WILLS AND ESTATES
Business - Success
Wills and Estates
Angel R Lopez PA
Committed With Your Success
ANGEL R LOPEZ PA
BUSINESS . TAX . ESTATES
Taxes - Strategic
Selecting the correct type of trust and deciding whether to convey property through a Trust or Will requires the trained advise of a legal professional.
Wills & Testaments
Wills represent a written document where property is devised by a testator to beneficiaries. After the death of the testator, an estate is created with the property of the testator, which is subject to administration. The will is probated and the estate property distributed by the testator's personal representative to the beneficiaries of the estate.
Revocable Trusts - Assuring a Legacy
A revocable trust, like other trusts, involves a grantor, a trustee and beneficiaries. In revocable trusts, the
grantor may also be the grantor/trustee with the legal has the right to change, modify and revoke the trust. Revocable trusts are normally taxed through the grantor's individual tax return. After death of the grantor, the revocable trust becomes irrevocable and trust property passes to beneficiaries without the need of probate.
Irrevocable Trusts - Property Transfer
An irrevocable trust is formed in a similar way of a revocable trust. Irrevocable trusts differ from revocable trusts in that they cannot be modified, modified or revoked without the consent of the trust's beneficiaries. Upon formation, irrevocable trusts tax as a separate entity. After death of the grantor, trust property passes to the beneficiaries without the need of probate.
Spendthrift Trusts - Caring for loved ones
Spendthrift trusts, like other trusts include a grantor, a trustee and beneficiaries. Spendthrifts trusts are created for the benefit of a beneficiary, oftentimes unable to manage the trust property. After the death of the grantor, trust property continues to be managed, as per the trust agreement, for the benefit of the beneficiaries.