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LEGAL NOTIONS Estate Planning Devices Wills and trusts are the most common primary planning devices used to gift or dispose of one's property at time of death. However, other devices - such as joint tenancies, life insurance policies, death benefit plans, and "P.O.D." (pay-on-death) accounts - are often used in conjunction with wills and trusts. Furthermore, wills and trusts are frequently used together. A person who has a "living trust" (a popular type of trust that begins its existence during one's lifetime rather than upon death) needs to have a will too; in such instance, the will shall serve to distribute certain property which is not placed in trust before death. Additionally, a will can contain a "testamentary trust" which is activated upon the will maker's death. Testamentary trusts have many uses. For example, for a will maker without a living trust, a testamentary trust is one way to provide for the person's minor children who would be unable to manage the gifted property themselves. One alternative way to make a gift to a minor is through a custodianship created under the California Uniform Transfers to Minors Act ("CUTMA"). Under CUTMA, a custodian manages the custodial property for the minor's use and benefit. << back to columns >> The information provided in this column is not intended to be legal advice but merely conveys general information related to the topic. © 2004, 2005 Scott J. Preble, A Prof. Law Corp., Antioch, (925) 756-7111. www.PrebleLawFirm.com.
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