An Estate Planning Living Trust is the legal tool for financial planning that outlines the way in which your assets will be managed according to your wishes during your life.
Probate is the legal process you must follow to transfer or inherit property after the person who owned the property has passed away. Depending on the amount, type of property and if they had an estate plan in place, you may or may not need to go to court to transfer/inherit the property.
A conservatorship is for older people who are developmentally disabled or the victims of a catastrophic illness or accident and who are impaired.
There are 2 types of Guardianships – of the person and of the estate. They benefit children that are under 18 and not living with their parents.
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California Probate Code section 16060 provides that the trustee has a duty to keep the beneficiaries of the trust reasonably informed of the trust.
A conservatorship accounting, which is a form of fiduciary accounting, is a comprehensive report of the activity within a conservatorship during a specific period.
When a trust creator (grantor) passes away, the trustee must take certain steps to manage and administer the trust.