Trusts and Estate Planning

TRUSTS & ESTATE PLANNING

WHY DO I NEED AN ESTATE PLAN OR A LIVING TRUST?

Peace of mind. It’s about everyone you love and everything you own. A properly funded estate plan, including a Living Trust, protects you and your family during life and insures that your estate will pass on to whom you want, the way you want, when you want, and with as little cost and time delay as possible.

Trust Administration

TRUST ADMINISTRATION

WHAT IS TRUST ADMINISTRATION?

Although a properly funded trust will avoid probate, the trust must still be administered. The administration of a trust is in many ways the most important step. Trust administration occurs after the death of either one or both settlors (creators of the trust), and before any trust assets can be distributed to beneficiaries. Furthermore, to protect the successor trustees, there are many things that must be done to ensure proper administration.

Probate Administration

PROBATE ADMINISTRATION

WHAT IS PROBATE?

When a person dies without a (properly funded) trust, his or her entire estate (all assets and liabilities they own at death), or select assets, must go through a court mandated process called probate, before any assets can be distributed to their heirs. Probate administration is overseen by a court to ensure that the final settling of the decedent’s (deceased person) assets and liabilities is done completely and properly. This is true even if the decedent had a will!