As president and owner of Carolyn M. Young Fiduciary Services, Ms. Young is responsible for administering trusts for her clients; she also serves as a conservator, executor, and guardian for clients’ financial and health care needs. Since 1986, Carolyn M. Young Fiduciary Services has served clients in the counties of El Dorado, Nevada, Placer, Sacramento, San Joaquin, and Yolo in California.
Below are a few of the common terms used when handling trusts.
Abatement: Abatement refers to the devaluation of a gift in a will resulting from an insufficiency of funds to cover all gifts once the estate’s legal obligations are paid in full.
Conservator: A conservator is a court-appointed individual or institution responsible for managing and caring for the property of someone who is incapable of caring for it himself or herself.
Escheat: In the event that there are no heirs or next of kin, an escheat is the reversion of property to the state. This originally was only applicable to real property but now includes all types of property.
Inter vivos trust: An inter vivos trust is one that is made by a living person. This can be done for a variety of reasons, including estate planning, asset protection, and to protect beneficiaries who may be undergoing personal difficulties.