Trusts are documents which are formed to create an entity into which property is transferred. They may be made revocable or irrevocable. In them, ownership of the asset is transferred from the person to this legal entity.
There are many advantages to a trust, some of which follow. There may be income and estate tax benefits. Probating a will may be avoided. Isolating assets for future protection against, for example, nursing home costs may also occur.
Many people think that trusts are solely for wealthier people. This is not true. People with much more modest estates also benefit from tax savings, avoiding probate and isolating assets.
There are several types of wills. Living wills dictate care and end of life decisions. Wills also delineate the distribution or property not otherwise subject to other legal instruments, such as a trust. Wills are probated, though they may be informally probated if it is not complicated.
A guardianship provides authority to make basic- all the way up to inpatient- decisions for adults who are incapacitated. Incapacitation may occur due to a physical defect, mental health issue, or the like.
A conservatorship is a mechanism wherein a person is appointed to handle the financial affairs of an incapacitated person who is not able to make financial decisions effectively.
There are times when a guardianship without a conservatorship is filed, such as when the ward has little to no assets. Many times, however, a petition to establish both based upon the same or similar facts is filed.
Your Legal Rights
If you are going through estate and probate issues, you may be facing a seemingly daunting task. It is extremely important to seek the help of a trusted probate lawyer who can protect your legal rights every step of the way. We handle not only the formation of documents, but also the litigation aspects as well in the case of a contest. Please contact us today for a complimentary consultation with an experienced probate attorney at the Law Office of Jeff Zurbriggen. We can evaluate your case, inform you of the law, and work vigorously to maximize your interests.