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Trusts
A trust is a vital legal instrument in estate planning, created by a grantor either during their lifetime or at death. It's designed for the benefit of a beneficiary, where property is entrusted to a trustee for management. The beneficiary typically receives interest and dividends from the trust assets over a set period. The property, often referred to as the “corpus” of the trust, forms the core of this arrangement.
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Probate
Probate is a critical judicial process for verifying the authenticity of a will and ensuring lawful distribution of a decedent's estate. This process is integral to the legal administration of a will. It involves a judicially supervised procedure for managing a decedent’s assets, settling proper debts, and distributing the remaining assets to rightful heirs or entities. Notably, an estate can undergo probate even in the absence of a will, making understanding this process essential for anyone involved in estate planning.
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Conservatorships
In situations where an individual is unable to manage their financial affairs or personal care due to physical or mental limitations, a conservatorship becomes necessary. This involves a court proceeding to appoint a responsible individual or entity to manage these affairs, ensuring the well-being and proper care of the incapacitated person.
