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Wills & Estates/
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LawPedia®
Guide to Wills, Trusts, Estate Planning
& Probate |
Will:
A will
is a legal document expressing the desires of the author with
regard to the disposition of property after the author's death.
The conception of freedom of disposition by will, familiar
as it is in modern England and the United States, both generally
considered common law systems, is by no means universal. In fact,
complete freedom is the exception rather than the rule. Civil
law systems often put some restrictions on the possibilities of
disposal. A living
will is a different type of legal document, expressing the
desires of the author with regard to medical decisions, to be
invoked in the event that the author is incapacitated and unable
to act on her own behalf.
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Trust: In common law legal systems, a trust
is a relationship in which a person or entity (the trustee) holds
legal title to certain property (the trust property or trust corpus),
but is bound by a fiduciary duty to exercise that legal control
for the benefit of one or more individuals or organizations (the
beneficiary), who hold "beneficial" or "equitable"
title. The trust is governed by the terms of the (usually) written
trust agreement and local law. The entity (one or more individuals,
a partnership, or a corporation) that creates the trust is called
the settlor, and in the United States, the trustor, grantor, donor,
or creator, as well. A living
trust (revocable living trust or inter vivos trust) is a type
of trust created for the purpose of holding ownership to an individual's
assets during the person's lifetime and for distributing those
assets after death. |
Probate: Probate
is the legal process of settling the estate of a deceased person;
specifically, resolving all claims and distributing the decedent's
property. Some of the decedent's property may never enter probate
because it passes to another person contractually, such as an
insurance policy or bank account that names a beneficiary or is
owned as "payable on death", and property (usually,
again, a bank account) legally held as "jointly owned with
right of survivorship". Property held in a living trust also
avoids probate. In these cases, the personal representative provides
documentation to the court, and the property is prevented from
entering probate. |
Estate Planning: Estate planning is the process
of accumulating and disposing of an estate to maximize the goals
of the estate owner. The various goals of estate
planning include making sure the greatest amount of the estate
passes to the estate owner's intended beneficiaries, often including
paying the least amount of taxes and avoiding or minimizing probate
court involvement. Additional goals typically include providing
for and designating guardians for minor children and planning
for incapacity. |
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