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Trust Elements - Trust Property - I

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 property. Third, the trust property designated by the settlor is transferred with the settlor's intent that it be managed by another. Fourth, the trust property designated by the settlor is transferred for management by a trustee. Fifth, the trust property designated by the settlor is managed by a trustee for the benefit of a beneficiary.

Basic Vocabulary and Execution

A will is a legal document that explains where a person wants or does not want his property to go after his death. A will becomes effective upon death and until then, it can be revoked or amended. If a person dies without a will, a court will determine where his property goes according to state law.

Trust Modification and Termination

A court will modify a trust where the trust's leading purpose is frustrated by a specific directive made by the trustor.

Revoking a Will, Methods

As a general rule, a will can be changed or cancelled at any time before the testator's death. A will may be revoked (i.e., recalled or cancelled). This article discusses methods for revoking a will.

Beneficiaries -- Issues in Choosing Professional Advisers

A beneficiary should ask himself whether he wants to (or can) tend to the estate himself or whether he would rather delegate the responsibility to someone else. The larger the inheritance, the more likely a beneficiary will need professional advice. A six-figure inheritance or greater will probably change many things in a beneficiary's life and he will need good advice for these changes.