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October 2018 Archives

Were digital assets accounted for in estate-planning documents?

One of the primary duties of a Palm Beach executor is gathering all of the decedent's property. In most cases, he or she can look to the estate-planning documents for clues as to what property there is and where it may be located. However, if a plan fails to include the digital assets, then matters could get more complicated.

What is breach of fiduciary duty?

If you have agreed to become the executor of someone’s Florida estate or the trustee of his or her trust, you have assumed a fiduciary role whether or not you realize it. While you may have many fiduciary duties depending on the specific provisions of the will or trust in question, your most important duty is to always manage and disburse the estate or trust assets for the benefit of the beneficiaries or heirs. They are the people for whom you serve as fiduciary.

Some trusts are not really irrevocable

During their lives, many Palm Beach residents create an estate plan that they can change and that will serve them. Part of those plans may include revocable trusts, which means they can be changed, and that become irrevocable, which means they cannot be changed, upon their deaths. Because the name implies that they cannot be changed, beneficiaries and heirs may not realize that the possibility exists.

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