Probate is a court process of determining the validity and authenticity of an estate document, especially a last Will. The process usually ensure that only the named beneficiaries get the assets assigned to them. Every state just like New York has its rule for intestacy succession (distribution of a decedent asset without a Will). The rule decides who get the decedent asset first before others and what percentage would be allocated to everyone eligible to the estate. If you have created a Will, be assured that your wishes on how you would like to share your assets to beneficiaries will be implemented. Even while you are not alive, a surrogate court will still uphold this desire.
Instances where probate is not always needed.
Some estate properties do not require probate before they can be given to beneficiaries. These assets sometimes don’t have enough documentation and as such no need subjecting them to probate. The closest heir, or named beneficiary will always get this items.
Asset without documentation.
Some of the deceased estate may contain properties that doesn’t require title or documentation. These properties would pass to the heirs of the decedent. There is no need for probate unless the beneficiaries cannot agree on how to distribute the properties. Example of untitled assets requiring less documentation are jewelries, furniture, clothes, and mostly their personal items.
Contractual assets with designate beneficiary.
When establishing contractual assets such as retirement, business bank accounts, proceeds from life insurance a designated beneficiary or next of kin is always selected. As such, when the account owner dies, the named beneficiary can easily be assigned the financial assets without a need for probate.
Why you need a Living trust.
Living trust is one of the most essential estate document. A trust is a document that allows you transfer estate properties to desire beneficiary, make plans towards what happen to your estate when you are unable to manage them. Typically, a living trust is an extensive estate plan document that covers or can be utilized when you are alive and well, when you become incapable of managing your affairs (financial, personal) and lastly when you die.
Benefit of a living trust.
A living trust allows a trust maker transfer an estate property to a trustee for the benefit of a named beneficiary. Sometimes, the trust maker can straightaway transfer an asset to desired beneficiary with the trust document. However, if the trust maker desires that the assets be given to the beneficiary at certain time in the future, a trustee is required to persevere the asset. The trustee at this point would act as fiduciary. (Also known as executor or personal representative)
The benefit of using a living trust is highlighted below.
- Easier way of transferring assets to beneficiary.
The living trust provides an easy way of transferring asset to your beneficiaries with ease. Even while you are alive or dead, the trust will still hold your desires and the asset placed in it would be safely transferred to desired beneficiary.
- A living trust keep your estate plan private.
While the living trust provides an easy way of transferring asset to your beneficiaries it still ensures it is kept private. No one except the trustee asides you and beneficiary would know about the document.
- You can avoid probate with a trust document.
Since the trust document already holds the assets you would like to transfer to desired beneficiary, a probate process would not be needed to facilitate the transfer process.
- Prevent court supervised guardianship.
With a properly planned trust document, you can prevent situation where a court mandates a guardian or conservator for you. Should you become physically or mentally unable to handle your affairs, a trust document will still help you retain power over the control of your estate while a chosen trustee act on your behalf. A living trust ensure you retain power over your properties.
A living trust can save you from lots of troubles. The document would ensure that all facet of your life is planned for and that any unexpected occurrence would be taken care off. Should you want to create a trust; contact an estate planning attorney near you.
Contact an estate planning attorney near you
Simple mistakes can ruin estate plans; as such you need an expert capable of making suitable and approbation estate plans and documents. Contact our estate planning attorney near you today, 11104, New York to guide you through the process estate plan documents.
We offer assistance, counseling in estate related issues, probate matters, family law issues, and other advance guardianship and conservatorship issues in New York.