Trust Administration and Probate
Learn more about the various trust administration and probate options that MVP Law Group can provide. Contact us today for a Free Consultation to learn more!
THE IMPORTANCE OF SETTING UP A TRUST
Trusts can help you manage your assets and property, make sure they are distributed after your death according to your wishes, and save your family money, time, a lot of paperwork. The main reason for setting up a Trust is to ensure your children and benefactors will receive their inheritance without any problems. A Trust can also help protect assets from creditors, reduce estate taxes, and eliminate probate court time.
Some of the advantages of a Trust are as follows:
Trusts are private - Trusts offer greater privacy than Wills since they do not go through the Probate Court and in most cases, there is no public record.
Trusts avoid Probate - One of the main reasons for a Trust is to avoid the probate process. This will save time, legal fees, and a lot of paperwork.
Trusts reduce estate taxes - A Trust provides a way to avoid or reduce estate taxes because property and assets placed into a Trust are not subject to these taxes.
Trusts can eliminate family feuds - A Trust can help minimize conflict between heirs when an estate is being settled. Trusts are highly customizable, allowing an individual to tailor the legal document to the needs of their own situations. A Trust can detail the property, assets, and exact items to be left to each beneficiary. This may be helpful when heirs can argue over sentimental items.
Trusts are contest-resistant - A Trust provides greater protection than a Will against any legal action from someone who is unhappy with the distribution of property and assets and decides to “contest” or challenge it.
Trust can help in dividing property & assets - Many important assets and property can be placed in a Trust. This can help an individual determine how difficult-to-divide assets should be split up among the heirs.
Trusts help manage your affairs - Trusts can help manage your affairs if you become unable to do so yourself. Many individuals set up Trusts to prepare for the possibility that they may become disabled or ill before their death, and thus unable to manage their assets properly.
While Trusts can be complex, they do offer individuals many advantages. If you would like to learn more, then contact us for a Free Consultation.
WHEN IS PROBATE NECESSARY?
When someone passes away and leaves property and assets, “probate” will determine who will get the legal authority to deal with the estate. If the deceased left a Will and appointed an executor, that person will need to get what is known as a “grant of probate”. One or more people can be given this legal authority so that the estate can be distributed to the beneficiaries.
Probating a Will becomes necessary for a lot of reasons. One example is when someone who is deceased owned a property in their sole name, without any other joint owners. This property will need to be probated to get it out of the deceased name and into the name of the heirs.
Another example is when the deceased owned a property in their individual name as a “tenant in common” with others. In this case, the deceased tenant in common share will need to be probated to get it out of their name and into the names of the heirs.
The third example is a little more complicated. If the deceased owned a “payable on death” or similar accounts like a life insurance policy or retirement account, and the beneficiary of the account is also deceased or there is no beneficiary listed, then the account will need to be probated in order to get it into the name of the heirs.
The last example is when the deceased did not have a valid Last Will and Testament. In this case, the assets and property will need to be probated in order to get it out of the deceased name and into the names of the appropriate heirs.
As you can see from the above, there are several reasons why probate is necessary. If you would like to learn more, then contact us for a Free Consultation.
How MVP Law Group can help!
Problems can occur when people don’t correctly coordinate all of the aspects of passing on their estate. If you have a well-drafted estate plan in place, you will ensure that your estate passes to whom you want, when you want, and is carried out in your chosen manner. With the right estate plan, you can rest assured that your family won’t have to endure a public process and face high probate costs. The government will also not be able to take a large portion of what you’ve spent a lifetime building. But you need to be aware of the many options that exist in estate planning – and you must choose your estate planning attorney wisely.
We offer a wealth of free information and free estate planning seminars in your area. Explore the resources available on our website, join us for a free Estate Planning Seminar, and request a Free Consultation.
We want you to feel confident about the choices you make, and we can be your guide on the path toward preserving your family’s future.