Probate Attorney Office
When you pass you away your will goes through probate. This is the process of your final written statement which will determine the process for your named person to administer your estate. Probate will be the process by which you’re past possessions and assets are collected, applied to pay debts, and the taxes and expenses of the administration. From here the executor will distribute to those designated as the beneficiaries in the will.
Probate will provide an orderly method for the estate executor to administer your estate. The executor will be held accountable by the beneficiaries. The court may also help supervise this process. Probate law encourages distribution during the time of administration; assets may generally be distributed in kind rather than sold during this time. The choice of an executor is important. Tax laws generally focus the responsibility for death tax filings and payments on the executor under the will..
The courts supervised process is referred to as probate. Living trusts are often marketed as a way of avoiding the probate process through the court process. There are types of property that pass outside of the probate process. These include life insurance or retirement plan proceeds which pass to the named beneficiary rather than your estate. Real estate or bank or brokerage accounts held in joint names with right of survivorship.
Having a properly drafted will can help at the time of your death, “avoid probate,” in many states this can eliminate many of the steps required in probate proceedings. Tax laws and filing requirements are often associated with probate. None of which can be avoided through a living trust or avoidance of probate. Having a living trust can almost never avoid probate and a simple will is needed to transfer property that has not been transferred during life.
You should work closely with an attorney to make sure that through death your revocable living trust be transferred correctly, administered, and then transferred out of the trust to the beneficiary. Call today to make sure you are prepared to have your trust handled correctly.
If you are in need of a dedicated Estate Planning Attorney, please call 1-888-214-6042 to schedule a free initial consultation.
TOP LAW is a Burnsville, Minnesota based law firm specializing in U.S. Immigration, Naturalization, Visa and Consular Law, Family Law, Divorce Law, and Estate Planning. Call us Today!, +1.888.214.6042, to schedule a time to learn more about planning for your and your family’s future.