When the surviving spouse or joint tenant passes away, because the property title will be in his or her name alone, the property will not automatically pass to the rightful heirs. As a result, planning is needed to reduce the risk of probate.