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Estate Plan Trusts

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Cyclic it would a right word to explain the trends of the real estate market. If you analyze any new place or area, for some time it would be a good business prospect for buyers and for some time the market would be in favor of the sellers.

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Honorary Trusts

When a testator puts together a trust for something other than charitable, business, or inheritance purposes, the law might not permit the trust to go into effect. Known as honorary trusts, these documents require the execution of the trust to fall solely on the trustee's honor. These trusts do not have a legally established beneficiary, making them unenforceable in certain jurisdictions and narrowly permitted in others.

The Cy-Pres Doctrine

If a person sets up a charitable trust, it is generally safe for them to believe their money will go to the appropriate beneficiary. However, there are some instances in which this simply is not possible. For instance, establishing a trust for an organization or institution that disbands or closes shortly before the trust goes into effect would make the trust technically impossible to execute. Similarly, if a trust puts money towards a particular cause, but that cause radically changes, it may not be possible to carry out the trust according to the document's language.

Incorporating Referenced Documents in Wills

A testator, or creator of a will or trust, may be faced with some difficulty when trying to connect the various parts of their estate. Whether owning a large estate with multiple types of property or a modest, well-saved sum, the agreements and documents that make up a person's property do not always fit within a single testament. Instead, some of these supplementary documents need to be referenced within the will in order to more accurately divide up an estate. The process of achieving such a task is known as incorporation by reference.

Testamentary Capacity

Although it is generally not considered a major problem when going to draft a will, the soundness of a person's mind may be measured prior to any changes to that testament. Known officially as testamentary capacity, a testator may not be permitted to make major changes to a will if they cannot prove that they fully comprehend what they are doing. As tragic as this is, it is done to protect the integrity of the testament from late-life changes brought on by mental instability.

Facts of Independent Significance

When putting together an estate plan, a testator has several options available to them to most precisely create a testament that reflects their wishes. Although many may only think the specificity is the goal of each estate plan, some testators may also aim to be intentionally vague with some of their wording. Known as facts of independent significance, certain terms in a will or trust may be modified naturally.
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