- If I have a Will do I have to go through Probate?
Yes you do… Probate is the first step in the legal process of administering the estate of a deceased person, resolving all claims and distributing the deceased person’s property under a Will. Probate Court is an additional process in which the validity of a Will may be contested, in which case it is very important to make sure that your Wills, Trusts, and Guardianship appointments are done properly, as to not have their legal validity questioned or overturned.
- Is Estate Planning Expensive?
Every situation is different. It is important to meet with an attorney who is experienced in a number of different scenarios and circumstances who can advise you on the best path to take for your family.
- What is the difference between a living trust and a will?
Your will designates how your property will be distributed in the event of your death and it will also be documentation of your decision of who will take care of your children (if your spouse is no longer living) if they are still monies. A living trust holds legal title to your property while you are still living, keeping it out of your “estate” that you will plan. It is your estate that goes through probate after you die. Each living trust has a plan of distribution, similar to a will, but in most cases it can be implemented with greater ease and lower cost than a probated estate.
- What is probate court?
Probate court is necessary when the deceased holds sole ownership of an asset. Probate is the legal process of passing assets to beneficiaries. The state may step in to name the order of beneficiaries if you have not written a proper will.
- What are the main benefits of Estate Planning?
When you create an estate plan, you are putting in place a set of personalized legal arrangements covering some of the most important things in your life: your children, your spouse, your health, and your property. You maintain control over what is done with your assets. It’s too important to leave these decisions up to the state.
- If I don't write a will, does the state step in?
Only in the case of having the right to divide your assets as they see fit. The state does not take your belongings, but they will appoint a beneficiary, decide guardianship and give your belongings to the No, but the state may step in during probate to name the order of beneficiaries if you have not written a will.
- How does legal guardianship affect estate planning?
Legal guardianship is responsible for maintaining the estate until a minor reaches the age of 18. Amendments to to the arrangement can be handled through a properly planned estate, and living trusts.