The beneficiary is the person who will receive the property or benefits from a will or trust.
An irrevocable trust cannot be changed, revoked, modified, or amended by the grantor. Irrevocable trusts may be able to help the beneficiaries avoid some estate tax.
Estate planning is when an individual creates a will, trust, or another type of agreement that describes how their property and assets will be distributed after their death.
Estate tax is a tax paid by the descendants or beneficiaries during the transfer of property after a death.
An executor, sometimes referred to as a personal representative, is the individual that is named in a will and appointed by the court to carry out the terms of the will.
A fiduciary can be an individual, bank, or trust company that is assigned to manage money or property for the best interest of the beneficiary.
A living trust is a trust created during an individual’s lifetime.
Power of Attorney
Power of attorney is when an individual is given authority by a written, legal document to act in another place as agent or attorney-in-fact in either some or all legal matters depending upon what is specified in the document.
Probate is the court process in which a will is authenticated and property is distributed under the terms of the will or in accordance with state law if there is no will.
A revocable trust is created during a person's lifetime and can be changed, revoked, modified, or amended by the grantor. A revocable trust does not help you avoid estate tax.
A trust is an arrangement where property or assets are managed by a trustee or fiduciary for the benefit of the beneficiary.
A trustee, also known as a fiduciary, can be an individual, bank, or trust company that is designated to administer trust property or assets to the beneficiary.
A will is a legal declaration that explains your wishes for your property or estate after your death. It names your beneficiaries as well as the one responsible for distributing your assets.
Hire Jess Legal for Your Estate Planning Needs
If you live in Sacramento or the surrounding area and are ready to start estate planning, the law team at Jess Legal can help. Contact us today for assistance with estate planning.