According to Merriam-Webster, prudent is defined as: marked by wisdom or judiciousness prudent advice shrewd in the management of practical affairs prudent investors In the case of estate planning, estate administration, and trust administration, fiduciaries have a duty to prudently invest the assets under their management. Investment risks must be weighed against the potential rewards, taking…
Welcome to Law Lingo: a monthly blog series brought to you by Brown & Crona, LLC that explains estate planning terminologies in simple terms. This month we will explain fiduciary duty. In regard to estate planning, fiduciary duties can vary, based on the type of fiduciary role you have been assigned. For example, as an…
A guardianship case would be necessary for these two situations: A minor’s parents cannot provide sufficient care for the child due to the parent’s death or incapacity An adult cannot care for themselves Human beings need shelter, food, clothing, medical care, and decision-making abilities – basic essentials to live. When it becomes impossible for these…
If you own your own business or want to start your own company, do you really need to hire a lawyer? No. And yes. It depends on your situation! There are so many things to take into consideration when deciding whether or not you need a business lawyer. Here are a few questions to ask…
A trust dispute is not an argument over someone or something on which you rely. Rather, trust dispute refers to conflicts over estate planning documents. You (the grantor) can create a trust to protect your assets while you are still alive AND when you pass away. In the trust, you name a specific person, called…
The scenario: a loved one passes away. That person (grantor) had created a trust that specifically outlined who would receive all assets that the grantor owned. If there are individuals who feel they are wronged by the conditions or management of the trust, they can contest the trust. Here are a few reasons why someone…
Welcome to Law Lingo: a monthly blog series brought to you by Brown & Crona, LLC that explains estate planning terminologies in simple terms. This month we will explain liability. Liability can refer to an amount of money that someone owes another person or company. Liability is not limited to money – it can be…
Most people plan for big events in their lives. For weddings, a great deal of attention is given to the location, day, time, flowers, cake, photographer, wedding favors, seating chart and much, much more. For a quinceañera, planning details include the court, escort, dresses, shoes, menu and, again, so much more. These decisions are not…
When most people turn 18, the last thing on their minds is estate planning. There are simply too many other exciting things to think about: college, careers, marriage, home-buying and freedom from parents! However, 18 is the magical age when you become an adult which means you are officially responsible for the course of your…
Although the two may sound very similar, a corporate lawyer is different from a business lawyer. Here is a quick overview of how the two differ and why you might need both types of lawyers for your company. • Corporate lawyer: focuses on the large-scale corporate entity by negotiating and reviewing contracts, overseeing mergers/acquisitions, creating…
