Cheryl wanted to streamline the administration of her estate for her children, who would be the beneficiaries of her estate. Cheryl's main assets were: a personal residence located in Gary, IN (where she lived), a condo located in Vail, CO (both with furnishings), a car and minimal personal affects. She met with an attorney to discuss her situation. What option would be most beneficial?

Teri purchased an insurance policy ten years ago, naming her husband, Lester, as the beneficiary. In addition, she wanted to establish some type of trust for her step-children, Vivienne, Lena and Marla. At her attorney's urging, she purchased a new insurance policy, designating Vivienne to receive the proceeds as the trustee. Three years later, Teri and Lester had divorced and she changed her mind about the trust, changing the beneficiary on the policy to her sister, Gayle. When Teri dies six months later, what is the result?

Judith bequeaths "to Claudia in trust upon such terms as I have or may communicate to her during my lifetime." What missing element from Judith's attempt at creating a trust causes this trust to fail?

Kenneth wanted to establish a trust for the benefit of his daughter, Petra. One of his high school buddies had been an officer at the local bank for many years before establishing his own financial management firm. Given their long history, Kenneth designated his friend, Hunter, as the trustee. Unbeknownst to Kenneth, Hunter was embezzling money from his clients' accounts (including Kenneth's trust) to finance his lavish lifestyle, including several homes and expensive cars. How will the court remedy Hunter's illegal actions?