We understand the complex legal issues that can and often do arise in litigation relating to a will or trust. A loved one’s passing can be stressful enough without the added drama of fighting over the estate. We understand that there are often emotional issues involved. Unfortunately, even in the closest-knit families, it’s not uncommon for there to be arguments or altercations regarding a potential inheritance. A living trust can help put everyone's mind at ease, ensuring the financial and emotional well being of the entire family just as your loved one intended. Our attorneys will draft trust that assures are that one's wishes are carried out and all assests and wealth properly distributed. If there is an issue with an existing trust, such a an instance of improper favoritism of a beneficiary, interference with proper inheritance rights , we can be your partner in helping you to achieve your needs.
Q: What is a trust?
A trust is a legal arrangement between the Settlor (also referred to as Grantor or Trustor) and the Trustee that divides the legal and beneficial interests in property among two or more people. In the typical living (or inter vivos) trust, the settlor (person who creates the trust), trustee (person who manages the trust) and beneficiary (person who benefits from the trust) are the same person to begin with. When the settlor dies or becomes unable to act as trustee, the successor trustee with the help of legal counsel takes over the management of the trust. The ultimate beneficiaries are the settlor's beneficiaries.
A living trust will avoid probate for all assets that have been transferred to the trust. Probate is a costly, time-consuming process that often isn't necessar. However, there are some cases in which having a living trust will not provide protection against probate because the estate has few probate assets and probate is not required.
A trust also can avoid a conservatorship, which can be expensive, time-consuming and restrictive. Conservatorships are needed when an individual can no longer manage his or her financial affairs. A conservator is appointed by a court and given the power to manage the conservatee's financial affairs, and also make decisions concerning the conservatee's living arrangements. A properly prepared trust can provide a successor trustee who will manage the trust for the benefit of the trustor, sometimes avoiding the need for a conservatorship.
Q. What is a Will?
A. A will is a legal document in a person gives certain instructions to be carried out after his/her death. For example, a will can dictate how a deceased person's wealth and assess will be distrbuted. A will can also nominate a guardian for the surving children.
Contact our office today for a free half hour consultation regarding your estate planning.
