Probate vs Trust, Which Will You Choose?
The moment when you have your last breath, do you want your family fighting over what you worked so hard to obtain and, in the end, lawyers take a good chunk of the estate? Or would you like to have a say on where your assets go? If you are thinking about creating a trust or having your family go through the probate process, here is some information that may help.
What is probate?
In simple terms, probate is the legal procedure by which an individual’s will is legally recognized as valid. It is also known as administration of estates. The process involves filing documents with the court and paying fees for the services rendered. This can be done either by yourself or by a lawyer. In most cases, it takes several months before the final distribution of assets is made.
If you don't have a will, then the state has laws governing how your property should be distributed after death. These laws are called intestacy laws. They determine who inherits your property if you die without a will. If there is no one else named in your will, then your property goes to your spouse and children.
What is trust?
A Trust is an agreement between two or more people who agree to divide their property among themselves after they die. The person who creates the trust has complete control over how it will be distributed upon his/her death. There are quite a few different trusts that you can use to build your trust.
Asset Protection Trusts
Special Needs Trust
Tax by-pass Trust
There are multiple opportunities to create a plan while there is still time. Take one of those opportunities and get your trust started to secure your estate's bright future.
Here at Independent Legal Solutions, we will help you through the estate planning process. If you would like to hear more about this or need advice from an expert paralegal, give us a call at 909-451-9819 or send us a message.