Trusts are often a complicated area of the law. A trust is formed when a person transfers their property to a beneficiary, giving them the benefit of the property. This individual is the trustor. In turn, the individual who receives the item is then known as the trustee. It is important that you know these roles as you begin to explore the laws surrounding trusts.
When to Modify a Trust
There are times when the trust is no longer in the best interest of the parties involved. A trustee may pass away or additional individuals may need to be added to the mix. This is where a modification of a trust comes in to play. When a trust is no longer enforceable due to very specific reasons, the modification may be requested. The local court will determine the rules that apply to the modification of the trust.
How a Palm Springs Estate Planning Law Firm Helps
Because of the complexity of the situation, a Palm Springs estate planning law firm can help you to simplify the process. This Palm Springs trust and estate law firm will review the current trust and based on the current laws will help you to determine the best way to proceed with the modification. If one isn’t possible, they can explain in detail what would need to take place in order for this process to continue.
If you’d like to learn more about trusts and the trust code, please take a moment to visit here. You’ll discover a wealth of information that can help to answer many of the questions you have when you’re looking into trusts.