- Estate Planning – wills and trusts, powers of attorney, advance directives, firearm trusts
- Estate Administration – Probate
Estates and trusts are important components of estate planning, helping individuals manage and distribute their assets according to their wishes.
Estates
An estate encompasses all the assets and liabilities a person leaves behind upon death.
Trusts
A trust is a fiduciary relationship where one party, known as the trustee, holds legal title to property for another party, known as the beneficiary. Trusts can be established for various reasons, such as avoiding probate, providing for minor children, or managing assets for someone unable to do so.
There are different types of trusts:
- Revocable Living Trust: Can be altered or terminated by the grantor during their lifetime.
- Irrevocable Trust: Cannot be changed once established, providing certain tax benefits.
- Testamentary Trust: Established upon the grantor’s death according to the terms of their will.
If you have specific questions or need more details about estates and trusts, we would love to help you.