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Trusts
A trust is a written legal instrument created by a grantor during his or her lifetime or at death for the benefit of another. Property is given to a trustee to manage for the benefit of a third person. Generally, the beneficiary gets interested and dividends on the trust assets for a set number of years. The property itself has sometimes been termed the “corpus” of trust.
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Probate
Probate in general is the judicial process in which an instrument purporting to be the will of a deceased person is proven to be genuine or not; lawful distribution of the decedent’s estate. In essence, it’s the legal process of administering a will. Also, the judicially supervised process for marshaling a decedent’s assets, paying proper debts, and distributing the remaining assets to the persons or entities entitled to them. An estate may be probated even if there is no will.
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Conservatorships
A conservatorship involves a court proceeding to appoint a manager for the financial affairs or the personal care of one who is either physically or mentally unable to handle either or both.
