What is Trust and Estate Planning Law and When Does One Need a Trust and Estate Planning Attorney?

A trust is an arrangement whereby property is owned and managed by one person for the benefit of another. A trust is created by a settlor (sometimes called a "grantor" or "donor"), who entrusts property to a fiduciary of his choice (the trustee). The trustees are the legal owners of the trust corpus, but they are obligated to hold and protect the property for the benefit of one or more beneficiaries. A trust is governed by the terms of the trust document. Trusts are often utilized for asset protection purposes.

Estate planning is the process of planning in advance for death or possible incapacity, in a way that attempts to maximize the goals of the person who is planning. The possible goals of estate planning may include maximizing the amount of the estate that passes to the estate owner's intended beneficiaries, often by paying the least amount of taxes and avoiding or minimizing probate court involvement. Additional goals typically include designating guardians for minor children and planning for incapacity.

Estate planning tools. The tools involved in estate planning include the will, various types of trusts, beneficiary designations, powers of appointment, various forms of property ownership (such as joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifting, durable powers of attorney and health care proxies. Many clients also create a living will equivalent.

Attorneys focusing on Trust and Estate Planning Law at Seder & Chandler:

Marvin Silver
Burton Chandler
Paul O'Riordan