The Law Dictionary for Everyone
A pour over will is an estate planning tool used in conjunction with a trust. Creating a trust to hold an individual’s assets for distribution after death has many advantages, including tax advantages. Depending on their circumstances, some people choose not to transfer all of their property into their trust, and many people simply forget to transfer newly acquired assets […]
Read moreA trust is a legal tool used by many individuals to control how their assets are managed after their death. Once a trust has been created, the creator, called a “Trustor,” transfers ownership of certain specified property and financial assets to the trust for the benefit of others, called “beneficiaries.” The assets in the trust are then managed by a […]
Read moreA living trust is a legal document that spells out an individual’s wishes concerning his or her assets, dependents, and other affairs, which are to be handled by another person, called a “trustee.” A trust is created by the individual, called a “Trustor,” at any point during his life, appointing a trustee, and detailing what is to be dealt with, […]
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