ESTATE PLANNING SERIES PART 1: MY FRIEND(S) HAVE A TRUST. SHOULD I?
What is a Trust and why should you trust it? It’s a legal document, an agreement between you and your trustees. A trust is a roadmap for what you want to happen with your assets when you die. Essentially a trust protects whatever assets you put into it. Depending upon how it is
prepared and who prepares it, it can protect your assets from liabilities, from Will contests, from creditors, from lawsuits and much more.
There are two types of Trust, revocable and irrevocable. In a revocable Trust, you are the trustee and you can take back the assets you put into it. In an irrevocable Trust, someone else is appointed as trustee and you no longer have control over taking assets out of the trust. They each have different purposes and should be chosen based upon your planning goals.
A Trust is an important Estate Planning document and is one of the tools we use for clients here at Leonick Law.
ESTATE PLANNING SERIES PART 2: PROBATE -FILING AN ESTATE – SHOULD I BE WORRIED?
The word probate often has a negative stigma. Probate is commonly viewed as a long arduous process. This common view is an exaggeration in many cases. Probate is the process of obtaining
legal authority required to distribute the estate of a deceased person. If the person died leaving a Will, then the executor is the person who petitions the Court for formal authority to distribute the
estate. If the person died without a will, then various people can petition to be the estate administrator. This is called estate administration. If disagreements arise in this process, then court proceedings may be required. The Estate Planning Attorneys at Leonick Law are
experienced in handling probate and administration petitions.
For more information about Trusts and Estate Planning, please visit:
https://www.leonicklaw.com/practice-areas/estate-planning-attorney/ or contact us for a complimentary consultation at 631-486-9500 (24/7) or [email protected].