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Revocable Living Trust

In many jurisdictions, trusts cannot be revoked unless the trustor expressly retains the right to revoke. Revocable living trusts allow a trustor to manage his assets, to plan for his incapacity, and to avoid probate. The beneficiary of the...

Trust Elements - Trustee

Trust Elements - Trustee

A trust has five main elements. First, a settlor transfers some or all of his or her property. Second, the property transferred by the settlor is designated trust...

Wills

The easiest way to make sure that a person's property is distributed after his death in keeping with his wishes is for him to prepare a will. A will is a legal document that explains where a person wants or does not want his property to go...

Handwritten and Oral Wills

Handwritten and Oral Wills

Today, the standard method of making a will is the formal witnessed written will, sometimes called an attested will. However, today's formal witnessed will has roots...

Executors -- Steps Prior to Opening the Estate

The terms "executor," "administrator," and " personal representative" are all synonyms for someone who is legally responsible for managing the estate of a person who has died. The position of executor may be filled by a specific person named in...