Prescott Wills and Estates Attorneys assist clients with the legal issues related to Wills, Estates, and Trusts.
Prescott Wills
A Will is a document in which a person known as a testator regulates the rights over his property, known as his Estate, following his death.
Prescott Estates
The Estate of a deceased person refers to the totality of the property which the deceased owned or in which the deceased had an interest. Upon death, the Estate is placed in the Trust of a Trustee, and an Executor is responsible for managing the settlement of the Estate.
Prescott Trusts
A Trust is a relationship in which the person who creates the Trust, known as the Settlor, grants legal title to certain property to another individual or entity, known as the Trustee, with the legal understanding that property is ultimately for the benefit of a third party, known as the beneficiary.
In most cases a Trust relationship is codified in a Trust agreement. Although the Trustee holds legal title to the property, the Trustee is bound by a fiduciary duty to act only in the interests of the beneficiary as instructed by the Settlor.
Trusts are closely related to Wills and Estates since upon death the entire estate is placed in Trust. Additionally, any part of an Estate that is bequeathed to a minor must be placed in trust until that minor reaches the age of majority, or other age specified in the will. Trusts are also used for numerous other purposes including tax planning, privacy, and charities.
Prescott Estate Litigation Attorneys
It is not uncommon for disputes to arise among those with an interest in the Estate of a deceased person. In such cases an Estate Litigation attorney is required. Most Wills and Estates attorneys also offer their services as Estate Litigation Attorneys. In some cases a Civil Litigation Attorney may also be employed in the resolution of an Estate Litigation case.
Prescott Estates, Wills and Trusts Attorneys
Estates, Wills & Trusts Attorneys is a law category used by many publications to refer to the same category that we call Wills and Estates Attorneys.
For assistance with your Wills and Estates matter in Prescott, please contact one of the attorneys listed at the top of this page, or complete the "Tell Us About Your Case" form to the right of the page.