Trust and Estate Law: Summary, Review and Exam Tips

This is an overview and summary of trusts and estates law, focusing on the creation and types of trusts, trustee duties, probate and estate administration, tax planning, and wills/intestacy.Trusts are a way to manage assets during life and after death. A trust requires a settlor, trustee, beneficiaries, intent, and trust property. Trusts can be revocable or irrevocable, testamentary or inter vivos. Trustees have fiduciary duties to beneficiaries, including loyalty, prudence, impartiality, and providing information.Probate is the court-supervised process of authenticating a will, appointing a personal representative, gathering assets, paying debts, and distributing property. Estate taxes can be minimized through strategies like lifetime gifts, trusts, and charitable giving.Wills are legal documents that direct asset distribution after death. They are essential for avoiding intestacy (distribution by state law). Wills must be properly executed and witnessed.Understanding trusts, probate, and wills is crucial for effective estate planning.