Related Definitions
What is a Trust?
A legal agreement that grants a third party, or fiduciary, the authority to hold and manage assets for the beneficiaries of an estate.
A legal arrangement in which a grantor transfers assets to a trustee, who manages and administers those assets for the benefit of designated beneficiaries. Trusts can be established for various purposes, including estate planning, asset protection, and charitable giving. Trusts can be revocable (allowing the grantor to modify or dissolve the trust) or irrevocable (restricting changes after establishment). They provide flexibility in asset management and can help avoid probate while ensuring privacy and control over asset distribution.
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Related Articles
Insights and advice on trust and probate estate litigation from our blog.
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Executive Summary Learning How to Address a Trustee Not Acting in a Beneficiary’s Best Interest A trustee not acting in the beneficiaries’ best interest [...]
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Key Takeaways Introduction A successor trustee is an individual who takes over the administration of an estate from the originally identified trustee after they [...]
- Trustees
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Key Takeaways What Are Co-Trustees Co-trusteeship refers to the appointment of multiple trustees to manage and administer a trust, which is a legal arrangement [...]
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What Constitutes a Breach of Fiduciary Duty?
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Key Takeaways Introduction When a professional serves in a fiduciary role they have a responsibility to do the best possible job for the client [...]
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What Questions To Ask a Probate Attorney
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Key Takeaways Introduction A probate attorney is a valuable resource during the probate and estate administration process. Depending on your needs, they can support [...]
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Key Takeaways Introduction If you are planning on contesting a will or trust in California, there are specific deadlines you must follow for your [...]
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Executive summary Introduction Probate can be a helpful process for distributing the estate assets of a deceased individual to the rightful heirs and beneficiaries. [...]
- Trustees
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California Successor Trustee Checklist
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Key Takeaways Introduction A successor trustee is the individual first in line to take over the administration of a trust when the initial trustee [...]
- Probate Administration
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Probate & Non-Probate Assets in California: What to Know
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Executive Summary Learning About Probate & Non-Probate Assets in California Even when times are difficult, managing estate assets efficiently is essential to avoid legal [...]
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Key Takeaways Introduction Probate is a complex process that involves managing a deceased person’s assets and distributing them from their estate to identified beneficiaries. [...]
- Probate Litigation
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Key Takeaways Understanding Will Contests A will contest is the legal process of challenging the validity of the legal document stating how a person, [...]
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Executive Summary Introduction The probate administration process is the court process by which a decedent’s creditors are paid and their remaining assets are distributed [...]