What are the benefits and complexities of FLPs?
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what is a codicil Informational
- How should the purpose and terms of the endowment be clearly defined? How does a codicil address the potential need for professional tax advice during estate administration?
- What are the privacy and security considerations related to digital assets? Can a codicil be used to create a "Totten trust" (a bank account with a named beneficiary that avoids probate)?
- How can unclear language or improper execution lead to legal challenges?
- When is an ancillary probate proceeding necessary?
- How can potential conflicts of interest be avoided? How does a codicil relate to estate taxes?
- What are the security considerations for electronic estate planning documents? What role do ethical considerations play in the drafting and execution of a codicil?
- What are the risks of storing a codicil separately from the will? Does creating a codicil invalidate the original will?
- What is the legal status of family settlement agreements in relation to a will and codicils? Can a codicil be used to create an incentive trust to encourage certain behaviors or achievements by beneficiaries?
- If a codicil is invalid, does the original will still govern the distribution of assets?
- What are the best practices for clearly identifying tangible personal property in a will or codicil? Can a codicil be used to address the disposition of pets?
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