Estates & Trusts

Estates & Trustss law is a legal field that deals with the management and distribution of a person’s assets during their lifetime and after their death. An estate encompasses everything an individual owns, including real estate, personal property, financial accounts, and other valuable items. When someone passes away, their estate goes through a process called probate, where a court oversees the distribution of assets
according to the deceased’s will or, if there is no will, according to state laws. The purpose of probate is to ensure that debts and taxes are paid, and the remaining assets are distributed to the rightful heirs.

A trust, on the other hand, is a legal arrangement where one party, known as the trustee, holds and manages assets for the benefit of another party, known as the beneficiary. Trusts can be established during a person’s lifetime, known as living trusts, or they can be set up to take effect upon the person’s death, known as testamentary trusts. Trusts are often used to avoid probate, manage assets, and provide for beneficiaries in a controlled manner. They can offer various benefits, such as reducing estate taxes, protecting assets from creditors, and ensuring that assets are used according to the grantor’s wishes.

Estates and Trusts law also involves planning and creating legal documents to manage one’s estate and trusts. This includes drafting wills, setting up different types of trusts, and designating powers of attorney and healthcare directives. Effective estate planning can help prevent legal disputes, ensure that assets are distributed according to one’s wishes, and provide for loved ones in a structured way. Attorneys specializing in this area guide individuals through the complex legal requirements and help them make informed decisions to protect their assets and legacy.