All the property that a person owns at the time of their death is known as their estate, and proper estate planning needs to be undertaken so that a person can preserve their assets and have them distributed to their loved ones in a manner that they find most befitting. However, death is not the only case in which a person will find themselves incapable of making their own decisions and providing proper support for their family.

A person can also find themselves in this situation in the case they become incapacitated. When a person is disabled to the point that they cannot communicate or they can not be trusted to make decisions that are in their best interest, then estate planning can be very useful as well. When a person is first going through the stages of creating a thorough estate plan, they can include a revocable living trust that indicates what the Trustee should do if the case ever arises that a person becomes incapacitated. Estate owners can include a provision that describes what actions should be undertaken in these situations.

What is a Trust, a Trustee, and a Trustor in Saint George, Utah?

When a person goes forward with making a Trust, they are making an agreement between themselves, the Trustor, and the Trustee. The Trustee is required to follow all the instructions on how to administer the assets. When a person takes the measures to use a Trust in their estate plan, this can save a lot of time and money and keep family matters private since the Trustee will be administering all of the assets directly.

The Trustor is the person who selects the Trustee and generates the agreement, and the Trustee is the person who the Trustor appoints to manage all of the assets in the best interest of the beneficiaries. There are several different types of trusts that are used in estate planning and the most common Trust is called the Revocable Living Trust. In a Revocable Living Trust, a person and their spouse are typically counted as the Trustors, the Trustees, and the beneficiaries as well. A person would also have the power to revoke or end the Trust at any time while they are still alive.

Estate planning is important and very complicated. Anyone who decides to go forward with an estate plan should call an estate planning lawyer at the Law Office of Barney, Mckenna, and Olmstead P.C., to get proper expert advice.

Reach them at:

43 South 100 East

Suite 300

(435) 628-1711

 

or

590 W Mesquite Boulevard

Suite 202A

(702) 346-3100

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