CAUTION: THE FOLLOWING
INFORMATION IS FOR GENERAL ENLIGHTENMENT ONLY. FOR ADVICE
REGARDING YOUR PARTICULAR NEEDS CONTACT A QUALIFIED ATTORNEY IN
YOUR AREA.
Glossary of Terms
- Conservatorship:
- An arrangement by which a court appoints a person to
assist another person and be accountable to the court. A
"conservatorship of the person" names an
individual to assist another in providing for food,
clothing and shelter. A "conservatorship of the
estate" appoints a person to manage and control the
assets of an incapacitated person.
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- Durable Power of Attorney:
- A document by which the creator of the document can name
another person to have authority to manage the creator's
assets following the incapacity of the creator. When the
document has no effect until the creator becomes
incapacitated, it is called a "springing durable
power of attorney."
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- Estate Planning:
- The process of planning for management of a person's
estate upon his/her incapacity and/or death and for
management or disposition of his/her assets upon death.
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- Estate Taxes:
- The tax on value of a deceased person's estate which is
in excess of $1,500,000.00 in 2004. The amount that a person can
pass free of estate tax changes over the next few years.. The estate tax rates are
between 37% and 55%. Proper planning can assist in
minimizing estate taxes.
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- Living Trust:
- An arrangement which takes effect during the lifetime of
the creator of a trust. A living trust avoids probate on
assets, which are titled in the name of the trustee of
the trust. As of 1998, the terms of a trust must be
revealed to beneficiaries and heirs of the creator of the
trust when the terms become irrevocable. The terms
usually become irrevocable when the creator of the trust
dies.
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- Power of Attorney for Health Care:
- A document by which the creator informs his/her medical
care providers how he/she feels about receiving life
sustaining treatment and to whom he/she wants medical
providers to go for consent if the creator is unable to
give informed consent.
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- Probate:
- Probate is the process of gathering the assets held in
the name of a deceased person, paying the deceased
person's debts, and distributing the assets that remain
in accordance with the Will of the deceased person or in
accordance with the laws of intestate succession if the
person left no valid will.
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- Trust Law:
- The laws enacted in each state to control creation,
management and administration of assets held in the name
of a trust.
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- Will:
- A document, which tells a court how a person wants their
assets, distributed upon their death. A Will does NOT
avoid probate.
Sandra D.
Sickler
Certified Specialist in Probate, Estate
Planning and Trust Law
Certified Specialist in Taxation
by State Bar of California,
Board of Legal Specialization
1901 First Avenue, #100
San Diego, California 92101
(619) 696-9973
(619) 696-9974 (Fax)
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