I HAVE HEARD OF THE TERMS SETTLOR, TRUSTEE, & BENEFICIARY. WHAT DO THEY MEAN?

A Settlor, Trustor, or Grantor all mean the person who creates the trust. 

A Trustee is the person who manages the trust.

A Beneficiary is the person who receives the benefit of the trust, this is the person for whom the trust is established for. 

You or you and your spouse can be all three: Settlor, Trustee, and Beneficiary of the trust. You and your spouse can be both the creators, managers, and beneficiary of your trust. If you are single, you alone could be the Settlor, Trustee (manager), and beneficiary of your trust. 

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MY CHILDREN ARE YOUNG, I DON’T WANT THEM TO HAVE AN OUTRIGHT DISTRIBUTION OF MY TRUST ESTATE WHEN I PASS AWAY, WHAT CAN I DO?

Periodic Distribution

You can delay distribution until your children reach a certain age. You can have periodic distributions during your children’s lives at specific ages or one payment to your children when they reach a certain age. 

Educational Trust

Many parents create an educational trust on their passing. An educational trust will place your children’s share of your estate into a trust to be used for their education. Your children’s educational expenses could be paid for from this trust. Education expenses can include: books, fees, transportation costs, tuition, and living expenses. You can determine what expenses you wish to paid for regarding your children. When your children turn a certain age, they would receive any remaining balance from their share of the educational trust, as you decide. 

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WHAT IS A UNIFORM STATUTORY FORM POWER OF ATTORNEY?

This is a Power of Attorney set out in California law that allows your Agent to make financial decisions on your behalf. Your Agent is the person you nominate to make financial decisions for you. The purpose of the Power of Attorney is to give full legal authority to your named Agent to manage your property when you are unable to or when you wish another to manage your financial affairs.  Should you become incapacitated, your Agent will use this document to manage your financial affairs.

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