PROBATE LAW

 

A will is a way to ensure that your property will go to the relatives, friends and organizations you care about the most.

Without a will, the state will decide how your assets are distributed. This will occur without consulting anyone or considering the special needs and financial circumstances of your particular situation.

Many of us tend to procrastinate when it comes to making a will, but preparing your will now provides peace of mind and security by assuring you that your wishes will be carried out.

 

A will lets you choose an executor who you feel is capable of settling your estate. If you do not appoint an executor, the court will appoint an administrator for you upon your death. Court-appointed administrators are limited in their actions by the laws of the jurisdiction where they are appointed. In addition, they will require court authorization and supervision, in order to sell, manage or lease property. The costs associated with the proceedings, for court authorization or approval, are paid out of the estate.

 

A living trust can be one of the most beneficial methods of holding and transferring property. Not only does a living trust provide for property disposition of your assets or death, it also provides for you during your lifetime, should you become incapacitated. There are unlimited uses for trusts. Anyone who cares enough to plan for the future must consider the many ways that trusts can benefit those you care about most.

 

Living trusts are fully revocable. You can change or terminate them at any time during your life.

 

Yes. A "pour-over' will ensures that all property is transferred to your beneficiaries, even if an asset is not transferred to your trust during your lifetime. The will is called "pour-over" because it "pours" assets over into the trust.

 

Along with the living trust, a pour-over will is prepared. If all assets are titled in the name of the trust, a will is not used at the time of death. However, a pour-over will should be executed along with a trust; this is in case an asset is inadvertently omitted from the trust. The pour-over will states that any property not titled in the trust should be transferred to the trust. That way, the assets left out of the trust will be distributed with the trust plan.