Trusts in Estate Planning

Many different types of trusts exist which are part of the legal field of estate planning. These trusts have different purposes and names. They can be revocable or irrevocable, living trusts or testamentary trusts. The basic nature of a trust is that it is a document which gives someone the right to hold funds or property for the good of another. Any trust will basically consist of four elements, which are a grantor who creates it, a trustee who is designated by the grantor to hold the funds or the property for the benefit of others, property or funds which are held by the trustee, and beneficiaries of the trust who will be served by the whole operation of the trust, the grantor, and the trustee.

Living trusts are distinguished from testamentary tests by the fact that they become effective during the grantor's lifetime. This means that the grantor does not have to pass away in order for the trust to be made and put into operation. In living trusts, the grantor may be designated as the trustee or he or she may designate someone else to be the trustee. A testamentary trust is one that is created under a Last Will and Testament; this type of trust only becomes effective when the person who wrote and executed the Will dies. At that point, the Will goes through probate where it is validated and the testamentary trust made effective.

Revocable trusts are those which can be changed or revoked after being created. This means that any of the terms or provisions or the entire document can be changed or terminated. If the grantor forfeits this right, then the trust is an irrevocable trust.

Estate Planning in San Jose, California

Wills and trusts are all part of estate planning. These may seem complicated but you can get the legal assistance you need to understand and implement the correct legal documents for your estate plan. Any part of your estate plan will consist of various documents and instruments which must be drafted and executed properly to ensure that they will stand up in court. The Law Offices of Timothy D. Henry, serving clients in and around San Jose, offers caring and competent legal help with all estate planning needs, probate, estate administration, advance health directives, guardianships, powers of attorney, and trust administration.

Mr. Henry has helped innumerable clients throughout San Jose by providing personalized, caring legal representation in this field. His firm offers a free case evaluation to answer your questions and help you understand what is needed for your particular situation. Contact the firm to arrange for your case review at your earliest convenience.