With estate administration, there are many factors that should be taken into consideration when planning for your assets. By setting up trusts to pass on to loved ones, this can avoid the probate process. Probate refers to the process that validates documents involved in estate administration. With a trust, individuals may be able to avoid the probate process. This is one of the reasons why trusts are seen as beneficial. By avoiding the probate process, the trust can pass from the deceased individual to the beneficiary quicker. Trusts may also provide tax benefits. There are many different types of trusts that can be set to pass on. Different trusts may have different benefits that come along with it. Since a trust does not pass through probate, individuals can reap the benefits in a quicker manner that may prove to be less stressful.
Do wills pass through probate?
Once an individual dies, a will is brought to probate. The executor of the will that was named by the deceased will file it with the Surrogate Court in the county where the deceased resided. After this is done, the administration of the estate will be done. By following the guidelines in the will, beneficiaries can collect assets that were left to them. Executors can carry out their duties and administer the possessions to beneficiaries.
There are certain measures that must be taken to prove the legality of a will. When it is made, the individual must have witnesses present upon signing the document. This is to ensure that they were in a clear state of mind and had the capacity to make decisions. Upon signing the will, it should be notarized as well. If circumstances are to change, individuals have the ability to change their will to fit their updated life.
When creating their will, some individuals choose to give charitably. Upon their death, they may give some of their assets to charity. This can be done in a few ways. The individual may set up a trust in order to give to charity. They also have the option to use their life insurances policies or retirement plans as a form of compensation toward charity. This can be considered charitable giving as well.
Working with an experienced estate planning attorney, such as Jaci Feldman of the Woodland Hills, California, Law Office of Yacoba Ann Feldman, will ensure that you are taken care of when you need it most. Contact The Law Offices of Yacoba Ann Feldman to schedule a consultation today.
