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Trusts and Estate Overview
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Generally, a trust is a right in property (real or personal), which is held in a fiduciary relationship by one party for the benefit of another. The trustee is the one who holds title to the trust property, and the beneficiary is the person who receives the benefits of the trust.
To understand the laws governing trusts a good starting point is the Restatement (2nd) of Trusts. Many trusts are created as an alternative to or in conjunction with a will and other elements of estate planning. State law establishes the framework for determining the validity and limits for both. The Uniform Probate Code has shaped state law in this field. It includes provisions dealing with affairs and estates of the deceased and laws dealing with specified non-testamentary transfers, like trusts and their administration. The theory behind the Code is that wills and trusts are in close relationship and thus in need of unification. Since its creation, over thirty percent of states have adopted the Code substantially in whole. Since many individuals neither set up trusts nor execute wills, state intestate succession laws are an important complement to trust and estate law. They determine where an individual's assets go upon death in the absence of a will.
For all questions and answers about Trusts, go to Articles page or call Law Offices of Inna Fershteyn at (718) 333-2394.
Additional Trusts and Estate Articles:
Trusts & Estate Overview
Wills v Trusts
Probate Law
Intestacy Laws
Types of Trusts:
Living Trusts
Revocable Trusts
Irrevocable Trusts
Special Needs Trusts
Spendthrift Trusts
Trusts A-Z (English Version)
Other Trust and Estate Documents:
Durable Powers of Attorney
Living Wills
Health Care Proxy
Will and Trust Glossary
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