Trusts and Estates
Trust and estate law deals with the management of personal affairs and the disposition of the property of an individual typically in the event the person's incapacity or death. An estate is all of the money and property that a person owns at the time of one's death. Anything of value to which the deceased person was or might have been entitled to claim during his or her lifetime is an estate. A trust is a fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.
Trust and estate law can be used to expedite the process of transferring assets to intended beneficiaries at the time of one's death because trusts can be prepared so that property is excluded from the probate process. The law of trusts and estates can also used to satisfy and effectuate charitable contributions through the creation, maintenance, and supervision of charitable trusts.
There are two types of trusts:
- Living Trust (inter-vivos): A trust that is in effect during the trustor's lifetime.
- Testamentary Trust: A trust that is created through the will of a deceased person.
