The period of time directly after a loved one's death is stressful. If the deceased named you in charge of their trust in the state of California, an additional responsibility you have is controlling the trajectory of the trust.
Sometimes, we can be too clever for our own financial well-being. Most people want to avoid taxation as much as possible while maximizing their availability of their assets: this is human nature. However, this thinking can (and has!) put thousands of Americans in legal hot water or less-than-desirable situations.
Since there is so much terminology involved with trusts, it is easy to become confused. Many trusts refer to "grantors" and “settlors” and "trustors," and you may wonder what role these play in your estate planning. The good news is that the basics are very simple: these are actually interchangeable terms. Essentially, these terms refer to the entity or person who created the trust. In essence, the person who holds this role makes all the decisions regarding the trust, including what goes into the trust, who the beneficiaries of the trust are and how the law will disseminate any inheritance from the trust.
By: Thomson Reuters, AmeriEstate Legal Plan, Inc. When a trust is irrevocable, you might think it can't be changed — even […]
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