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Trusts, Estates, Wills AND Probate
The law of trusts, estates, wills and probate
is generally considered the body of law which governs the management of
personal affairs and the disposition of property of an individual in
anticipation of the event of such person's incapacity or death, also
known as the law of successions in civil law. Its techniques are also
used to fulfil the wishes of philanthropic bequests or gifts through
the creation, maintenance and supervision of charitable trusts. In some
jurisdictions, such as the United States, it overlaps with the area
that has come to be known as elder law that deals not only with estate
planning but other issues that face the elderly, such as home care,
long term care insurance or social security or disability benefits.
Estate planning attorneys advise clients on living wills, death wills
and transfer of wealth from one generation to another. Well versed in
tax laws, elder care laws and the general laws of family and real
estate law, trust lawyers help individuals and families plan for the
care of themselves or their loved one if he or she should become
disabled and not be able to make their own decisions. Estate attorneys
also plan for probate court and the taxes that will result, those being
death tax, inheritance tax, or gift tax. Trusts and living wills,
brokerage accounts and past debts incurred by the deceased are all
under the guidance of trust attorneys.
Probate is a term that refers to the proving of the existence of an
existing will. Probate is a process that allows property that was once
owned by a recently deceased person to be passed along to a
predetermined person as stated in a formal document drawn up by a will
attorney. Hiring a probate attorney is necessary if the inheritors of
funds or properties from estates want their court proceedings to go
smoothly.
Wills and estates have the ability to enable persons to still care for
their families after they die. These formal documents allow for the
proper dispersal of funds, properties and also make provisions for who
will care for dependent children should parents die before the children
are grown. If there are no children or other relatives and there is
wealth to be given, the deceased charity or foundation of choice can be
stipulated as beneficiary (recipient) of funds. Wills and trusts also
allow for designating executors to supervise the carrying out of
specific wishes in a will.
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