A trust provides a way to pass assets outside of the probate process. Due to this, it can take a shorter amount of time to pass from the owner to the beneficiary. By avoiding the Surrogate Court, it makes it quicker to obtain. Trusts also have tax benefits as well. The benefits can vary depending on the different types of trusts. Through a trust, beneficiaries can save on taxes that would normally be fixed on the asset they are receiving. Since there are various types of trusts developed for various reasons, individuals have options. They should consider all the factors and benefits that come with each specific trust.
What documents pass through probate?
Probate is part of the estate administration process. It proves the validity of legal documents that concern estate administration matters. The probate process involves the legalization of matters regarding a deceased person’s estate. After you pass, your family will not have to worry about dealing with the distribution of your possessions. Instead, you will be preparing for the administration of your property, which can help ease your family’s emotional situation and relieve some stress from the experience. All of the decisions will be made already.
A will is a legal document that goes through probate to prove that it is valid in the eyes of the law. When an individual makes a will, they outline who they want their possessions to go to. They may also choose an executor of their will. The executor is in charge of overseeing that the proper possessions are given to the right people as is outlined in the document. As an executor, they will have substantial responsibilities that require their cooperation throughout the process.
Since a will declares your wishes for your estate, it is vital to have. Beneficiaries of a will are the individuals who are named in the document to receive an asset from the deceased person. If the individual who created the will was not healthy or lucid enough to decide the terms of the will, it may not be considered valid. Upon laying out the will, the individual will have to sign it and have two witnesses present to ensure the state of mind of the individual. For estate administration, it is important to consider all your options to ensure your property is in good hands.
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.