One way to minimize probate is through the creation of living trusts.
A living trust facilitates the transfer of property from any person, trust or entity to any person, trust or entity while you are alive and is much easier to amend or revoke than a will. One example is a Life Insurance trust whereby the trust, and not a named individual, is the beneficiary of the life insurance proceeds.
Some of the ways an attorney can help with an estate settlement include: Gathering the estate assets, whether in a living trust or not; evaluating your estate planning documents and determine what is required; creating Trustee authority; determining type, character and value of each asset; determining allocation, distribution and division of assets, balancing document requirements, Trustee obligations and tax planning options; transferring assets according to the estate documents or requirements of state law.
Even with a solid estate plan and extensive trust management, probate is not always avoidable, nor should it be. A living trust will be able to minimize probate when the trust is settled.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment