A revocable trust is a flexible estate planning tool that allows the trust creator to maintain control over their assets during their lifetime and make modifications or revoke the trust as circumstances change.
An irrevocable trust is a permanent estate planning arrangement where the trust creator relinquishes control over the assets placed in the trust, offering potential tax benefits and asset protection but without the ability to modify or revoke the trust once established.
A will is a legal document that outlines an individual’s wishes regarding the distribution of their assets and the care of any minor children after their death.
A pour-over will is a legal document designed to ensure that any assets not already included in a trust at the time of an individual’s death are automatically transferred into the trust, providing a seamless way to manage and distribute the remaining estate.
Trust and estate administration is the process of managing and distributing a deceased person’s assets according to the terms of their trust or will, ensuring that all legal, financial, and tax obligations are properly addressed.
Probate is the legal process by which a deceased person’s will is validated and their estate is administered and distributed under the supervision of a court.
Amendments are formal changes or additions made to legal documents, such as trusts or wills, to update or clarify provisions without needing to completely rewrite the original document.
Business succession is the strategic planning process that ensures the smooth transfer of ownership and management of a business to new leadership, often a family member or trusted associate, to maintain continuity and stability.
