It’s not that often that football and estate planning are in the same sentence. But wealthy families are the owners of many of the National Football League teams. With this come succession issues as many owners enter their 80s and 90s.
Fiduciary – in general this term is used for investment professionals. But if you have been appointed a trustee by a family member or friend, you need to know your duty.
Trusts are a staple of many estate plans, and they serve a very important function for a lot of people. It is very easy to be confused by a trust, even though it is a fairly straightforward legal premise. A trust is simple a property arrangement between three people. The person who owns the property, the grantor, transfers the property to the trust, which is handled by an assigned individual, the trustee. The beneficiary is the person who ultimately gets the property, but only under the conditions outlined in the trust.