Probate is the legal process of transferring of property upon a person’s death. Although probate customs and laws have changed over time, the purpose has remained much the same: people formalize their intentions as to the transfer of their property at the time of their death (typically in a will), their property is collected, certain debts are paid from the …
What is a Trust?
A trust is used to determine how a person’s money should be managed and distributed while that person is alive, or after their death. A trust helps avoid taxes and probate. It can protect assets from creditors, and it can dictate the terms of an inheritance for beneficiaries. The disadvantages of trusts are that they require time and money to …
Why do I Need a Last Will and Testament?
A Last Will and Testament (also referred to as a “Last Will” or simply a “Will”) is a formal way of setting forth your wishes regarding how you would like your property distributed upon your death. You should consider creating a Last Will and Testament whether you are single, married, have minor children, or own even a small amount of …
Passing Your Assets to Family Members Through Estate Planning
An estate is the real and/or personal property a person possesses at death. Estate planning involves the drafting of living wills, trusts, powers of attorney, and other documents to facilitate the transfer and management of property after death. When someone dies without a will, their possessions will be distributed to their next of kin. By not making a will or …
