An Estate Planning Glossary the Estate Cullen and Dykman Form
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People also ask
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Is a grantor and a trustor the same thing?
When creating a trust, the grantor usually appoints themselves, another person, or an organization to manage the trust and the assets in it. This person or organization is known as the “trustee.” A grantor may also be called a “trustor” or “settlor.” -
What does it mean to be a grantor?
The Grantor is any person conveying or encumbering, whom any Lis Pendens, Judgments, Writ of Attachment, or Claims of Separate or Community Property shall be placed on record. The Grantor is the seller (on deeds), or borrower (on mortgages). The Grantor is usually the one who signed the document. -
Is a testator and settlor the same thing?
In trust law, a settlor is a person who settles (i.e. gives into trust) their property for the benefit of the beneficiary. In some legal systems, a settlor is also referred to as a trustor, or occasionally, a grantor or donor. Where the trust is a testamentary trust, the settlor is usually referred to as the testator. -
Is the grantor the settlor or testator of a trust?
A grantor is an individual or other entity that creates a trust (i.e., the individual whose assets are put into the trust) regardless of whether the grantor also functions as the trustee. The grantor may also be referred to as the settlor, trustmaker, or trustor. -
What is the best definition of estate planning?
Estate planning is the process by which an individual or family arranges the transfer of assets in anticipation of death. An estate plan aims to preserve the maximum amount of wealth possible for the intended beneficiaries and flexibility for the individual prior to death. -
Is testator the same as grantor?
Grantor – A person, including a testator, who creates, or contributes property to, a trust. -
What are the key components of an estate plan?
A California Estate Plan generally includes a Living Trust, Powers of Attorney, a Living Will, and a Pour-Over Will—for starters. It requires a specialized California Estate Planning Attorney to do it right. An Estate Plan cannot be created after you die. -
What is the anatomy of the estate plan?
At a bare minimum, there should be two main components: a last will and testament and a durable power of attorney. In addition to these parts, you can add things such as a trust and even medical directions. These are the main components of an estate plan that you should consider, including in your comprehensive plan.
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