Who are the parties in a trust? There are only three parties to a trust, and that’s all you need to know: 1) Trustor: This refers to the person who created the trust and put their assets into it (think “creator”). 2) Trustee: This is the person whom...
Regardless of whether someone has a will, their family will have to go through probate (but not for assets in a trust … and we’ll get to that ). The purpose of probate is to change ownership of an asset from the name of the deceased to the name of the beneficiary. The...
A poorly-constructed estate plan can in some cases be worse than having no plan at all. For example, let’s assume someone wants to make sure that when they pass away, their assets are inherited by their children. Now let’s assume that this person was to mistakenly...
