Back in November, we wrote about a legal dispute over a very valuable piece of artwork left in a deceased actress' estate. When longtime Hollywood celebrity Farrah Fawcett passed away in 2009, she left a rather extensive art collection to the University of Texas. This was documented in a revocable living trust.
All parents worry about their children. As children grow and become adults, most parents are able to let go and trust that a grown child is able to care and provide for him or her self. However, when a child has a physical or mental disability, those worries and responsibilities often carryover into adulthood.
Trusts can be a valuable estate planning tool. Trusts can be complex, but in its simplest form, a trustee manages the assets in a trust to provide for the beneficiary.