Avoiding the Costs and Delay of Probate by Using a Family Trust
For half of that I can prepare for the testator before his or her death a “living trust.” It is revocable at any time by the testator, but upon his/her death it becomes irrevocable by law and substitutes for probate, for it names the beneficiaries, and through proper trust administration passes the assets to them. This can be accomplished in half the time it may otherwise take to probate the estate.
I frequently represent the Executor of decedent’s will desiring to process his/her estate through probate court. It can take a year’s time to complete through hearings in court, and can run $7,000 or more in probate fees, even for estates of modest amounts.
I recommend that the testator’s will pass everything in his/her estate to the trust, which names a successor trustee. The trust administrative process includes:
a) gathering account financial assets (money accounts, stocks & bonds, insurance proceeds);
b) filing final federal & state income tax returns for decedent;
c) preparing any trust tax returns which are needed;
d) paying off creditors of the estate;
e) distributing assets, including execution of deeds by the trustee;
f) if necessary, probating any assets which were not placed into the trust before decedent’s death.
If you would like to have a family trust, or need one administered, please call me. 30+ years experience.